Daily Times

The Governor State Bank of Pakistan (SBP), Jameel Ahmad, Tuesday, emphasized the importance of supporting women entrepreneurs for pacifying economic growth in the country, noting that women currently make up less than 10 percent of total borrowers and hold only 26% of bank accounts.

The governor SBP, while addressing the main event of Women Entrepreneurship Day here at SBP Museum, also reaffirmed commitment to enhancing women’s participation in the economic landscape. The event brought together various stakeholders, including international and local partner institutes, banks, civil society, and successful women entrepreneurs.

Jameel Ahmad, in his keynote address, highlighted the critical role of women-owned businesses in driving innovation, economic growth, and community development and also acknowledged the structural and cultural challenges women entrepreneurs face, such as limited access to finance, markets, and mentorship.

Despite these challenges, women in Pakistan have shown remarkable determination and success in various sectors, including agriculture, technology, and manufacturing, he stated and added that SBP has taken various measures for financial inclusion and economic empowerment of the female which enhanced their access to financial services.

He appreciated the efforts of banks in disbursing about Rs24 billion to over 20,000 women-led businesses from July 1, 2024, to November 10, 2024. The SBP conducted over 50 sessions through its Banking Services Corporation offices, reaching over 1500 women entrepreneurs to inform them about available financing opportunities, he added.

Stressing the need of collective and coordinated efforts by all the stakeholders, including the government, regulators, banking and financial sectors as well as civil society, for ensuring inclusive financial services, he urged financial institutions to adopt innovative and inclusive approaches and also emphasized the importance of partnerships with organizations such as UN Women and USAID.

The Governor reiterated SBP’s commitment to fostering an inclusive financial ecosystem that empowers women and expressed hope that these trailblazers would inspire future generations.

Chairman Pakistan Banks Association Zafar Masud elaborating the role of banking sector in women business financing said that closing the gender gap could boost Pakistan’s GDP by 33%. He stressed on the need of supportive policy decisions, use of gender aggregated data, promotion of gender equality, extending outreach of micro-finance and digitization and adoption of technology for enhancing women participation.

He said that launch of CM Punjab Kisan Card has changed the trend of lending to women borrowers and lending to women has increased substantially in the province. The UN Women Country Representative to Pakistan Louise Nylin, highlighted the significant role of women entrepreneurship in supporting economic growth and job creation and underscored the importance of simplifying the policy and procedures, adoption of new technology as well as regulatory and administrative reforms to promote women participation in the economy.

The event concluded with awards presented to outstanding women entrepreneurs and banks for their contributions to advancing women’s economic participation. The Women Impact awards were given in 4 categories i.e. Innovation Leader, Social Impact, Sustainability Champion and Resilience. Awards were also presented to winners of Business Idea competition and the best performing banks at the occasion.

The SBP Governor also presented souvenirs as the token of appreciation for contributions in efforts aimed at financial inclusion and Banking on Equality to US Deputy Consul General at Karachi Ammy Woods, the UN Women Country Representative to Pakistan Louise Nylin, and others.