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.
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