The State Bank of Pakistan (SBP) on Friday launched Pakistan's first-ever Nationwide Financial Literacy Programme (NFLP) in order to assist financial inclusion and poverty alleviation efforts to facilitate economic growth and stability across the country.
The NFLP has been launched with the support and collaboration of Asian Development Bank (ADB), Pakistan Banks Association (PBA), Pakistan Microfinance Network (PMN), Pakistan Poverty Alleviation Fund (PPAF) and BearingPoint. The pilot phase of the programme is being rolled out by BearingPoint Management and Technology Consultants.
The programme will disseminate basic education about financial concepts, products and services to masses focusing on Budgeting, Savings, Investments, Banking Products and Services, Branchless Banking, Debt Management and Consumer Right and Responsibilities. Objective of these modules is to bring about behavioural change among masses towards financial practices, debt management, economic well-being and saving habits.
The NFLP, which will be carried out in two phases, will reach out to 45,000 people in its pilot phase and shall approach 500,000 individuals in the second phase. The intended beneficiaries, aged between 18-60 years, are industrial workers, farmers, domestic workers, homemakers and self-employed by profession; representing low-income strata. The programme will cover 60 percent rural, 20 percent urban and 20 percent peri-urban regions.
Programme contents have been designed by incorporating subject matter expertise of financial entities, microfinance institutions, national and international financial literacy consultants and trainers. Eminent personalities from financial industry have been engaged to discuss financial management concepts through special television broadcasts and entertainment programmes.
To disseminate programme message effectively, mass mobilisation initiatives including street theatre performances and cellular-based audio/text message services will be used. MNCs and national business entities, as part of their corporate social responsibility, have also been taken on board to create awareness among their concerned staff. The inaugural ceremony was held as the SBP head office on Friday with keynote address of Yaseen Anwar governor SBP, while Werner E Liepach country Director ADB, Cary Clark, senior advisor to BearingPoint on Financial Literacy, Shehnaz Kapadia, Zainab Asiimwe Association of Microfinance Institutions of Uganda, Shahzad G Dada, Chairman Pakistan Banks Association and Dr Rashid Bajwa, Chairman Pakistan Microfinance Network also spoke on the occasion.