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Business

Web Desk
December 20, 2020

SBP committed to reducing gender gap in financial inclusion

Business

Web Desk
Sun, Dec 20, 2020

Women’s access to financial and economic opportunities is essential for sustainable and inclusive economic growth. However, women in Pakistan are disproportionately under-served by the financial system.

This was stated by the State Bank of Pakistan, in a press release issued on Saturday.

According to the handout, only 18% percent of adult women in Pakistan have an active bank account compared with 51% men.

SBP said that in order to address the gender disparities, it has adopted a medium-term national target of 20 million active women bank accounts by 2023 under National Financial Inclusion Strategy.

The target will be achieved through the launch of a policy to reduce the gender gap in financial inclusion, titled "Banking on Equality", which aims to promote women financial inclusion in Pakistan.

The policy will introduce a gender lens within the financial sector through specific measures to bring a shift towards gender friendly business practices.

SBP to hold webinar

To initiate a national dialogue on women financial inclusion, SBP has organized a webinar titled “Consultative Launch of Banking on Equality policy: Reducing the Gender Gap in Financial Inclusion” on Monday.

The webinar aims to promote awareness of the significance of women financial inclusion and hold discussions among distinguished international thought leaders to discuss practical ways to give a boost to women financial inclusion in Pakistan.

SBP Governor, Dr Reza Baqir will host the consultative launch of the Banking on Equality policy with introductory presentation on the policy by SBP Deputy Governor Sima Kamil, and followed by a high level panel discussion around women’s financial inclusion.

The panel members would include Princess Zahra Aga Khan Director Aga Khan Development Network (AKDN), Ceyla Pazarbasioglu from IMF and Dr Reza Baqir Governor, State Bank of Pakistan while Dr Anita Zaidi from Bill and Melinda Gates Foundation (BMGF) will moderate the panel discussion.

About the panel

Princess Zahra Aga Khan is a Member of the Board of Directors of the Aga Khan Development Network (AKDN). She serves in various leadership roles within the Aga Khan Development Network, including as Trustee of the Aga Khan University and the University of Central Asia.

Ceyla Pazarbasioglu is Director of the Strategy, Policy, and Review Department (SPR) of the IMF. In this capacity, she leads the work on the IMF’s strategic direction and the design, implementation, and evaluation of Fund policies. Pazarbasioglu previously served as Vice President at the World Bank Group.

The panel moderator, Dr Anita Zaidi, is the President of Gender Equality at Bill and Melinda Gates Foundation. Dr Zaidi is overseeing a division comprised of the Foundation’s Gender Equality programme team and Gender Program Advocacy and Communications team.