Karachi, July 2, 2025 – Punjab Education Foundation (PEF), Karandaaz Pakistan, the National Institute of Banking
and Finance (NIBAF) Pakistan – a subsidiary of the State Bank of Pakistan, and the Bank of Punjab (BoP) have
formalized a partnership through a signing ceremony to launch a joint initiative for delivering financial literacy as
supplementary education across PEF schools in Punjab. This initiative aligns with the Pakistan’s National Financial
Inclusion Strategy (NFIS) and National Financial Education Roadmap (2025–2029), which envisions integrating
financial literacy content in the National Curriculum by year 2028.
The initiative would impart financial literacy to over 100,000 students. Nearly 2,000 teachers and 25 master trainers
will be trained to deliver financial education sessions across 1,000 PEF schools in the pilot phase. The financial
education will cover topics like earning, saving, budgeting, and digital banking. NIBAF will lead the on-ground
rollout, alongside a short-term implementation monitoring phase to ensure delivery standards in schools.
The ceremony was attended by Khalid Nazir Wattoo, Secretary Schools Education; Malik Shoaib Awan, Chairman
Punjab Education Foundation; Shahid Farid, Managing Director PEF; Ali Raza Chairperson PEIMA, Shakeel
Ahmad, Member of the Chief Minister's Advisory Committee on Education; from Karandaaz Pakistan: Sharjeel
Murtaza, Chief Digital Officer, and Sana Bilal, Program Lead; from NIBAF Pakistan: Lubna Farooq Malik, Co-
CEO; Sajid Ali, Director Learning and Development; Salman Shehzad, Project Director; and from the Bank of
Punjab: Raza Bashir, Chief of Staff & Strategy, Group Head.
The initiative builds on a successful model previously implemented in Federal in partnership with the Ministry of
Federal Education & Professional Training (MoFE&PT) and the Federal Directorate of Education (FDE), where
financial education was integrated into weekly timetables across federal schools. This rollout represents an essential
intervention to build capacity at the grassroots level contributing to Pakistan’s commitment to the Sustainable
Development Goals (SDGs), particularly SDG 4 (Quality Education), SDG 8 (Decent Work and Economic Growth),
and SDG 10 (Reduced Inequalities).
Commenting on the importance of early financial education, Mr. Khalid Nazir Wattoo, Secretary, School Education
Department, said: “This is a commendable effort and very much the need of the hour. It’s encouraging to see
stakeholders come together to address this important area. Financial literacy should be viewed as a core life skill,
and initiatives like this deserve to be scaled across more schools in Punjab.”
In a joint comment, Malik Shoaib Awan, Chairman, Punjab Education Foundation (PEF), and Ali Raza,
Chairperson, Board of Governors, PEIMA, said: “We greatly appreciate the effort behind introducing financial
literacy in a structured manner in PEF schools. It’s encouraging to see this being implemented as a pilot, allowing
space for learning for future scale-up. The concept is timely and much needed, and we fully support expanding this
initiative across more schools in Punjab.”
Speaking about the initiative, Shahid Farid, Managing Director, Punjab Education Foundation (PEF), said: “This
partnership helps position our students for real-world success. Financial literacy is critical, and we are pleased to
integrate it into PEF schools to equip students for life beyond the classroom.”
While highlighting the strategic value of the collaboration, Waqas ul Hasan, CEO, Karandaaz Pakistan, shared the
following statement: “Financial literacy is one of the foundational skills and must be taught to the youth in their
formative years. It will help them to better understand their personal finances, equip with skills to appreciate
entrepreneurship as careers and enable to interpret economic forces at play in wider economy. The initiative reflects
Karandaaz’s continued commitment to advancing financial inclusion through scalable, systems-level interventions.
We are seeding an idea across the country and really hope that the government education departments and private
sector education providers/sponsors consider it for replication.”
Sharing NIBAF’s perspective, Lubna Farooq Malik, Co-CEO, NIBAF, added: “Financial capability is a core life
skill, and we are proud to bring our content and training expertise to this meaningful partnership. NIBAF aims to
ensure quality training and education that fosters responsible financial behavior.”
Commenting on the role of the financial sector, Raza Bashir, Chief of Staff & Strategy, Group Head, Bank of
Punjab, stated: “Financial literacy is a prerequisite for digital financial inclusion. BoP is proud to contribute to a
collaborative effort that lays the groundwork for a more financially capable generation.”
With institutional alignment, implementation partners in place, and a strong policy backdrop, this initiative is poised
for broader adoption across provinces. Karandaaz, PEF, NIBAF Pakistan, and BoP encourage ecosystem
actors—including donors, public institutions, and civil society—to collaborate for scaling the efforts and embed
financial literacy as a core component of education for all Pakistani students.
