SBP teams up with JazzCash to raise financial literacy among Pakistani youth

KARACHI: The National Institute of Banking and Finance (NIBAF) and JazzCash have signed a memorandum of understanding (MoU) for increasing financial literacy among the youth of Pakistan, the central bank said on Saturday.

NIBAF, a subsidiary of the State Bank of Pakistan (SBP), and JazzCash aim at jointly promoting financial literacy through the engaging and interactive game called “PomPak – Learn to Earn” developed under the SBP’s project, National Financial Literacy Programme for Youth.

PomPak, utilises a story-based narrative by following the journey of two families setting up a small entrepreneurial venture. This helps keep the players engaged, while effectively inculcating ethical behaviour and financial skills such as budgeting, saving, and banking, it said.

PomPak is available in both English and Urdu for three age groups: children (9 to 12 years); adolescents (13-17 years); and youth (18-29 years).

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, the SBP said.

JazzCash, under its partnership, is going to provide access to the central bank 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 socioeconomic impact.

Riaz Nazarali Chunara, managing director of NIBAF, stressed on the role of increased financial literacy for promoting financial inclusion. Being Pakistan’s first e-learning financial literacy game, PomPak has revolutionised the way financial education is delivered. 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-charge financial education to all, he added.

Emphasising on the significance of the MoU, Erwan Gelebart, chief executive officer of 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 the long-term success for JazzCash. This agreement will contribute in achieving the aforesaid objectives as we look forward to up-skill the youngsters of Pakistan, he said.

Under the guidance of the SBP, NIBAF is implementing the National Financial Literacy Programme 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 750,000 financial literates in this category.

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