The Asian Development Bank (ADB) and the Securities and Exchange Commission of Pakistan (SECP) have taken significant steps to promote gender diversity and inclusivity within Pakistan’s financial ecosystem. On December 17-18, 2024, the two organizations conducted a two-day Training of Trainers (ToT) workshop for representatives of Non-Banking Microfinance Companies (NBMFCs) regulated by the SECP. This initiative aims to strengthen gender inclusivity within these organizations while enhancing financial services tailored to women, who make up over 70% of the sector’s clientele.
The workshop focused on equipping participants with the tools to identify gender biases, implement inclusive policies, and design financial products specifically for women. By encouraging a customer-centric approach, the training is expected to address systemic challenges and foster equitable growth in the financial sector. Khalida Habib, Executive Director at SECP, emphasized the importance of this initiative, noting, “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, also highlighted the critical role of gender equity in 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.”
The workshop’s ToT model aims to create a lasting impact by training participants to transfer their knowledge and skills to colleagues within their respective organizations. This approach ensures the initiative’s influence extends beyond the immediate participants, amplifying its reach and effectiveness.
In addition to the gender diversity workshop, SECP organized an exclusive session on December 23, 2024, focusing on consumer protection within the microfinance sector. This session delved into the Consumer Protection Framework for NBMFCs and its connection to the Women Equality in Finance Policy for NBMFCs, recently approved by SECP. The policy underscores SECP’s dual commitment to gender equity and robust consumer safeguards, creating a balanced approach to fostering inclusive growth.
The collaboration between ADB and SECP reflects their commitment to empowering women and addressing gender disparities in Pakistan’s financial sector. By promoting inclusive policies and practices, the initiative seeks to create opportunities for women to access financial services tailored to their needs, thereby driving economic resilience and sustainable growth.
This partnership also aligns with global efforts to advance gender equity as a cornerstone for broader socio-economic development. By focusing on women’s inclusion in financial services, ADB and SECP are setting a precedent for other sectors to follow. This initiative not only strengthens Pakistan’s financial ecosystem but also serves as a model for integrating gender diversity into financial systems globally.
As gender diversity continues to gain recognition as a critical factor for sustainable development, efforts like this collaboration between ADB and SECP are vital for creating inclusive, resilient, and forward-looking financial systems that empower women and drive holistic economic progress.