KARACHI, August 8, 2026: Financial literacy, alongside more widespread adoption of technology, will be essential to enhancing financial inclusion in Pakistan, SBP Deputy Governor Saleem Ullah asserted, stressing the need for providing access to advanced technologies to underprivileged segments of society.
Addressing the Future of Finance Summit 2026, an event organized by the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) at Pearl Continental Hotel, Karachi, the SBP deputy governor stressed that there is a shift in the financial sector in Pakistan as far as the adoption of digital technology is concerned to bring about financial inclusion of those excluded from the ambit of traditional finance sector.
The conference was attended by policy makers, financial experts, corporates, business community, investors, professionals and other stakeholders to deliberate upon various issues relating to the financial and economic sectors of Pakistan.
Financial Literacy Remains a Major Challenge
Limited financial literacy is one of the biggest obstacles that has hindered Pakistan in reaching financial inclusion according to Saleem Ullah. Even though there is a rise in the number of accessible financial services and the development of technology, there is still a lack of knowledge and confidence on how to utilize them.
Financial inclusion does not only include having a bank account and the ability to use digital payment facilities. There is also the issue of being aware of the workings of the financial services and how to conduct themselves properly through safe transactions and how to manage their money.
For the underserved, the fear of unfamiliarity with the financial services can prevent them from switching to using them. Hence, the increase of financial literacy might be as essential as the technological infrastructure to offer financial services.
The statement made by the SBP deputy governor illustrates one of the core problems facing Pakistan in its shift to financial technology.
Technology Can Reach Underserved Communities
It is evident that modern technologies are playing an increasingly important role in the delivery of financial services across the globe, including in Pakistan.
According to Saleem Ullah, a number of digital platforms and payment systems necessary for serving remote and under-serviced areas are present. The problem is to utilize them in the most efficient manner.
Modern digital financial services may minimize the geographical restrictions associated with conventional banking. Rather than visiting a bank located far from one’s place of residence, it will become possible to obtain some financial services online via mobiles or other digital gadgets.
This is especially important for the citizens of those territories where traditional banking system is poorly developed.
However, the mere presence of digital technologies does not necessarily mean the inclusion of people in the process of financial operations. It is crucial that such services are comprehensible and trustworthy for potential users.
In addition, they need to be able to navigate in digital services. This is why financial education becomes an essential component of Pakistan’s digitalization.
Pakistan’s Cash-Based Economy
The next problem that Saleem Ullah highlighted was that of Pakistan’s dependency on cash.
Cash is still deeply rooted in the day-to-day workings of its economy, whether for personal transactions or those made by small businesses. Although cash is convenient and familiar, an overreliance on it may restrict the growth of a more transparent and digitally connected financial system.
The adoption of digital payments, on the other hand, can possibly make the process quicker and easier as well as boost usage of formal financial services.
In order for this to happen, though, users of these financial products will have to feel confident in them, which means understanding how these transactions are made, how their financial information is protected and how to address issues that may arise.
This calls for collaboration among various stakeholders, such as financial institutions, regulators and technology firms.
Digital Access Must Be Matched With Awareness
Among other important lessons learned from the summit was that financial literacy and digitalization should go hand-in-hand.
Pakistan will be able to further grow its capabilities in terms of digital banking, payment systems and other innovations in financial technology; however, such innovation will only bring minor benefits if people lack knowledge about how to use them properly.
Through financial literacy, citizens will get a chance to learn what benefits and drawbacks certain financial products carry, as well as to become more responsible about using their money and how to save and spend it.
Financial literacy can become especially helpful for small businesses and start-up companies when it comes to working with formal financial services.
In light of further growth of digital finance, financial literacy may require becoming accessible to a much wider range of population.
Financial Inclusion and Quality of Life
Ullah Saleem further argued that financial inclusion should serve the purpose of improving the lives of people eventually.
It is not just about the increasing number of people who either make use of bank accounts or digital payments applications. Instead, the ultimate aim is about making individuals and business access to relevant financial services that can help in performing their economic functions.
In case of individuals, the appropriate financial service can help in the easy collection of money, saving, and spending. Whereas in case of businesses, digital financial services can assist in the betterment of collection and payments along with active involvement in the formal economy.
Financial inclusion can further provide opportunities to those who never had the opportunity of making use of the conventional banking system.
The success of the entire exercise will entirely rely on whether the design of financial services is in accordance with consumer requirements and people are aware of using them.
Private Sector Has an Important Role
The Future of Finance Summit also touched on some bigger issues relating to economic transformation and future growth in Pakistan.
Khurram Schehzad, Advisor to the Finance Minister, talked about sustainability and the significance of sustainable practices in economic transformation in the country. He also talked about the contribution made by the growth led by the private sector.
This shows how finance and technology have become interlinked.
While regulatory authorities formulate the policies governing the financial sector, private firms can make their own contributions in the form of innovative products and improved customer experience.
Technology firms too can contribute by coming up with technological innovations that simplify access to financial services.
For Pakistan, a close collaboration between the government and private sector could speed up the development of the financial ecosystem.
Building Trust in Digital Finance
With increasing online transactions, trust becomes increasingly crucial.
The consumers should have faith in the safety of their funds and data as well as understanding of the costs associated with these products, services and possible risks.
Financial literacy plays an important role in such a process by educating people about the proper financial behavior and responsibilities of digital users.
Simple financial tools might be especially relevant for newcomers to the world of digital transactions. Complex tools could deter users from using them, especially those lacking experience with technology.
Thus, financial institutions are to balance their innovation with simplicity and security.
The Road Ahead for Pakistan
The Pakistani financial sector is currently going through a change as digitalization is becoming more common.
From the remarks delivered at the Future of Finance Summit 2026, it can be seen that future steps in this change process are going to involve much more than mere technology development. More attention needs to be paid to humans and their capacity to use the services provided by financial institutions.
Digitalization needs to proceed and grow further, but financial literacy should become part of this process. Consumers should know how to make good use of the digitalized services offered by financial institutions, and businesses should be able to operate in the digital world.
Cutting ties with cash is also not going to be possible without proper solutions on several levels.
This is a difficult task but a rewarding one, as well. If technology, financial literacy and supportive policies go hand-in-hand, then Pakistan can get more people and more businesses to use financial institutions.
Indeed, the future of financial inclusion will not only hinge on the number of digital services, but rather on the level of success individuals can achieve in accessing, understanding and using these services. As the case of Pakistan continues to evolve, it is clear that financial literacy and technology will remain two major pillars of financial inclusion in the country.
