90% Pakistanis Have Less Than 10 Lacs in Their Bank Accounts — Can Technology Fix the Wealth Divide?

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 Table of Contents

  1. Introduction

  2. The Wealth Gap in Pakistan: A Stark Reality

  3. Key Reasons Behind the Wealth Divide

  4. How Technology Can Bridge the Gap
     A. Digital Banking & Financial Inclusion
     B. FinTech Startups & Micro-Investments
     C. E-commerce & Gig Economy
     D. EdTech & Skill Development
     E. Blockchain & Decentralized Finance (DeFi)

  5. Real-World Examples of Tech-Driven Inclusion

  6. Challenges in Tech Adoption in Pakistan

  7. The Government's Role in Tech-Enabled Equity

  8. What the Future Holds

  9. FAQs

  10. Conclusion

Introduction



A recent report rocked the nation's financial conscience: more than 90% of Pakistanis have less than PKR 10 lac (1 million) in their bank accounts. In a country of more than 240 million people, this offers a gloomy picture of wealth imbalance and financial isolation. However, with increasing access to mobile phones, internet usage, and financial technology (FinTech), might technology serve as a bridge to a more fair society?



The Wealth Gap in Pakistan: A Stark Reality

Despite economic progress in some areas, Pakistan's wealth remains extremely concentrated. The richest 10% own approximately 60% of the country's total wealth, while the poorest 60% struggle to fulfill their basic requirements.

Wealth Tier Breakdown:

Wealth Tier Approximate % of Population Estimated Bank Balance Range
Elite (Top 1%) 1% PKR 5 crore+
Upper-Middle Class 9% PKR 10 lacs - 5 crore
Lower-Middle Class 40% PKR 50,000 - 10 lacs
Poor (Low-Income) 50% Less than PKR 50,000

This imbalance doesn’t just impact individuals — it stunts national growth, fosters inequality, and creates a cycle of poverty. But technology, if implemented inclusively, could be the great equalizer.

Key Reasons Behind the Wealth Divide

Let’s examine the causes behind this growing financial divide:

  • Lack of financial literacy

  • Unequal access to education and employment

  • Urban-rural economic disparity

  • Limited access to banking services in rural areas

  • Political and institutional inefficiencies

  • Gender disparities in income and opportunities

How Technology Can Bridge the Gap

A. Digital Banking & Financial Inclusion

Pakistan has approximately 190 million mobile customers but just 80 million bank accounts. This gap is shrinking because of digital wallets and branchless banking services like:

  • Easypaisa

  • JazzCash

  • SadaPay

  • NayaPay

These platforms enable people, even in remote villages, to:

  • Send/receive payments

  • Save money securely

  • Pay utility bills

  • Access micro-loans

B. FinTech Startups & Micro-Investments

New-age applications now enable Pakistanis to invest tiny sums in equities, mutual funds, and gold. Some sites even provide Shariah-compliant investing alternatives starting as little as PKR 500.

Examples include:

  • Elphinstone

  • Abhi

  • Finja

  • KTrade

This enables ordinary citizens to grow their wealth without needing millions in their accounts.

C. E-commerce & Gig Economy

The rise of freelancing, online businesses, and marketplaces has democratized earning opportunities. Whether you're a student, homemaker, or retired person, platforms like:

  • Daraz (for sellers)

  • Upwork, Fiverr (for freelancers)

  • Airlift, Bykea (for gig workers)

...offer ways to earn income without traditional employment.

D. EdTech & Skill Development

The wealth divide is largely a skill divide. EdTech platforms are playing a critical role by providing free or low-cost access to world-class education:

  • DigiSkills.pk

  • Coursera & YouTube (for open learning)

  • Saylani Mass IT Program

  • Rehan School (low-bandwidth learning for rural users)

These help users upskill, learn tech, and become financially independent.

E. Blockchain & Decentralized Finance (DeFi)

While still in early stages, blockchain technology can:

  • Remove intermediaries in financial transactions

  • Allow direct peer-to-peer lending

  • Empower trustless, secure, and borderless transactions

  • Facilitate digital identities for unbanked populations

Cryptocurrency remains restricted in Pakistan, but DeFi principles are influencing future fintech innovations.

Real-World Examples of Tech-Driven Inclusion

  • Women entrepreneurs in Sindh using Easypaisa to receive payments for handicrafts

  • Farmers in Punjab accessing weather data and crop prices via agri-tech apps

  • Freelancers from Gilgit-Baltistan earning thousands of dollars via Fiverr and Payoneer

  • Low-income students learning coding through free online bootcamps

Challenges in Tech Adoption in Pakistan

Challenge Explanation
Digital Literacy Many users don’t understand how to use apps safely
Gender Digital Divide Women are less likely to have mobile/internet access
Regulatory Uncertainty Crypto, DeFi, and fintech face unclear policies
Trust in Digital Platforms Many still fear fraud/scams online
Infrastructure Gaps Rural areas lack 4G/5G access or electricity

The Government's Role in Tech-Enabled Equity

To unlock technology’s true potential, the government must:

  • Support public-private tech partnerships

  • Expand digital literacy programs (especially for women)

  • Provide tax reliefs and incentives for fintech startups

  • Promote financial transparency and ease of doing business

  • Build robust cybersecurity and digital identity frameworks

What the Future Holds

Technology, if deployed inclusively, has the potential to change Pakistan's economic environment over the next decade. By providing regular folks with digital tools for saving, earning, and growing money, we may progressively flatten the wealth distribution.

However, this will necessitate coordination among the government, technology businesses, educational institutions, and citizens themselves.

FAQs

Q1: What percentage of Pakistanis have more than 10 lacs in their bank accounts?
A: Less than 10% of Pakistanis hold over 1 million PKR in formal bank savings.

Q2: Can technology reduce income inequality?
A: Yes. Through financial inclusion, digital skills, and decentralized work platforms, tech can provide economic opportunities to the underserved.

Q3: What is financial inclusion?
A: It's the process of ensuring that individuals and businesses have access to affordable financial services like banking, credit, and insurance.

Q4: Which apps help poor people in Pakistan manage money?
A: Easypaisa, JazzCash, Abhi, Finja, and SadaPay are examples of financial tools accessible to low-income users.

Q5: How can a poor person start earning online?
A: Through freelancing platforms, online selling, or learning digital skills from free resources like DigiSkills.pk or YouTube.

Conclusion

The fact that 90% of Pakistanis have less than ten lacs in their bank accounts is more than simply a statistic; it is a wake-up call. However, with the proper application of technology, this does not have to be the permanent reality. Fintech, e-learning, and gig platforms are already changing economic access.

What is required today is knowledge, accessibility, and effort to ensure that the digital revolution benefits all Pakistanis, not just the top 10%.

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