Islamabad, Jan 23: In a landmark initiative aimed at fostering financial literacy and inclusion among Pakistan’s youth, Visa has collaborated with Meezan Bank, the premier Islamic financial institution in the country, to launch the Meezan Visa Student Debit Card. This innovative program targets university students between the ages of 18 and 24, providing them with a robust platform for their financial transactions and education in digital finance.
The Meezan Visa Student Debit Card stands out as Pakistan’s first student-specific Visa card, launched in a high-profile event by Visa’s Regional President for Central Europe, Middle East and Africa (CEMEA), Andrew Torre, and Irfan Siddiqui, the visionary President and CEO of Meezan Bank. This card is part of a broader strategy to integrate the young, tech-savvy demographic into the formal financial system, supporting the Pakistan Vision 2025 which aims to harness the dynamic potential of the nation’s substantial youth population.
Offering the card at no cost to holders of the Meezan Asaan Student Account, this program not only facilitates seamless financial transactions but also encourages financial responsibility and independence among students. The Asaan Student Account, specifically tailored to meet the needs of students, promotes both ease of access and affordability, key factors in encouraging the use of banking services among the youth.
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Financial inclusion remains a critical issue in Pakistan, with the State Bank of Pakistan reporting an inclusion rate of only 21%. Considering the over 2.4 million students enrolled in higher education across the nation, Visa and Meezan Bank’s initiative is timely and has the potential to significantly alter the financial landscape for the better. The program’s launch, scheduled for the first quarter of 2025, is poised to make a considerable impact on increasing the financial inclusion of Pakistan’s digitally engaged youth population.
Umar Khan, Visa’s Country Manager for Pakistan & Afghanistan, expressed enthusiasm about the partnership, emphasizing its alignment with national goals to enhance economic growth and empower young citizens financially. The initiative not only offers a practical financial tool but also represents a deeper commitment to fostering a financially knowledgeable society.
This partnership between Visa and Meezan Bank not only provides practical financial tools to students but also fosters a foundation for responsible financial management, ensuring a financially literate and capable future generation. As these young individuals grow into the mainstay of the economy, their informed financial decisions will contribute significantly to a more inclusive and robust economic environment in Pakistan.
