The SBP has launched the Asaan Digital Accounts to break down obstacles to financial inclusion for women. The State Bank of Pakistan (SBP), in partnership with Bank Alfalah, Standard Chartered Bank, and UBL, held an event named “Asaan Digital Account: Breaking Barriers,” at a local hotel in Karachi to commemorate Pakistan’s progress in promoting financial inclusion for women. Dr. Reza Baqir, Governor of the SBP, was the event’s chief guest. International Women’s Day was the impetus for the celebration. Governor Dr. Reza Baqir stated his trust in Asaan Digital Account’s ability to break down obstacles to financial inclusion for women by providing faster, cheaper, more efficient, and more convenient ways to satisfy their needs. To open a full-service bank account with Asaan Digital Account, all you need is a CNIC and a smartphone or computer. No further documentation is needed. Female empowerment is the cornerstone to the country’s socio-economic advancement, the governor emphasized, commending the achievements of women in many professions. He noted that women are not afforded the same chances, rights, and responsibilities as males in all aspects of life. As a reminder of these systemic impediments, International Women’s Day asks us to pause and reflect. He emphasized the importance of reexamining and reinvigorating the idea of gender equality in the financial services industry in order to realize its revolutionary potential. At a conference on gender equality, Dr. Reza Baqir noted that women’s participation in financial services has been low due to persistent barriers such as cumbersome documentation requirements, close proximity to bank branches, and availability of suitable products that have prevented women from using even the most basic financial services such as a bank account because of the prevailing social and cultural norms. He went on to say that SBP is breaking down these barriers and working to include more women in financial services through various initiatives, such as: Banking on Equality Policy; Raast – Pakistan’s first instant payment system; Customers’ Digital Onboarding Framework, which makes it easier for customers to open bank accounts; and Asaan Mobile Account, which allows anyone with an old feature phone to open an account by dialing *2262#. The SME Asaan Finance or SAAF Initiative, the Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme, and the SBP Refinance and Credit Guarantee Scheme for Women Entrepreneurs are all examples of SBP’s various financing programmes, as is the country-wide National Financial Literacy Program, which educates the general public on the importance of financial literacy. However, Dr. Reza Baqir noted that more needs to be done to close the gender gap in the financial sector and services. Using the recently launched Asaan Digital Account, he encouraged women to open bank accounts and urged other banks to make the account opening procedure easier, boost the value proposition for women, and market the features to broaden their outreach. Bank Alfalah’s Group Head Ms. Mehreen Ahmed remarked that the bank has been supporting women across all sectors of the economy to become financially independent for a long time now. She stated that her Bank has been helping women entrepreneurs with finance to start new firms and to expand their existing enterprises. The CEO of Standard Chartered Bank. It is a basic human right, according to Mr. Rehan Shaikh, to include women in all aspects of our society on an equal and complete basis. State Bank of Pakistan’s efforts have been recognized for their involvement in providing an environment in which to push the boundaries in this field. United Bank Limited President and CEO Mr. Shazad Dada complimented the State Bank of Pakistan on the Asaan Digital Account programme and attributed its success to the ease with which clients from all over Pakistan, even unbanked regions, may use it. In his opinion, this type of account is great for Pakistani women because it can be opened from virtually anywhere and doesn’t necessitate regular trips to a bank. Leaders of financial institutions, famous women leaders, and other well-known individuals attended the event. There were stations put up by SCB, UBL, and Bank Alfalah where the audience could see how Asaan Digital Accounts worked in real-time.