• Financial Independence Empowers Women and Families: Women in Pakistan hold only 26% of bank accounts and borrow less than 10% of total loans, highlighting the need for financial inclusion. Empowering women financially allows them to contribute to household and community well-being, breaking cycles of poverty and dependence.
• Economic Growth Through Women’s Entrepreneurship: From July to November 2024, banks provided Rs24 billion to over 20,000 women-led businesses, showcasing the potential of women entrepreneurs to drive national growth, create jobs, and boost GDP.
• Collaborative Efforts and Recognition: Initiatives like SBP’s awareness sessions and partnerships with USAID and UN Women aim to reduce barriers for women entrepreneurs. Celebrating their contributions inspires broader participation and highlights their role in building a prosperous economy.

Bridging the Financial Inclusion Gap

At the Women Entrepreneurship Day (WED) event on Tuesday, November 19, Jameel Ahmad, Governor of the State Bank of Pakistan (SBP), highlighted the stark financial disparity faced by women in Pakistan. Women business owners represent only 26% of bank account holders and account for less than 10% of total borrowing. This gap underscores the urgent need for financial independence as a critical step toward gender equality and economic empowerment.

Financial independence allows women to participate fully in economic activities, making them active contributors to their households and communities. It also provides women with the resources and decision-making power to invest in education, healthcare, and the overall well-being of their families, breaking cycles of poverty and dependence.

Resilience and Growth Potential

Despite significant challenges, women in Pakistan have demonstrated resilience and innovation in sectors like technology, manufacturing, and agriculture. The SBP Governor emphasized that empowering women economically would not only benefit them individually but would also unlock untapped growth potential for the nation. Financial independence enables women to bring their ideas to life, access markets, and drive entrepreneurial ventures that contribute to sustainable development.

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Economic Participation Fuels National Growth

Ahmad commended banks for providing Rs24 billion to over 20,000 women-led businesses between July 1 and November 10, 2024. Such initiatives highlight how supporting women’s financial independence can lead to the establishment and expansion of businesses, which in turn generate jobs and contribute to national GDP. When women thrive financially, they create ripple effects that uplift entire communities and stimulate economic growth on a macro level.

Collaborative Efforts for a More Inclusive Economy

The SBP has taken proactive steps to bridge the gender gap in financial inclusion, including holding over 50 awareness sessions for more than 1,500 women entrepreneurs through its Banking Services Corporation branches. Ahmad stressed the importance of partnerships between financial institutions and organizations like USAID and United Nations Women to expand women’s access to funding, mentorship, and market opportunities. These collaborations are crucial for reducing barriers and enabling women to play a more prominent role in Pakistan’s economy.

Recognizing and Celebrating Women’s Contributions

The WED event also honored notable women entrepreneurs and financial institutions for their efforts to empower women economically. Recognizing these success stories not only inspires others but also reinforces the significance of women’s economic participation in driving national prosperity.

By fostering financial independence for women, Pakistan can tap into its full economic potential, reduce poverty, and build a more equitable society where everyone has the opportunity to thrive.

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