Over One Billion People in Asia Lack Access to Banking Services, Pakistan Among the Affected Countries

According to a recent report by the Asian Development Bank (ADB) on financial services in Pakistan, over one billion people across Asia are still without access to banking facilities. In Pakistan, a significant portion of the population also remains deprived of banking services, with only 21% of the population having access to a bank account or mobile money services. As a result, many individuals continue to rely on informal networks for financial transactions.

The report highlights that of Pakistan’s total population of 241 million, approximately 60% are adults. Out of this adult population, only 91 million have accounts with formal financial institutions, leaving a substantial portion without access to official financial services. The report further reveals that for every 100,000 adults, there are only 8 to 10 commercial bank branches, a number notably lower compared to other regional countries.

Women are particularly disadvantaged in this regard, with a larger proportion of women lacking access to bank accounts compared to men. The report points out that over the past 15 years, financial services in Pakistan have seen rapid growth, with the number of accounts in financial institutions increasing by 127% between 2019 and 2024. However, financial exclusion remains a pressing issue, particularly among women, whose access to banking facilities is only half of that of men.

Despite the growth in financial services, the majority of Pakistan’s adult population remains excluded from formal financial services, underscoring the challenges the country faces in improving financial inclusion.