Karachi: State Bank of Pakistan (SBP) has launched the Nationwide Financial Literacy Program (NFLP) with an endowment from Asian Development Bank. The program is chaired by a committee with representatives from Pakistan Banks Association (PBA), Pakistan Microfinance Network (PMN) and Pakistan Poverty Alleviation Fund (PPAF).
Its purpose is to impart knowledge and understanding of basic financial concepts, products and services to low-income Pakistanis in order to enable better economic decisions. For the current pilot phase which Bearing Point is implementing, the program aims to reach out to the common people through mass media massaging over radio and television particularly in the regional channels. It will also impart class room training on financial education to 30,000 beneficiaries, and another 15,000 people through street theatres. In its final roll-out, this number will be increased to 500,000 beneficiaries.
Because successful financial literacy involves more than simple imparting of information, NFLP’s scope includes an intended change in attitudes and behaviour by providing 2-day workshops which involve content-based activities, story-telling and exercises.
Its pictorial handbooks are geared to the learning capacity and situations of its target audience, many of whom may be functionally illiterate. The workshops are to be supplemented by public service messages relayed on terrestrial and regionally popular television and radio channels.
NFLP focuses on 7 themes of Budgeting, Savings, Investments, Debt Management, Consumer Rights and Responsibilities, Financial Products and Services as well as Branchless Banking. Its key advisors include local and international experts from the fields of financial education, microfinance, training, curriculum development and the financial industry.
NFLP workshops will be conducted with the help of non-profit organizations; This strategy leverages the networks of educational centers, community-based organizations, income generation programs and adult literacy centers to provide access to already mobilized communities.
In those areas where the culture of storytelling is still kept alive via street performances, money management techniques will be dispersed with the assistance of Rafi Peer Theatre Workshop. NFLP is also being made part of CSR or corporate intervention programs for multinational corporations and local businesses, in an effort to encourage sustainability and institutionalization of financial education.
NFLP Training of Trainers has already taken place in Lahore, Hyderabad, Mardan and Quetta. The training was an interactive session spread across three days that equipped participants with the knowledge and skills they need to conduct effective workshops using NFLP curriculum. The actual class-room trainings are to commence nationwide in this month – March 2012.
For more information, please log onto www.financialeducation.pk
For more information, contact:
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563