Islamabad — April 18, 2025: The State Bank of Pakistan (SBP) has been lauded for its progressive “Banking on Equality” policy, a nationwide initiative aimed at closing the gender gap in financial inclusion. The praise came during the 7th meeting of the Special Committee on Gender Mainstreaming, held at the Parliament House in Islamabad under the chairpersonship of Dr. Nafisa Shah, Member of the National Assembly (MNA).
The committee recognized the SBP’s ongoing efforts to empower women economically through financial sector reforms. However, it also urged the central bank to go a step further by easing the process of account opening and providing loan facilities to women without collateral — a major barrier that continues to restrict women’s access to capital.
In her opening remarks, Dr. Nafisa Shah highlighted the structural challenges that hinder women’s economic participation. “Women’s exclusion from the formal economy is deeply rooted in a lack of access to capital,” she noted, emphasizing the importance of institutional support to address these gaps. The committee called for practical interventions to promote financial inclusion, including tailored financial products, alternative credit assessments, and political backing for SBP’s ongoing initiatives.
During the briefing, the Deputy Governor of SBP provided key updates on the progress made under the “Banking on Equality” policy. According to the central bank’s data, financial institutions in Pakistan have hired over 13,116 women, increasing the female workforce ratio in the banking sector from 13% to 17%.
Moreover, 14.4 million women-owned active bank accounts have been opened across the country. Microfinance lending to women has also seen a significant rise, with the number of women borrowers increasing from 912,000 to 2.6 million — more than doubling over the past few years.
Despite these achievements, gender disparity remains a significant issue in Pakistan’s financial landscape. The Deputy Governor revealed that while 64% of the adult population now holds a formal bank account, the gender divide is stark: only 47% of adult women have a bank account compared to 81% of men, resulting in a 34% gender gap.
To address this, the SBP recently launched the National Financial Inclusion Strategy (NFIS) 2024–28, aiming to improve financial inclusion to 75% and reduce the gender gap to 25% by 2028.
The committee also emphasized support for women-led Micro, Small, and Medium Enterprises (MSMEs) through concessional financing, technical training, and capacity-building initiatives. Members stressed the importance of creating an enabling ecosystem where women entrepreneurs can thrive without being constrained by traditional collateral requirements.
In a related development, the Securities and Exchange Commission of Pakistan (SECP) presented its efforts under the Prime Minister’s Women Empowerment Package 2024. SECP Chairman informed the committee of key reforms, including the mandatory disclosure of gender pay gap data in annual reports of listed companies. Additionally, SECP is aiming to increase female workforce participation from the current 28% to 40% by 2030.
One of the notable changes under SECP policy now requires all medium and large-sized companies to appoint at least one female director on their boards — a move that was widely welcomed by the committee as a positive step towards greater gender inclusion in corporate governance.
The meeting was attended by MNAs Aqeel Malik, Khawaja Izharul Hassan, and Munaza Hassan, as well as Senators Rubina Qaim Khani, Saadia Abbasi, Fawzia Arshad, and Khalida Ateeb, along with representatives from key ministries and regulatory bodies.
As Pakistan advances its gender inclusion agenda, initiatives like Banking on Equality represent a critical foundation for sustainable development and inclusive economic growth.