Simple majority of people across the country believe that only those earning regular salary can have bank accounts.
According to survey conducted by Gallup Pakistan for the State Bank of Pakistan, 51% Pakistanis believe it is true that only people earning a regular salary can have a bank account whereas 46% people state that it is false.
“These results are a part of the nationwide Access to Finance Study conducted by the State Bank of Pakistan in 2015 with the intent of determining the degree of financial inclusiveness of the Pakistani public.”
This press release is part of a special series that aim to foster an empirical understanding of financial inclusion in Pakistan and that hope to create a collaborative network of individuals working on the topic.
A nationally representative sample of 10,626 men and women from across the four provinces was asked, “I am going to read some sentences on financial services. Please tell me if you believe whether they are true, false or if you don’t know: Only persons having a regular salary can open a bank account.”
In response to this question, a majority of Pakistanis i.e. 51% said that the above mentioned statement is true. On the other hand, 46% said that it is false while 4% also said that they weren’t sure or that they didn’t know if it was true or false.
The country has become a laughing stock as far as financial inclusion is concerned. The state bank’s overly strict rules are to blame for this.
And they think right! Recently I wanted to open a second account and been to 2 banks so far and from there attitude it seem they are not interested in people who are self employed/freelancers! According to Meezan bank they will have to visit my office which I don’t have! After lot of explaining the guy said he’ll visit my home instead!
Why should I let someone visit my home to open a bank account? This is when I file tax and have been operating a normal account in SCB for last 8 years.
Kese kese surveys horahay hain aaj kal :D
Obviously writer never tried to open the Bank account. Banks in PK always asks what’s your source of income if you tell them you are in Agriculture or some similar business good luck opening an account in Lahore, at least. They will make you wait, for hours or can ask you to come back “tomorrow” for weeks before opening an account…once they do they will make feel like they are doing big favor to you….so no wonder majority of people in the country dont have bank account.
Mere sath bhi yehi hoa tha when I was trying opening account in MCB. They were asking letter on company’s letterhead that I am working there but I was full-time freelancer.
As an alternate they asked me to write my personal and work details on a 100 Rupees bond paper.
When I switched to Bank Alfalah after that I just told them that mera account MCB me chal raha hai, usme paise atay hain, I just want to switch to your bank – agar ap cooperate karte hain to theek hai warna me nahi open kar raha account. They said, sir please sign here :D Koi letter nahi, koi proof nahi.
That’s good! I’ll check them! Right now putting the money under mattress works best for me :P
Dont Worry, For coins mattress is best option.
Just a coin!
I believe State Bank just wasted time and money to conduct the Survey. They could just have visited few Bank Branches on Haider Road, Saddar, Rawalpindi and found their answer. I work as independent contractor, and it was almost impossible for me to open an account, I tried Askari, Bank Alfalah, MCB, Standardard Chartered to name a few. No one would open an account, their first question was always to produce to Salary Slip, or a proof of Income on a business letter head. Example two, someone who lived abroad, came back to Pakistan, bought property, and was getting handsome rental income. Same issue, no one was opening account for him, regardless of his Rental Agreements, yearly Income Tax fillings (he was earning enough to be eligible for Income Tax, and being used to living abroad thought it was a good idea to Pay Income Tax, Property Tax). Example 3; A retired private employee, whose account was closed after the bank closed its branch, tried to move his money to another bank, unable to do so, since he had no longer active source of Income. So, to say that banking is available without a Salary Slip, might be true in books, and probably at few Banks, but these days, most of the Banks in Rawalpindi are reluctant to open accounts without a Salary Slip.
This is true. Even i am not allowed to open account because i am not having a salary slip.
a sample size of 10626 to represent population of 180 million is not adequate.
This is more than adequate. No need to ask all 180 million to take estimates. Learn some statistics.
I have studied statistics thats why i am saying this. Sample size should be resanable so that it could be rellied upon. Further, location of the sample also effects results.
You’ve to prove your way of income before opening a bank account.
^^ no income prove required according to State Bank…any anyone with valid ID and RS100 can open a bank account
‘According to state bank’ but under KYC, bank asks for prove of income.
This is all the fault of banks who ask for stamped letter head and proof of income to open a simple account. This is all *bull*shit*. No developed countries have such pathetic policies in place. On top of that our banks are the most lousy and pathetic in the world. I mean you often hear from them “system down hey ji” . Their debit cards do not work online and only 3 or 4 banks ATMs support international credit and debit cards. International Bank transfer to Pakistan is extremely expensive and you can only pray that your money will reach your account and not get lost in the middle of somewhere. This is the reason PayPal is not interested in starting its services in Pakistan.
I can feel your pain bro. This is the reason I will shove fake letter head and proof of income up their arses if I ever need to open an account again.
I have the letter, they insist on visiting the office ( home in this case ) I don’t see the reason why I should let them.
Easier probably to ask some company to hire me for few days so I can open an account LOL
Just rent a room on first, second or third floor in some commercial area or market, setup a desk and few chairs. Place your laptop on desk and then tell them you work in an office which is a regional office of some “company” and you are the manager or managing partner or something. They can come see you working behind the table on your laptop. These banker parasites don’t know what freelancing means and how it works. So have a backup plan.
Am happy getting money via WU and putting it under my Mattress! Screw the banks! Screw the banks! :D
You work with Adsense?
A little, full time employed with a US based company.