Women entrepreneurs only own 26pc of bank accounts: SBP

KARACHI: Banks have disbursed approximately Rs24 billion to over 20,000 women-led businesses in more than four months of the current fiscal year, aiming to support women entrepreneurs in Pakistan, according to a statement from the central bank issued on Tuesday.

The State Bank of Pakistan (SBP) celebrated Women Entrepreneurship Day on November 19 to reaffirm its commitment to increasing women’s economic participation.

During the event, SBP Governor Jameel Ahmad noted that women entrepreneurs in Pakistan currently make up less than 10 per cent of total borrowers and hold only 26 per cent of bank accounts.

During his keynote address Ahmad appreciated the efforts of banks in disbursing about Rs24 billion to over 20,000 women-led businesses from July 1 to November 10, 2024.

He highlighted the critical role of women-owned businesses in driving innovation, economic growth and community development. He 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.

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 urged financial institutions to adopt innovative and inclusive approaches and emphasised the importance of partnerships with organisations such as UN Women and USAID. The event brought together various stakeholders, including international and local partner institutes, banks, civil society members and successful women entrepreneurs.

The event concluded with awards presented to outstanding women entrepreneurs and banks for their contributions to advancing women’s economic participation. The governor hoped these trailblazers would inspire future generations and that the SBP remains committed to fostering an inclusive financial ecosystem that empowers women.