KARACHI (PRESS RELEASE)
A memorandum of understanding (MoU) has been signed between ACCA (the Association of
Chartered Certified Accountants) and the Institute of Financial Markets of Pakistan (IFMP). Both
the organisations have decided to work together to promote investor awareness and financial
literacy among students, professionals and small businesses.
Speaking at the signing ceremony in Karachi, head of ACCA Pakistan, Sajjeed Aslam, shared:
‘Financial literacy is crucial for the sustainable growth of capital markets ecosystem. The limited
levels of financial literacy and investor education, especially among SMEs and young
entrepreneurs in Pakistan, is a significant factor in the equally low levels of successful access to
external finance and absence of long-term financial planning.’
‘As part of our commitment to the community, we’re happy to be joining forces with IFMP to
promote knowledge about the financial system, educate small businesses about different
options to access finance and encourage their participation in retail financial markets, and help
SMEs to scale up leveraging effective financial planning.’, he added.
Sharing the details of the MoU, Mobashar Sadik, CEO, IFMP, said:
‘IFMP in partnership with ACCA intends to promote the cause of financial education, not just for
typical investors but also for the middle-income households. The rising complexity of financial
markets means consumers have to choose between a variety of complex financial instruments
for borrowing and saving. Individuals, when become financially educated, are more likely to
save and to challenge financial service providers to develop products that truly respond to their
needs, and that would have positive effects on both investment levels and economic growth.
We are sure that this partnership will help us achieve this goal of empowering public through
financial knowledge.’
ACCA has been actively supporting the financial literacy agenda in the country. Collaboration
with Akhuwat to support micro-entrepreneurs with their cash flow management during the
current pandemic, partnership with Jamapunji for financial literacy and investor education
roadshows across Pakistan, promotion of gamified digital learning with NIBAF, joint session with
State Bank on access to capital, and cooperation with Kamayi to deliver free-of-cost
professional advice to small businesses are some of the recent examples of ACCA leading the
financial literacy agenda in Pakistan.