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Pakistan stands at a defining economic crossroads. With a population of over 240 million, a youthful demographic, rising smartphone penetration, and rapidly evolving digital infrastructure, the country should by now have emerged as one of the world’s most vibrant digitally banked economies. Yet financial exclusion remains deeply entrenched.
According to the State Bank of Pakistan (SBP), nearly 53 per cent of Pakistan’s adult population remains financially excluded, while only around 2.4pc has access to formal credit facilities. These figures represent millions of Pakistanis who continue to rely on undocumented cash transactions, informal borrowing, and economically inefficient systems that constrain productivity and limit upward mobility.
Over the past decade, Pakistan has made meaningful progress in digital financial services. The SBP deserves considerable credit for introducing progressive regulatory frameworks around branchless banking, Payment System Operators (PSOs), Payment Service Providers (PSPs), Electronic Money Institutions (EMIs), and, more recently, digital retail banking initiatives. The launch of Raast has transformed real-time payments and accelerated digital adoption across the country.
