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KARACHI – Governor of the State Bank of Pakistan Jameel Ahmad has stressed the need for increasing financial deepening, saying that no country can achieve sustainable economic growth with low levels of private credit.
Speaking at the Pakistan Banking Summit 2025 on Tuesday, he said “Our banks need to rethink their current business model, reassess their priorities, and play a more active role in financial intermediation.”
Jameel Ahmad said that SBP’s Strategic Vision 2028 mainly focuses on promoting inclusive and sustainable access to financial services; building an innovative and inclusive digital financial ecosystem; and enhancing the efficiency, effectiveness, fairness and stability of the financial system. He added that “the explicit addition of financial inclusion as one of SBP’s core functions in the amended SBP Act underscores its importance.”
Highlighting the significant strides in financial inclusion over the past decade, he mentioned that “bank account coverage has reached close to 64 per cent of the adult population, from 47 per cent in 2018, while the gender gap has also been narrowed from 47 per cent to 34 per cent.”
Referring to the latest National Financial Inclusion Strategy 2024-2028, he highlighted that the central bank has set a target to increase bank account coverage to 75 per cent of the adult population and reduce the gender gap to 25 per cent by 2028.
Jameel Ahmad stated that “to achieve these ambitious targets, we want to enhance the depth, breadth, and quality of financial services, particularly for low-income individuals, the microfinance sector, SMEs, and agriculture.”
He stated that “for achieving a more inclusive and sustainable economic growth, the country would require a significant increase in depth and breadth of the financial sector”. He said that “the composition of banks’ lending portfolio in Pakistan is highly skewed towards established corporates at around 74% and only 5% goes to SMEs.” He called on the banking industry to reassess its business strategy to “focus on mobilizing deposits and increasing credit to the private sector, particularly the SMEs and agriculture sectors.”
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