Abstract
Purpose- Pakistan is a lower-middle-income country and financial inclusion rate is comparatively lower than other South Asian countries. In this circumstance, Government of Pakistan has implemented various financial inclusion policies and strategies to enhance the rate of financial inclusion in the country. However, a cursory attention has been paid to Government policies by the previous studies. Therefore, the aim of this study is to provide an insight into the current government policies and strategies for fintech adoption and financial inclusion in Pakistan. Design/ methodology/ approach- This study collected and reviewed previous literature that focused on various fintech adoption and financial inclusion policies and strategies by the Government of Pakistan. Literature has been selected from various secondary sources such as journal articles, conference proceedings, annual reports of SBP (State Bank of Pakistan), Global findex report by World Bank and so on. Findings- The study found that Government of Pakistan has successfully implemented a number of financial inclusion policies and strategies during the last decade. A noteworthy innovation approach (i.e. fintech) was applied as a catalyst in order to extend the scope of financial services in Pakistan. The Government also implemented Financial Literacy Programs specifically for youth to create awareness about financial resource management in the country. Very recently, Government of Pakistan launched banking on equality program to enhance gender equality in financial inclusion. Originality/value- The findings of this study might be useful for the decision makers and practitioners to implement the policies and strategies more effectively and efficiently to enhance the rate of financial inclusion in country.
Highlights
Financial inclusion is the availability, access, and usage of financial products and services for underprivileged people [1]
The study found that Government of Pakistan has successfully implemented a number of financial inclusion policies and strategies during the last decade
Noteworthy innovation approach was applied as a catalyst in order to extend the scope of financial services in Pakistan
Summary
Financial inclusion is the availability, access, and usage of financial products and services for underprivileged people [1]. Financial inclusion could be in the form of savings, access to the bank account, insurance, and availability of credit facility to underprivileged society at an affordable cost transparently and fairly by formal and informal financial institutions [2]. Prasad [3] defines digital financial inclusion as offering financial services to people by the means of information communication technologies at an affordable cost and in a sustainable manner that suits the customer's need. Financial inclusion plays a vital role in sustainable economic growth and could contribute to the potential of saving, flourishing investment, make better consumption, and provide better living standards [4, 6, 7, 8]
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