Visa and Meezan Bank Partner to Increase Financial Inclusion in Pakistan, Unveil the Country’s First Student Debit Card 

The solution supports Pakistan’s vision for a more inclusive digital economy by driving financial inclusion and digital payments adoption among youth
The Meezan Visa Student Debit Card will offer exclusive discounts and rewards that are tailored to the specific needs of tertiary students

Karachi, Pakistan, January 22, 2025: 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.

About Visa 

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, visamiddleeast.com/blog, and @Visacemea  

About Meezan Bank

Meezan Bank is the leading Islamic bank in Pakistan and one of the largest banks nationwide in terms of branch network and deposits. With a network of over 1,000 branches in more than 330 cities, it boasts the largest Islamic banking network in the country.

Consistently recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, Meezan Bank is the only Pakistani bank to be honored as the ‘Best Bank’ four times by the Pakistan Banking Awards—the most prestigious award in the country’s financial sector. Additional recognitions have come from leading organizations such as Islamic Finance News (Malaysia), Global Finance magazine (New York), Asset AAA (Hong Kong), Asiamoney (Hong Kong), The Banker (United Kingdom), the South Asian Federation of Accountants, Islamic Finance Forum of South Asia, Dawn & IBP Pakistan, Employers Federation of Pakistan, and CFA Association (Pakistan).

The VIS Credit Rating Company Limited (formerly JCR-VIS Credit Rating Company) has retained the Bank’s entity rating at the highest possible level of ‘AAA/A1+.’ This rating reflects the highest credit quality, with negligible risk factors, slightly surpassing the risk-free debt issued by the Government of Pakistan.

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For more information, please visit: https://www.meezanbank.com/