National Financial Literacy Program (NFLP)
National Financial Literacy Program launched by SBP to promote financial inclusion through spreading financial education for inclusive economic growth and stability across the country which is continuing till now.
Financial inclusion is defined as access to formal financial services by individuals & firms to use a range of quality payments, savings, credit and insurance services which meet their needs with dignity and fairness.
Benefits of NFLP
Financial inclusion helps in reducing poverty by:
• Increasing access to banks that enables individuals to accumulate savings in a safe and secure environment
• Improving access to credit thereby improving asset base
• Reducing vulnerability of poorer households via minimizing negative impacts of income shocks
• Decreasing proportion of low-return assets held by households for precautionary purposes
Financial inclusion Increases economic growth by:
• Facilitating transactions
• Providing secure investment opportunities to all segments of the population
• Mobilizing savings to meet expenses in difficult times
• Facilitating inflows of foreign capital (including Foreign Direct Investment (FDI), portfolio investment and bonds, and remittances)
Financial Inclusion promotes stability by:
• Strengthening financial institutions.
• Broadening markets for financial service providers.
• Avoiding unsecure ways of savings like committees at personal level
• Allocating capital efficiently among competing uses.
• Facilitating risk management through a variety of services including insurance.
• Making money transfers more efficient and quicker.
Common Benefits for Poor & Marginalized Group by Financial Inclusion:
• Access to Financial Institutions for conventional & Islamic products
• Opening of Bank account for proper recording and tracking of income and expenses i.e., a major step to have a documented economy.
• Convenience to become a filer and get its related benefits
• Meeting pre- requisite formalities for getting Loan/Credit Card/Immigration Visa etc.
• Savings under safe modes
• Appropriate use of funds
• Access to vide range of loans and investment schemes
• Easy access for deposit/withdrawal/remittance through digital means like mobile banking/internet banking/ATM
• Convenience for online payment of utility bills/mobile top up/transfer of money/payment of Govt. taxes/shopping at Point of Sale (POS) etc.
• Availability of locker facility for valuable items
NFLP Flyer
Sikka Baqaida Booklet