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Background

SBP has launched National Financial Literacy Program (NFLP), Pakistan’s first ever program of its kind, under Asian Development Bank (ADB) funded Improving Access to Financial Services Fund (IAFSF). The project aims at imparting knowledge and understanding of basic financial concepts, developing skills and attitudes towards budgeting, savings, investments, debt management, to the masses with emphasis on low-income and marginalized communities of Pakistan.

The program was commenced with a pilot run through a third party service provider to measure the effectiveness of the program, its curriculum, methodology, acceptance, etc. During the pilot phase, around 47,800 beneficiaries were targeted by disseminating basic financial education through classroom training, street theatre and mass media campaign. Over 1,000 two-day classroom workshops in 53 districts of Pakistan were conducted. After the pilot, a third-party evaluation was conducted to evaluate the impact of the program, shortcomings/deficiencies and effectiveness of the disseminating channels to improve the overall package for the National roll out of NFLP.

Based on the pilot evaluation study, SBP has launched the national roll-out of NFLP through in-house resources and partnership with financial institutions and other stakeholders. The entire program is managed by the Improving Access to Financial Services (IAFS) Committee which is comprised of members from the following organizations: Pakistan Banks' AssociationPakistan Microfinance NetworkPakistan Poverty Alleviation Fund, local education sector, SBP and ADB (observer).

Scope & Objective

The scope of the project is to scale up the pilot phase activities of NFLP to the national level by targeting around one million adult populations in a phased manner. The five-year project will target low income and middle-income strata with gender specification. The key objectives of national roll out of NFLP are:

  1. Impart knowledge and understanding of, financial concepts, banking/financial products and services to the masses
  2. Develop skills and attitudes towards budgeting, savings, investment, debt management, financial negotiations, rights and obligations, Islamic banking
  3. Facilitate behavioral change and practices to improve financial outcomes: financial well being through increased savings, improved debt management, perceived financial stress or satisfaction
  4. Financial Inclusiveness – Opening of DTA’s and bank accounts for financial empowerment of the targeted income strata