Pakistan has formally launched InvestPak, a digital platform that lets individuals and businesses invest directly in government securities a move designed to widen the country’s investor base and ease the government’s reliance on commercial banks for borrowing. Developed by the State Bank of Pakistan (SBP), the portal gives retail and institutional investors a fully digital route into a sovereign debt market that has historically been dominated by banks.
Key Takeaways
- What launched: InvestPak, a web portal and mobile application ecosystem for investing in Pakistan government securities
- Developed by: State Bank of Pakistan (SBP), under its World Bank-funded Financial Inclusion program
- Who can use it: Individuals, joint account holders, and corporates with a PKR bank account, using their IBAN
- Market size unlocked: Pakistan’s Rs82 trillion sovereign debt market
- Current bank dominance: 78% of marketable government securities are still held by banks
- Non-bank holdings growth: From Rs327 billion in 2009 to more than Rs10 trillion today
- Secondary market activity: Average daily trading reached nearly Rs991 billion in May 2026
- Yield curve: Now extends to 15 years
- Formally launched by: Finance Minister Muhammad Aurangzeb, with SBP Governor Jameel Ahmad, at a ceremony in Karachi
- Rule change effective August 1, 2026: Minimum profit rate requirements will apply only to individual deposits with a monthly average balance up to Rs10 million, encouraging larger investors toward InvestPak instead
What InvestPak Actually Does
InvestPak digitizes the entire process of investing in government securities for customers holding PKR accounts with banks, Primary Dealers, and microfinance banks collectively referred to as Financial Institutions (FIs). Through the portal, registered users can:
- Digitally open an Investor Portfolio of Securities (IPS) account
- Place competitive or non-competitive bids in primary auctions of government securities
- Buy or sell securities in the secondary market, with same-day or forward-value settlement
- Manage multiple PKR and IPS accounts across different participating financial institutions through a single registered profile
All of this happens without customers needing to physically visit a bank branch a shift the SBP has framed as removing paperwork and friction that has long kept retail participation in government securities low.
A L S O R E A D:
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How It Works, Step by Step
- Registration: Individuals, joint account holders, and corporates with a PKR bank account register on the portal using their IBAN.
- IPS account setup: Customers without an existing Investor Portfolio of Securities account can request one directly through the portal, routed to their respective financial institution.
- Primary auction participation: SBP uploads the official auction calendar to the platform, and financial institutions are required to facilitate customer bids competitive or non-competitive through InvestPak.
- Secondary market trading: Customers can request buy or sell quotes from their bank for government securities, with financial institutions providing binding quotes for a stipulated time window.
- Portfolio tracking: Purchases and sales made through the portal automatically reflect in the customer’s Investor Portfolio, giving a consolidated view of holdings across institutions.
- Support: A dedicated InvestPak call center and integrated online support in the web portal and mobile app help resolve customer queries and complaints.
The Numbers Behind the Launch
At the launch ceremony, Finance Minister Muhammad Aurangzeb placed InvestPak in the context of a longer reform journey. He noted that non-bank holdings of marketable government securities have grown from Rs327 billion in 2009 to more than Rs10 trillion today, and that average daily secondary market trading reached nearly Rs991 billion in May 2026, with the yield curve now extending out to 15 years evidence, he said, of a deepening and increasingly liquid government securities market.
At the same time, he pointed to the gap InvestPak is meant to close: 78% of marketable government securities are still held by banks, which he described as showing “significant untapped potential” to bring more households, businesses, and institutional investors into the market.
Why the Government Is Doing This
Diversifying the borrowing base. By making it easier for individuals and non-bank financial institutions to buy government securities directly, the government reduces its dependence on commercial banks as the primary source of sovereign financing freeing up bank balance sheets for other lending.
Freeing banks to lend to the private sector. Aurangzeb linked the initiative directly to private-sector credit: as the investor base for government securities widens beyond banks, banks gain more room to focus on lending to businesses and productive economic activity, rather than absorbing the bulk of government debt themselves.
Encouraging non-bank financial institution participation. The finance minister specifically called on the non-bank financial institution industry to play a larger role in the government securities market, noting that participation fits naturally with their business models and asset-liability management needs.
Supporting a broader digital and inclusion agenda. SBP Governor Jameel Ahmad tied InvestPak to the central bank’s Strategic Vision 2028, describing the platform as part of a long-held goal to build an inclusive, deep, and efficient government securities market alongside a nationwide media campaign across print, digital, and FM radio to build public awareness.
A regulatory nudge for larger investors. Effective August 1, 2026, SBP will limit mandatory minimum profit rate requirements to individual deposits with a monthly average balance of up to Rs10 million a change explicitly designed to make investing through InvestPak comparatively more attractive for larger individual savers and institutional investors.
Who Benefits from InvestPak
The platform is expected to particularly benefit retail investors, women, small savers, businesses, and institutional participants, according to SBP, by:
- Reducing paperwork involved in government securities investment
- Increasing transparency in pricing and execution
- Allowing investment from home or the workplace rather than requiring branch visits
- Providing a single interface to manage accounts across multiple financial institutions
Benefits of a Wider Government Securities Investor Base
- Deepens Pakistan’s fixed-income market, which the finance minister noted has lagged behind the country’s strong recent growth in equity market participation
- Reduces concentration risk in sovereign financing by diversifying away from near-total bank dominance of government debt holdings
- Creates room for private-sector lending as banks devote a smaller share of their balance sheets to absorbing government securities
- Improves financial inclusion by giving ordinary citizens, including young people and women, direct digital access to sovereign investment products historically reserved for institutional players
- Builds on a two-decade reform trajectory, with the finance minister describing InvestPak as the latest step in a sequence of reforms that expanded market access and strengthened market infrastructure
Frequently Asked Questions
What is InvestPak?
InvestPak is a digital web portal and mobile application, developed by the State Bank of Pakistan, that lets individuals and corporate customers invest directly in Pakistan government securities.
Who is eligible to use InvestPak?
All individuals, joint account holders, and corporates with a PKR bank account are eligible to register digitally using their IBAN.
What can I do through the InvestPak portal?
You can open an Investor Portfolio of Securities (IPS) account, place bids in primary government securities auctions, and buy or sell securities in the secondary market all without visiting a bank branch.
How large is Pakistan’s government securities market?
Approximately Rs82 trillion, according to reporting on the InvestPak launch.
What share of government securities is currently held by banks?
78%, according to Finance Minister Muhammad Aurangzeb a figure officials say shows significant room for non-bank and retail participation to grow.
Is there a new rule affecting deposit profit rates linked to this launch?
Yes. Effective August 1, 2026, mandatory minimum profit rate requirements will apply only to individual deposits with a monthly average balance up to Rs10 million, a change designed to complement InvestPak’s push toward diversifying the investor base.
Who developed InvestPak?
The State Bank of Pakistan, under its World Bank-funded Financial Inclusion program.
