INTRODUCTION
Mohsin Termezy, a digital banking evangelist, founder of Finclude, co-founder of Dastak, and author of a sector landscape study titled Fintech Ecosystem of Pakistan, was invited by the CPPG to deliver a talk on “Financial Inclusion: Public Policy for Open Data Driven Solutions” Termezy initiated the talk by defining the term financial inclusion, which means providing fair access to financial services to different economic strata of society so that they can access, utilize, and consume financial services in a sustainable and responsible way. He shared that out of 180 million smartphone users, only 30 million people have access to financial services. The highest penetration is in Islamabad and Gilgit-Baltistan, owing to high literacy rates of these regions, while male registrations are more than double that of females. He pointed out that in examining the hierarchy of financial needs, it was essential to understand the progressive nature of individual’s financial goals and responsibilities. At the foundational level, the primary need is to establish a secure and dedicated account for the purpose of storing one’s financial resources. This marks the initial step towards financial stability as it involves moving funds from informal and often insecure locations, like under the pillow or mattress, to a safe, secure, and convenient financial repository. This facilitates the ability to manage and grow those funds for future use or investment. Once a secure financial account is established, the next tier of financial needs involves the consumption of these funds to cover essential expenses, such as utility bills. This stage addresses the immediate financial obligations of an individual or a household.