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 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 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 the 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, a 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.