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• Open Access Article

  16 Pages Download PDF: Impact of Financial Inclusion Using Community Investment Fund on Poverty Graduation in Rural Sindh of Pakistan

  Impact of Financial Inclusion Using Community Investment Fund on Poverty Graduation in Rural Sindh of Pakistan

  Talat Anwar, Fazal Ali Khan, Lubna Hassan, Amna Ejaz

  2025-06-25 https://doi.org/10.36923/jcmi.v6i1.640

  Financial inclusion offers significant benefits to the unbanked poor population, but barriers such as low literacy, lack of trust in formal financial institutions, and high transaction costs often hinder the use of formal banking services. On the other hand, the Community Investment Fund (CIF) is a revolving grant managed by community-based organisations that provides a low-cost, sustainable solution. The paper examines the impact of financial inclusion through CIF funds on poverty graduation in Rural Sindh, Pakistan. The Poverty Scorecard (PSC) tool is used to assess the changes in the poverty status of CIF loan and grant beneficiaries using before-and-after approaches. A household survey dataset from rural Sindh, covering 4,023 randomly selected households, is analysed. The findings suggest that financial inclusion through community investment funds has positively impacted poor households and helped them graduate from a lower poverty band to a higher one. Compared to conventional sources of finance like Microfinance Banks, the findings suggest that CIF loans appear to be largely cost-effective. We thus recommend increasing CIF coverage for poor segments of the population in Pakistan, as it provides a low-cost, sustainable solution for poverty graduation and increases the cost-effectiveness of social protection programmes in the country.

  pp. 95-110 Abstract views:348 Downloads:120

• Open Access Article

  8 Pages Download PDF: From Income to Inclusion: A Comparative Human Capabilities Index for South Asian Economic Development

  From Income to Inclusion: A Comparative Human Capabilities Index for South Asian Economic Development

  Zaeema Farooq, Shaista Raza, Aqsa Hameed, Iqra Mehmood, Sidra Bano

  2025-06-25 https://doi.org/10.36923/jcmi.v6i1.641

  A new Comparative Human Capabilities Index (CHCI), which goes beyond conventional measures like GDP or HDI, is presented in this study to evaluate the economic progress of South Asian nations. GDP per capita, GDP per person employed, trade as a percentage of GDP, life expectancy, secondary school enrollment, and GDP per capita are the six main variables that make up the index, which is based on Amartya Sen's capability approach. Data were collected from the World Bank for eight nations between 2001 and 2015: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. In order to ensure comparability across variables, the CHCI was built using equal weighting and min-max normalization. The findings indicate that while Bangladesh and India have made notable progress over time, the Maldives and Sri Lanka continue to rank first in terms of human skills. Despite beginning with lower levels, Afghanistan and Nepal showed signs of improvement over time. As an alternative to more conventional indices like the Human progress Index (HDI), the index offers a more human-centered and inclusive lens through which to view the region's economic progress. This strategy emphasizes how crucial it is to make investments in productivity, health, and education in order to achieve long-term, fair development.

  pp. 111-118 Abstract views:187 Downloads:87

• Open Access Article

  17 Pages Download PDF: Impact of E-Banking on Customer Welfare: Empirical Evidence from the Banks in South Punjab (Pakistan)

  Impact of E-Banking on Customer Welfare: Empirical Evidence from the Banks in South Punjab (Pakistan)

  Uzma Hina, Muhammad Omer Chaudhary

  2025-06-30 https://doi.org/10.36923/jcmi.v6i1.633

  It is evident that internet banking (e-banking) revolutionizes financial management through convenience, speed, and accessibility, thus enhancing customer welfare by saving time, reducing costs, and increasing financial control. Hence, this study expands on existing literature by analyzing the impact of e-banking on customer welfare, particularly in banks of Southern Punjab, Pakistan. This study uses Zenithal et al.'s (2005) e-SQ/e-SERVQUAL framework and IFC's (2013) MBQ model, treating customer welfare as an outcome of e-banking service quality. A descriptive-exploratory design was employed to analyze the cause-and-effect relationship between e-banking services and customer welfare. A Logit Model was developed based on data collected from 1029 customers of real-time online branches (RTOB) located in Southern Punjab, Pakistan, to estimate the econometric properties for determining the relationship between e-banking and customer welfare. Findings reveal that E-banking explains 68.59% of welfare variance (R²=0.6859, Adj. R²=0.6825). The Logit model is significant (F=206.33, p=0.000), with education (β=0.009, p=0.012), e-compensation, efficiency, responsiveness, and website layout (all p=0.000) as positive predictors. Gender, location, age, marital status, and income showed no significant impact (p>0.05). The study highlights that Pakistan's banking sector, particularly in Southern Punjab, must improve digital literacy, banking services, and rural infrastructure to enhance e-banking adoption and financial inclusion and contribute more to customer welfare.

  pp. 32-48 Abstract views:194 Downloads:174

• 13 Pages Download PDF: Does More Income Buy More Happiness? Empirical Evidence from the World Values Survey in Pakistan

  Does More Income Buy More Happiness? Empirical Evidence from the World Values Survey in Pakistan

  Samia Awais, Shahzad Kouser, Ihtesham-ul-Haq Padda

  2025-06-30 https://doi.org/10.36923/jcmi.v6i1.639

  This study examines the empirical validity of the Easterlin Paradox in the context of Pakistan, drawing on nationally representative microdata from 1,995 adult respondents in the most recent Wave 7 of the World Values Survey. The paradox posits that while income is positively associated with happiness at a given point in time, long-term income increases do not necessarily lead to sustained improvements in subjective well-being. We examine this relationship through a combination of descriptive statistics and a two-level mixed-effects ordered logistic regression model, which accounts for both individual- and community-level heterogeneity. The analysis confirms that income has a statistically significant positive effect on happiness; however, the inclusion of a squared income term reveals a non-linear, concave relationship, indicating diminishing marginal returns to income—a core tenet of the Easterlin Paradox. Beyond income, a range of non-material factors such as good health, perceived autonomy, confidence in institutions, and social class emerge as significant predictors of happiness. Conversely, factors like food insecurity and being a victim of crime negatively impact subjective well-being. These findings align with the capability approach and recent global literature emphasizing the multidimensional nature of happiness. The study contributes to filling a critical gap in South Asian happiness research by providing country-specific, methodologically rigorous evidence from Pakistan. Policy implications suggest the need for a broader, human-centered development strategy that prioritizes healthcare, education, institutional trust, and social protection, rather than focusing narrowly on income growth. By shifting the focus toward inclusive and holistic well-being, Pakistan can better align its development goals with what truly enhances the lives of its citizens.

  pp. 82-94 Abstract views:215 Downloads:160