KARACHI: The State Bank of Pakistan (SBP) has launched Pakistan’s Financial Inclusion Index (P-FII), a comprehensive measure of the state of financial inclusion in the country that takes into account access to, usage of, and the quality of financial services.
The P-FII results show that the overall level of financial inclusion stood at 58.1 in 2024.
Under the SBP Act, 1956, improving financial inclusion is one of the key mandates and objectives of the central bank. To achieve this objective, SBP is implementing a comprehensive National Financial Inclusion Strategy (NFIS) 2024–28 to expand access to financial services across the country and improve their usage and quality. As outlined in the strategy, the development of the P-FII reflects SBP’s commitment to informed and evidence-based policymaking.
The P-FII provides a comprehensive assessment of financial inclusion levels based on sixty-nine indicators covering banking, non-banking, and payment services offered by banks and other financial institutions.
These indicators include parameters related to financial sector infrastructure, the usage of financial products and services, and the quality of financial services. The index has been developed in line with international best practices, with each indicator benchmarked against a defined target value representing the projected outcomes that SBP aims to achieve by 2030.
The development of a financial inclusion index is a growing trend among central banks to assess the inclusivity, effectiveness, and outreach of the financial sector in serving the population at large. SBP began work on the P-FII in 2023 with a research study reviewing data parameters and methodologies used by various central banks and multilateral organizations in constructing similar indices.
This was followed by extensive consultations with domestic and international stakeholders to refine and finalize the P-FII.
Going forward, SBP intends to disseminate the P-FII results on an annual basis. A detailed paper on the P-FII is available on the SBP website.
