State Bank of Pakistan (SBP) plans on launching a website and helpline service for the public in order to promote financial literacy among the public.
The central bank is to implement NFLP as one of its flagship programs in order to provide basic financial education to unbanked and low-income strata, especially the youth and women. The program is to be funded by the Asian Development Bank’s ‘Improving Access to Finance Facility’.
SBP will be rolling out the program in different phases to complete its objective of reaching one million beneficiaries in 5 years. The unique public-private model is to engage banking institutions and SBP-BSC field offices to impart NFLP messages in far-flung areas of Pakistan.
The program has already been launched on pilot basis in August 2017 at 77 districts of the country and is now entering the second year of implementation. The scope of the project has been extended to all 158 districts of the country.
The aim of NFLP is to empower the public in making effective decisions regarding the use of financial and allied services and enhance competitiveness, foster innovations and increase the efficiency of the financial industry to provide better financial services to financially educated citizens.
