ADB highlights millions in Pakistan still without bank accounts

The Asian Development Bank (ADB) has released a report on financial services in Pakistan, highlighting that millions of people in the country still lack access to banking facilities.

According to the report, over 1 billion people in developing countries, including Pakistan, remain unbanked. In Pakistan, only 21% of adults have a bank or mobile money account.

The ADB report states that many people rely on informal networks for financial transactions, and that women’s access to banking services is half that of men.

However, digital finance presents a significant opportunity to bridge this gap. The ADB report also notes that Pakistan has seen rapid growth in financial services over the past 15 years.

Between 2019 and 2024, the number of accounts in financial institutions increased by 127%, with 91 million adults in Pakistan now holding individual accounts, the ADB reported.

Read more: Pakistan signs $200mn loan agreement with ADB

In December, last year, the Economic Affairs Division of Pakistan signed a loan agreement with the Asian Development Bank (ADB) for a financial assistance package of US$200 million.

According to a spokesperson for the Economic Affairs Division, the funds will be utilised for the energy sector, aimed at improving infrastructure and services.

The agreement to benefit several entities, including LESCO, MEPCO, and SEPCO, enhancing their capabilities in delivering energy services.

The signing ceremony was officiated by Secretary Dr. Kazim Niaz from the Ministry, while the ADB was represented by Deputy Country Director Asad Aleem.