SBP and JazzCash sign MoU for increasing financial literacy among youth

KARACHI: National Institute of Banking and Finance (NIBAF) – a subsidiary of the State Bank of Pakistan (SBP), and JazzCash, Pakistan’s leading FinTech Company, have signed a Memorandum of Understanding for increasing financial literacy amongst youth of Pakistan.

In a statement, SBP’s statement said that the two parties aim to jointly promote financial literacy through the engaging and interactive game called “PomPak – Learn to Earn” developed under SBP’s project, National Financial Literacy Program for Youth (NFLP-Y).

PomPak, utilizes a story-based narrative by following the journey of two families setting up a small entrepreneurial venture. This helps to keep the players engaged while effectively inculcating ethical behavior and financial skills such as budgeting, saving, and banking. PomPak is available in both English and Urdu for three age groups: children (9-12); adolescents (13-17); and youth (18-29). Anyone who completes the course is awarded a certificate of financial literacy jointly from NIBAF and NFLP-Y. It can be played on a desktop computer or can be downloaded from Google Play and the App Store for other devices.

JazzCash, under its partnership, is going to provide SBP access to more than 26 million Pakistanis by promoting the PomPak application on its platform. This will help the application reach a wider audience, thus increasing its usage and eventually promoting financial literacy of the nation resulting in a highly positive socio-economic impact.

Riaz Nazarali Chunara, Managing Director, NIBAF stressed on the role of increased financial literacy for promoting financial inclusion. He said that being Pakistan’s first e-learning financial literacy game, PomPak has revolutionized the way financial education is delivered.

He went on to add that NIBAF is really proud of what PomPak has achieved since its launch and this partnership with JazzCash will contribute majorly towards our commitment to provide free of cost financial education to all.

While emphasizing on the significance of the MOU, Mr. Erwan Gelebart, Chief Executive Officer JazzCash, said that there is ample scope for financial enablement and education through JazzCash. Creating a strong business and building a better Pakistan in parallel are key contributors of long-term success for JazzCash. This agreement will contribute in achieving the aforesaid objectives as we look forward to upskill the youngsters of Pakistan, he said.

Under the guidance of SBP, NIBAF is implementing National Financial Literacy Program for Youth to impart essential financial education to Pakistani youth and school going children. In the last three years, the project has successfully reached more than 45 districts of Pakistan making over 750 thousands financial literate in this category.