Visa (NYSE: V), a world leader in digital payments, today announced a partnership with Meezan Bank, the country’s leading Islamic bank, to unveil a unique proposition designed to empower the digitization journey of Pakistan’s student population. Eligible university students aged 18 to 24 years will be able to gain access to secure, convenient, and rewarding financial services through Pakistan’s first Visa card issued solely for students – the Meezan Visa Student Debit Card.
Unveiled by Andrew Torre, Visa’s Regional President for Central Europe, Middle East and Africa (CEMEA), and Irfan Siddiqui, Founding President and CEO of Meezan Bank, the Meezan Visa Student Debit Card is designed to serve as a springboard into the world of digital finance for Pakistan’s student population. The card will be offered free of cost to Meezan Asaan Student Accountholders—an account that provides a comprehensive platform for managing finances while addressing the unique needs of students, ensuring both accessibility and affordability.
According to the State Bank of Pakistan, the financial inclusion rate in Pakistan stands at just 21% and with over 2.4 million students enrolled in higher education institutions across the country, the potential for impact is significant. This initiative which is timed for launch in the first quarter of 2025 aims to promote financial inclusion amongst Pakistan’s young, savvy, and digitally engaged population.
Umar Khan, Country Manager for Pakistan & Afghanistan at Visa, commented: “We’re proud to join forces with Meezan Bank on this financial inclusion initiative that targets youth. We believe empowering youth with financial tools is crucial for their future success and Pakistan’s overall economic growth. This is also aligned with Pakistan Vision 2025 to streamline the energies of Pakistan’s extensive youth population. When equipped with secure and accessible financial solutions, students can develop responsible financial habits, participate more fully in the economy, and contribute to a more financially inclusive nation. This initiative goes beyond providing a debit card; it represents Visa’s long-term commitment to building a strong financial inclusion proposition for Pakistan and leveraging the appetite of Pakistan’s youth.”
Irfan Siddiqui, President, and CEO of Meezan Bank said: “This partnership enables us to reach a crucial segment of society, providing students with a secure and convenient way to manage their finances while building financial literacy from an early age. The launch of the Meezan Visa Student Debit Card is a significant step towards greater financial inclusion in Pakistan, empowering students with the tools they need for a secure and successful future.”
Under the country’s Ministry of Planning, Development & Reforms, Pakistan Vision 2025 aims to streamline the energies of the country’s large youth population and realize their immense economic potential. By providing access to financial tools and knowledge, Visa and Meezan Bank support this ambition by empowering students to take control of their finances, make informed decisions, and build a more secure future for themselves and their communities.
