ISLAMABAD, April 17: The Special Committee on Gender Mainstreaming has commended the State Bank of Pakistan (SBP) for its significant initiatives to promote women’s empowerment through the “Banking on Equality” policy, which aims to reduce the gender gap in financial inclusion.
The committee, however, urged the central bank to introduce practical measures for easing account opening procedures and providing collateral-free loans for women, in a bid to ensure their greater inclusion in the formal economy.
Chaired by Dr. Nafisa Shah, MNA, the committee held its 7th meeting at Parliament House on Wednesday, where members acknowledged the SBP’s proactive approach while emphasizing the need for comprehensive actions to ensure women’s access to capital.
“Women are often excluded from financial services due to lack of access to collateral,” noted the committee, stressing the importance of practical mechanisms to overcome this challenge. The members also called on the government to extend political support to the SBP’s “Banking on Equality” policy to achieve its desired outcomes.
Briefing the committee, SBP Deputy Governor informed that over 13,116 women have been inducted in the banking sector, increasing the female workforce ratio from 13% to 17%. He also revealed that there are now 14.4 million women-owned active bank accounts in Pakistan.
Additionally, women borrowers from microfinance banks have more than doubled—from 912,000 to 2.6 million—highlighting the growing financial participation of women.
The deputy governor shared that 64% of Pakistan’s adult population currently holds a formal bank account. However, a significant gender gap persists, with 81% of men and only 47% of women having at least one bank account—resulting in a 34% disparity.
He added that the newly launched National Financial Inclusion Strategy (NFIS) 2024-2028 targets increasing overall financial inclusion to 75% and reducing the gender gap to 25% by 2028.
The committee recommended targeted interventions to support women-led micro, small, and medium enterprises (MSMEs), including concessional financing and capacity-building programs tailored for women entrepreneurs.
Separately, the Securities and Exchange Commission of Pakistan (SECP) also briefed the committee on its gender inclusion initiatives under the Prime Minister’s Women Empowerment Package 2024.
The SECP Chairman shared that it is now mandatory for all listed companies to disclose gender pay gap data in their annual reports. He also noted that SECP is working to increase women’s workforce participation from 28% to 40% by June 2030.
As part of this effort, medium and large companies are now required to appoint at least one female director on their boards—an initiative appreciated by the committee as a significant step toward women’s empowerment.
The meeting was attended by MNAs Aqeel Malik, Khawaja Izharul Hassan, and Munaza Hassan, along with Senators Rubina Qaim Khani, Saadia Abbasi, Fawzia Arshad, and Khalida Ateeb. Officials from relevant ministries and divisions were also present.
