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Akif highlights financial literacy’s role in economic growth

 

SECP and PSX unite for Financial Literacy Week: Empowering Pakistan’s Future Investors

Akif highlights financial literacy’s role in economic growth

Manzar Naqvi

KARACHI: Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), highlighted the critical role of the Pakistan Stock Exchange (PSX) in enhancing financial literacy and expanding investor outreach. “PSX’s steadfast commitment to improving outreach and financial literacy across the country is commendable. Promoting financial awareness is a continuous journey. As financial markets evolve, our efforts must evolve as well, equipping investors to make informed decisions and navigate the complexities of today’s financial environment,” he said.

Saeed was addressing as the chief guest at the launch ceremony of World Investor Week (WIW), organised by PSX. The event commenced with the traditional bell-ringing ceremony to signal the start of the day’s trading session, during which the KSE-100 index reached a new high. AkifSaeed struck the gong in the presence of PSX Chairperson, board members, and Acting CEO, alongside senior PSX management, heads of brokerage houses, and asset management companies (AMCs), marking the official start of the week-long World Investor Week.

Under the auspices of the World Federation of Exchanges (WFE), of which PSX is an affiliate member, and in collaboration with the International Organization of Securities Commissions (IOSCO), PSX is hosting WIW 2024 from October 7-13. The theme for this year is “Ring the Bell for Financial Literacy.” This marks the fourth consecutive year that PSX has organized the event. Akif Saeed was warmly welcomed by the Chairperson and Managing Director of PSX upon his arrival.

Saeed highlighted the significance of financial literacy in today’s fast-evolving markets. “Financial literacy is indispensable, especially in an era where financial markets are rapidly evolving and becoming more accessible. Informed financial decisions are not only essential for individual wealth creation but also for the economic stability of the country. By enhancing financial literacy, we empower individuals to better manage their finances, understand investment risks, and seize opportunities in capital markets. This, in turn, fosters greater investor participation and contributes to building a more resilient and dynamic economy.”

He also pointed to Pakistan’s demographic potential, noting, “Pakistan’s young, tech-savvy population presents an unmatched opportunity for our capital market. With nearly 67% of the population under the age of 30, we have a vast pool of potential investors eager to explore wealth creation and financial security. As more people turn to digital platforms for their financial activities, it is our responsibility to equip them with the knowledge and tools they need to succeed in the investment world.”

Saeed urged stakeholders to collaborate during this critical week, stating, “As we embark on this week of learning, sharing, and collaboration, I encourage everyone to seize this opportunity to spread knowledge and empower individuals within our communities. This effort extends beyond financial institutions; it requires collective action from all stakeholders committed to the growth and development of our economy. By working together, we can fortify the foundation of our financial markets, instill investor confidence, and pave the way for sustainable economic growth.”

He concluded his remarks with a call for continued efforts toward financial inclusion: “The journey toward financial inclusion and literacy is ongoing. Through consistent efforts and collaboration, we can create a future where more Pakistanis are financially empowered, capable of making sound investment decisions – decisions that not only benefit them personally but also contribute to the broader economic progress of our nation.”
Speaking at the event, Dr. Shamshad Akhtar, Chairperson of Pakistan Stock Exchange (PSX), remarked, “Each year, Pakistan Stock Exchange observes World Investor Week to emphasize the importance of financial literacy, both for the public at large and for investors and stakeholders of the capital market in particular. PSX consistently works throughout the year to promote financial awareness through various platforms such as in-person sessions, workshops, courses, and webinars. These initiatives highlight the significance of saving, investing, and understanding how to navigate the stock market, ultimately benefiting investors.”

She further noted, “In the last fiscal year, we conducted financial education and awareness sessions at over 80 institutions across the country. A total of 162 investor awareness sessions were held, educating more than 15,000 individuals – including students, corporate employees, and people from diverse sectors – on the basics of financial literacy through in-person sessions and workshops. In addition to our on-ground efforts, we also engage through digital platforms, with PSX regularly conducting webinars in collaboration with brokers, mutual fund companies, and other key institutions. These efforts aim to increase the country’s savings rate and channel those savings into productive sectors.”

Nadeem Naqvi, MD & CEO of the PSX, in his welcome address, expressed gratitude to the SECP Chairman for his presence at the event. He highlighted the ‘Sahulat Account’ facility, which allows investors to open a trading account online in just a few minutes. By selecting a stockbroker and transferring funds online, investors can begin trading within hours. This showcases the remarkable technological advancements made by Pakistan’s capital market institutions (PSX, CDC, and NCCPL) in digitizing the entire account opening, trading, and settlement process.

Naqvi also emphasized the ease and convenience of stock market investing, while stressing the importance of risk assessment and personal financial planning. He advised that only a small portion of an individual’s savings should be invested in the stock market and encouraged investors to gradually learn about the companies they invest in, as well as the growth journeys of these companies as they expand and prosper.

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