Mastercard Strive Women Program Partners with Bank of Punjab to Empower Women Entrepreneurs in Pakistan
Islamabad, July 8, 2024 — The Mastercard Strive Women program in Pakistan is pleased to announce a new partnership with the Bank of Punjab (BOP), aiming to enhance formal financial access for women-led micro and small entrepreneurs across the country.
Supported by the Mastercard Center for Inclusive Growth and implemented by CARE, Strive Women strengthens women entrepreneurs in Pakistan, Peru, and Vietnam by bolstering their financial health and resilience. In Pakistan, the program commits to supporting 100,000 entrepreneurs, with at least 70% of them being women.
A staggering 79% of Pakistan’s population operates outside the formal banking system[1],, with 82% of women remaining unbanked[2]. This poses significant challenges for small and medium-sized enterprises (SMEs), which play a crucial role in the country’s economy through job creation, innovation, and regional development.
BOP, in collaboration with CARE Pakistan and the Mastercard Center for Inclusive Growth, is set to support this segment through a range of financial services and products. Upholding its commitment to promoting gender equality, BOP has launched a suite of financial products tailored for women under the name BOP NAAZ.
BOP has been a leader in women’s empowerment through structured financial services. To further encourage women entrepreneurs, the partnership aims to expand the financial inclusion agenda to as many women micro-entrepreneurs as possible. The collaboration will focus on two of Strive Women’s four core pillars: supporting women-led small businesses through increased access and usage of financial products, and working with financial service providers to co-design products that best serve women-led small businesses.
“Strive Women builds on the success of the Ignite financial inclusion program for small businesses in Pakistan. When this initiative was launched last year, the aim was to go deeper by building a broader ecosystem of stakeholders committed to long-term support for women-led small businesses. In this context, we are delighted to welcome BOP as a trusted partner for women’s empowerment. I am confident that together, Mastercard and its partners can make Strive Women bigger and better than anything we have done in this space in Pakistan before,” said Arslan Khan, Country Manager, Pakistan, Mastercard.
Nofel Daud, Chief Digital Officer at Bank of Punjab, expressed enthusiasm about the partnership, stating, “We are very excited to join hands with Mastercard Center for Inclusive Growth and CARE Pakistan to empower thousands of women across the country by providing them with the right tools and opportunities for their inclusion in the financial sector and economic growth. This partnership will also promote digital inclusion for women and enable an ecosystem for women entrepreneurs. When women in developing countries like Pakistan are empowered and financially included, it creates a ripple effect of positive change across society and the economy. On the economic front, access to financial tools such as microloans allows women to become entrepreneurs and drive sustainable growth by creating jobs and participating more in the workforce. BOP, in line with its vision to promote financial inclusion and Banking on Equality, will continue to support such key initiatives.”
Adil Sheraz, Country Director of CARE Pakistan, also commented on the partnership, “We are thrilled to sign a memorandum of understanding with the Bank of Punjab to improve the financial health of women entrepreneurs in Pakistan. The Strive Women program underscores our commitment to fostering a robust ecosystem that nurtures the growth of women-led businesses. Women entrepreneurs play a pivotal role in driving economic progress, and by collectively addressing the barriers they face, we can unleash their full potential for exponential impact on our economy. As we sign this MOU, we, in collaboration with BOP and the Mastercard Center for Inclusive Growth, reaffirm our dedication to creating pathways for women to thrive in the business landscape. Together with our partners, we aspire to cultivate an environment where women entrepreneurs can flourish, innovate, and contribute meaningfully to our society.”
This partnership marks a significant step forward in enhancing financial inclusion and empowering women entrepreneurs in Pakistan, fostering a more inclusive and resilient economic landscape.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
[1] World Bank – The Global Findex Database: 2021
[2] Women’s Financial Inclusion Data, 2022 (WFID)
