In a significant effort to promote gender diversity within Pakistan’s financial ecosystem, the Asian Development Bank (ADB) and the Securities and Exchange Commission of Pakistan (SECP) held a two-day Training of Trainers (ToT) workshop on December 17-18, 2024. The workshop aimed to enhance gender inclusivity in Non-Banking Microfinance Companies (NBMFCs), a key sector in Pakistan’s financial landscape. Representatives from all NBMFCs regulated by SECP attended this important session, designed to foster a more inclusive and equitable environment for women, who make up over 70 percent of the sector’s clientele.
This initiative is part of a broader effort to strengthen gender diversity and empower women within the microfinance sector. With women being the primary beneficiaries of microfinance services, it is crucial to ensure that financial products and services are tailored to their needs, and that gender biases within organizations are addressed. The workshop focused on equipping participants with the skills to identify gender biases, implement inclusive policies, and develop financial products that are more accessible to women. By promoting a customer-centric approach, the program aimed to improve the quality of services provided to women and foster a more gender-inclusive financial ecosystem.
Khalida Habib, Executive Director of SECP, emphasized the significance of the initiative, stating, “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.” Her comments highlight SECP’s commitment to advancing gender equality, not only within the regulatory framework but also in shaping the practices of financial institutions across the country.
ADB’s Deputy Country Director, Mr. Asad Aleem, also echoed the importance of gender diversity in fostering sustainable development. He remarked, “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.” ADB’s focus on gender equity aligns with its broader objectives of promoting inclusive growth, and this partnership with SECP underscores the importance of integrating women into the financial mainstream.
In addition to the main workshop, an exclusive session on consumer protection was held on December 23, 2024. This session focused on the Consumer Protection Framework for NBMFCs and its connection to the Women Equality in Finance Policy, which was recently approved by SECP. This policy aims to ensure that the financial system remains accessible, transparent, and fair to women, while also providing robust consumer safeguards. This session further reinforced the commitment of SECP and ADB to balancing gender equity with strong consumer protection measures in the financial sector.
A key aspect of the ToT model is its emphasis on sustainability and long-term impact. The training not only equipped participants with the tools to implement gender-inclusive practices but also empowered them to train other colleagues at NBMFCs, ensuring that the impact of the initiative would be amplified across the sector. By creating a network of trainers, the program ensures that the principles of gender diversity and inclusion will continue to be propagated throughout the industry.
This collaborative effort between ADB and SECP is a testament to their shared commitment to empowering women and fostering inclusive growth within Pakistan’s financial sector. With its focus on gender inclusivity and consumer protection, the initiative aims to create a more equitable financial ecosystem that benefits all, particularly women who have long been underserved in the sector. As Pakistan continues to focus on financial inclusion, such initiatives are crucial to ensuring that women have equal access to the financial resources they need to succeed and contribute to the country’s economic development.