The State Bank of Pakistan (SBP) has reaffirmed its commitment to advancing women’s financial empowerment as a critical driver of sustainable and inclusive economic growth. The central bank’s leadership emphasized that enabling women entrepreneurs to access capital, financial services, and business development opportunities is essential for achieving long-term economic resilience and equitable progress in Pakistan.
Speaking at a high-profile session titled “Capital to Scale: Women Entrepreneurs as Job Creators,” held at the World Bank Headquarters in Washington D.C., SBP Governor Jameel Ahmad outlined Pakistan’s ongoing reforms to strengthen women’s participation in the economy. The event took place on the sidelines of the 2025 Annual Meetings of the World Bank Group (WBG), bringing together global policymakers, financial leaders, and women entrepreneurs to discuss how inclusive finance can unlock new avenues for growth and employment creation.
Governor Ahmad highlighted the success of SBP’s landmark initiative, the Banking on Equality (BoE) policy, launched in September 2021. This first-of-its-kind gender-mainstreaming framework in Pakistan’s financial sector has helped narrow the gender gap in financial inclusion and expand access to formal banking services for women across the country. According to recent data, the number of active bank accounts owned by women rose from 20 million in 2021 to 37 million by June 2025, while the gender gap in financial inclusion declined from 39% to 30%.
The Governor shared that the initiative has also driven remarkable growth in women’s access to credit. Over the past three years, the number of female microfinance borrowers has surged by more than 200%, while lending to women-led small and medium enterprises (SMEs) and the agricultural sector has doubled. In parallel, commercial banks have increased female representation within their institutions, hiring over 14,600 women since the launch of the policy, fostering greater workplace diversity and strengthening institutional inclusion.
Building on this momentum, SBP is now preparing to launch the second phase of the Banking on Equality policy. The upcoming phase will prioritize the integration of digital financial solutions, women-led business profiling, and remote financing mechanisms tailored to micro, small, and medium enterprises (MSMEs). These reforms aim to make access to finance more convenient and equitable for women, particularly those leading small businesses in underserved regions.
Governor Ahmad also announced that Pakistan has formally adopted the WE-Finance Code, a global initiative spearheaded by the World Bank and supported by international financial institutions to close gender gaps in MSME financing. The inclusion of 22 Pakistani banks as partners in this initiative reflects the country’s strong institutional commitment to creating a unified front for advancing women’s financial inclusion nationwide.
He emphasized that economic transformation cannot be achieved without meaningful gender equality and systemic inclusion. The SBP continues to work with financial institutions, development partners, and policymakers to design frameworks that encourage women’s entrepreneurship, improve access to credit, and expand digital financial literacy.
“Women entrepreneurs are not only economic participants but key contributors to sustainable growth and innovation,” Governor Ahmad noted. “Our focus remains on creating an environment where women can scale their businesses, generate employment, and play a transformative role in Pakistan’s economic future.”
The SBP’s gender-inclusive approach aligns with the broader objectives of the World Bank’s gender equality agenda and the United Nations Sustainable Development Goals (SDGs), particularly SDG 5 (Gender Equality) and SDG 8 (Decent Work and Economic Growth). Through continued reforms, digital innovation, and collaboration, Pakistan aims to strengthen its foundation for inclusive development—where women’s financial empowerment stands as a cornerstone of national progress.
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