Pakistan bank account coverage rises to 64%

Bank account coverage in Pakistan has reached nearly 64% of the adult population, up from 47% in 2018, Governor of the State Bank of Pakistan Jameel Ahmad announced at the Pakistan Banking Summit 2025. He also highlighted that the gender gap in account ownership has narrowed from 47% to 34%.

Governor Ahmad referred to the National Financial Inclusion Strategy 2024-2028, outlining the central bank’s target to increase bank account coverage to 75% of the adult population and reduce the gender gap to 25% by 2028.

"To achieve these ambitious targets, we want to enhance the depth, breadth, and quality of financial services, particularly for low-income individuals, the microfinance sector, SMEs, and agriculture," Ahmad stated.

He urged banks to rethink their current business models, reassess their priorities, and play a more active role in financial intermediation. Emphasizing the need for financial deepening, Ahmad noted, "No country can achieve sustainable economic growth with low levels of private credit."

Ahmad explained that the SBP’s Strategic Vision 2028 focuses on promoting inclusive and sustainable access to financial services, building an innovative and inclusive digital financial ecosystem, and enhancing the efficiency, effectiveness, fairness, and stability of the financial system.

He underscored the importance of financial inclusion as one of SBP's core functions, highlighted by its inclusion in the amended SBP Act.

Acknowledging the role of the banking and financial system in Pakistan’s economic development, Ahmad stated that achieving inclusive and sustainable growth requires a significant increase in the financial sector’s depth and breadth.

He pointed out that 74% of banks’ lending portfolios in Pakistan are directed towards established corporates, while only 5% goes to SMEs.

Ahmad called on the banking industry to focus on mobilizing deposits and increasing credit to the private sector, particularly SMEs and agriculture sectors.

The governor also urged the industry to leverage artificial intelligence and alternative data sources, such as cellular and satellite data, to provide cost-effective delivery channels and enhance the access, usage, and quality of financial services.

He emphasized the need for banks to help businesses digitize their payments through secure portals and improve their ability to assess the impact of climate change across various risks.

Stressing the pivotal role of businesses and academia in tackling sustainability challenges, Ahmad called for research, policy recommendations, and fostering collaborations.

He expressed hope that participants of the Pakistan Banking Summit would engage in thoughtful discussions and idea sharing to drive the country toward a more sustainable and equitable future.