SBP Deputy Governor stresses tech-led push for financial inclusion

KARACHI, August 8, 2026: Financial literacy remains one of the biggest barriers to expanding financial inclusion in Pakistan, State Bank of Pakistan (SBP) Deputy Governor Saleem Ullah said, stressing the need to use technology to bring financial services to underserved communities.

Speaking at the Future of Finance Summit 2026, organized by the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) at the Pearl Continental Hotel in Karachi, the SBP deputy governor highlighted the importance of technology in broadening access to formal financial services.

The summit brought together policymakers, financial experts, corporate and business leaders, investors, professionals and other stakeholders from the financial sector.

Saleem Ullah identified limited use of financial services and digital devices as major obstacles to achieving greater financial inclusion in the country. He also pointed to Pakistan’s continued reliance on cash as a challenge that is slowing the transition toward a more inclusive and digitally enabled financial system.

According to the deputy governor, technology can play a central role in extending financial services beyond traditional banking channels. He emphasized that digital platforms and payment infrastructure required to reach remote and underserved areas are already available.

The focus, he said, should now be on making effective use of these technological tools and ensuring that people are able to understand and confidently use financial products and services.

Financial literacy is particularly important in this transition, as greater availability of digital financial services alone may not be sufficient to ensure meaningful inclusion. Consumers need awareness and understanding of financial products, digital payments and other available services to benefit from the expanding financial ecosystem.

Saleem Ullah stressed that financial inclusion should ultimately contribute to improving people’s quality of life. Wider access to appropriate financial services can help individuals and businesses participate more effectively in the formal economy while reducing dependence on cash-based transactions.

The remarks come as Pakistan’s financial sector continues to move toward greater digitalization, with technology increasingly being viewed as an important tool for expanding access to banking and payment services.

The Future of Finance Summit also addressed broader issues surrounding Pakistan’s economic transformation. Advisor to the Finance Minister Khurram Schehzad spoke about sustainability and the role of sustainable practices in the country’s economic transition, while also highlighting the importance of private sector-led growth.

The discussions underscored the growing importance of technology, financial awareness and private-sector participation in shaping Pakistan’s future financial landscape.

For the SBP, expanding financial inclusion will require not only wider availability of digital infrastructure but also greater public awareness and the ability of citizens to use financial services effectively. The combination of technology and financial literacy could therefore remain central to efforts to bring more people into Pakistan’s formal financial system.