The Asian Development Bank (ADB) and the Securities and Exchange Commission of Pakistan (SECP) recently joined hands to promote gender inclusivity in the country’s financial sector. A two-day Training of Trainers (ToT) workshop, held on December 17-18, 2024, focused on enhancing gender diversity within Non-Banking Microfinance Companies (NBMFCs). This initiative aimed to strengthen organizational structures and improve services for women, who make up over 70% of the sector’s clientele.
The workshop brought together representatives from SECP-regulated NBMFCs, equipping them to identify and address gender biases while implementing inclusive workplace policies. Participants were also trained to design financial products tailored to women’s unique needs, fostering a customer-centric approach. Highlighting the significance of this initiative, SECP’s Executive Director, Khalida Habib, stated:
“This workshop is a step forward in promoting gender diversity in Pakistan’s financial ecosystem, equipping companies to address gender-related challenges and contribute to national goals of inclusion and equity.”
ADB’s Deputy Country Director, Asad Aleem, reinforced the importance of gender equity in economic resilience, adding:
“Gender diversity is vital for sustainable development. This collaboration reflects our shared vision of inclusive financial systems that empower women and drive economic resilience in Pakistan.”
The ToT model is designed for long-term impact, enabling trained participants to disseminate their knowledge to colleagues within their organizations. This cascading effect ensures that the initiative’s benefits extend far beyond the initial attendees, creating a more inclusive and equitable financial environment over time.
To further support this vision, an exclusive session on consumer protection was held on December 23, 2024. This session focused on the Consumer Protection Framework for NBMFCs and its alignment with the recently approved Women Equality in Finance Policy for NBMFCs. This policy underscores SECP’s dual commitment to promoting gender equity and safeguarding consumer interests, ensuring a balanced approach that prioritizes inclusivity and trust.
Through these initiatives, the ADB and SECP aim to empower women and foster their greater participation in the financial sector, not only as customers but also as leaders and employees. This collaboration represents a significant step toward addressing systemic gender biases and contributing to broader national goals of inclusion and equity.
As women constitute a majority of the clientele in the non-banking microfinance sector, such focused efforts are expected to yield substantial socio-economic benefits. By aligning gender diversity with consumer protection policies, the SECP is working to create a resilient and inclusive financial ecosystem that supports sustainable growth.
This partnership between ADB and SECP highlights the transformative power of collaboration in addressing gender disparities and advancing Pakistan’s financial sector. Their shared commitment to empowering women sets a strong precedent for driving inclusive growth and economic resilience across the country.