Financial literacy among farmers: SBP BSC awards high-performing banks

KARACHI: The State Bank of Pakistan, Banking Services Corporation (SBP BSC) has awarded high-performing banks for promoting financial literacy among farmers.

SBP-BSC held an award ceremony at SBP Karachi, to recognize top-performing banks for their exemplary contributions to the Agriculture Finance Literacy Program (AFLP).

Launched in 2023, AFLP is a flagship initiative developed by SBP BSC with support from the SBP’s Agriculture Credit and Financial Inclusion Department (AC&FID). The program aims to enhance financial awareness among farmers, particularly new-to-bank, female, and underserved segments- about formal credit systems and making informed borrowing decisions.

During its second year, AFLP demonstrated strong nationwide outreach with 6,326 awareness sessions conducted. These sessions helped connect over 105,000 new-to-bank farmers with the banking system, including 10,740 female farmers. Moreover, 3,297 sessions were held in underserved districts, strengthening outreach in less-accessible areas. To ensure quality and consistency, over 400 sessions were physically monitored by SBP BSC field offices.

The program also led to significant results on the ground. Over 18,000 farmers availed agricultural loans following their participation in awareness sessions, with total disbursements exceeding Rs. 21.47 billion. The conversion ratio improved notably from 4 percent in Year 1 to 17.12 percent in Year 2, reflecting the effectiveness of the program in turning awareness into financial action.

Executive Director SBP, Syed Samar Husnain, while addressing the ceremony, congratulated the awarded banks and praised their dedication and field-level efforts. He emphasized, “Financial inclusion begins with awareness not just access and literacy is the key to converting that awareness into action.”

Senior officials attended the event from SBP and SBP BSC, representatives from the banking industry, and field staff.

Copyright Business Recorder, 2025