State Bank of Pakistan (SBP) will launch a dedicated website and helpline service for the public in order to promote financial literacy among the public.
The central bank is implementing NFLP as one of its flagship programs to provide basic financial education to unbanked & low-income strata, especially the youth & women.
The program is funded from Asian Development Bank’s ‘Improving Access to Finance Facility’ and is being rolled out in different phases to complete its objective of reaching one million beneficiaries in 5 years, through a unique public-private model, which engages banking institutions and SBP-BSC field offices to impart NFLP messages in far-flung areas of Pakistan.
It is important to mention here that the program launched on pilot basis, from August 2017 in 77 districts of the country, has now entered into the second year of implementation. The scope of the project has been extended to all 158 districts of the country. The education on different financial themes like budgeting, savings, investments, debt management, consumers’ rights & obligations, Islamic banking, branchless banking and currency management is imparted through dedicated half-day classroom trainings.
NFLP aims to empower the public in making effective decisions regarding the use of financial and allied services. Further, it will enhance competitiveness, foster innovations and increase the efficiency of the financial industry to provide better financial services to financially educated citizens.
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