Kanwal Naseer

Financial inclusion is essential for women to access loans, credit and savings accounts for a more secure future. In Pakistan, 93% of adult women do not have a bank account, reports WealthPK. Considering this fact, the State Bank of Pakistan (SBP) has introduced a comprehensive policy ’Banking on Equality’ to promote financial inclusion among women and ensure their economic empowerment.

The central bank has taken a number of steps to encourage women's financial inclusion, which include improving financial literacy of women under its Pakistan’s National Financial Literacy Program. Another step is the Refinance & Credit Guarantee Scheme, which offers loans of up to Rs5 million to the female entrepreneurs. The Banking on Equality policy increases employee diversity in the banking industry. It not only addresses the gender gap in financial inclusion, but also intends to increase employee diversity in the banking industry.

Talking to WealthPK, Saba Javed, branch manager of Alfalah Bank at the Islamabad Stock Exchange (ISE), said, “There is no denying the significance of financial inclusion in promoting women's economic empowerment. Therefore, the action taken by the central bank needs to be acknowledged.’’

“Our bank is also providing special discount facilities to women through the ‘Pehchaan’ savings account which aims to help the women as much as possible.’’ “There are many women who are employed in our bank and they are working very efficiently. They also deal with and help more female clients according to their needs,’’ said Saba Javed.

“In order to promote banking and financial education, we also arrange many awareness and activities programmes in different schools and colleges through which we highlight the importance of bank accounts and credit among women. Our bank has set the target of opening 150 women accounts by the end of the year 2022 and we are pleased to inform that we have achieved almost 90 percent target before the end of the year.’’

According to WealthPK, the implementation of this policy will help women to access and use financial goods and services besides reducing the gender gap among the bank employees. By giving gender programme and awareness training, the banks may be able to draw in more female depositors, increase their profits and give women access to the financial services.

Credit : Independent News Pakistan-WealthPk