On November 19, 2024, the Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, emphasized the crucial need for supporting women entrepreneurs to foster an inclusive economic growth model in Pakistan. At the SBP-hosted Women Entrepreneurship Day (WED) event in Karachi, Mr. Ahmad highlighted the low representation of women in the country’s financial ecosystem, noting that women currently make up less than 10 percent of total borrowers and hold only 26 percent of bank accounts.
The event, aimed at reaffirming SBP’s commitment to empowering women entrepreneurs, brought together various stakeholders from international and local partner institutions, banks, civil society, and successful women entrepreneurs. The forum provided a platform to discuss the challenges and opportunities that women entrepreneurs face in Pakistan, while also celebrating their achievements in driving innovation, economic growth, and social development.
In his keynote address, Mr. Ahmad underscored the critical role of women-owned businesses in Pakistan’s economy, acknowledging that despite their significant contributions, women continue to face structural and cultural obstacles, particularly in accessing finance, markets, and mentorship. He pointed out the importance of financial institutions stepping up to support women-led enterprises with tailored financing products and services that can help bridge these gaps.
During the event, Mr. Ahmad praised the efforts of banks in providing funding to women entrepreneurs, revealing that over PKR 24 billion had been disbursed to more than 20,000 women-led businesses from July 1, 2024, to November 10, 2024. These efforts are a part of SBP’s broader initiative to increase financial inclusion and provide women with the resources they need to succeed.
SBP has also been proactive in engaging with women entrepreneurs across Pakistan by conducting over 50 sessions through its Banking Services Corporation offices. These sessions reached over 1,500 women, informing them about available financing opportunities, including SBP’s various lending schemes designed for women entrepreneurs. The Governor urged financial institutions to adopt innovative and inclusive approaches to better serve the needs of women entrepreneurs.
In addition to recognizing financial institutions for their contributions, the WED event also celebrated the achievements of outstanding women entrepreneurs. Awards were presented to women-led businesses in categories such as Innovation, Social Impact, Sustainability, and Resilience. These entrepreneurs were recognized for their perseverance and success in sectors ranging from agriculture and technology to manufacturing, despite the various challenges they face in the business environment.
Mr. Ahmad expressed hope that these trailblazing women would inspire future generations of women entrepreneurs in Pakistan. He emphasized that the SBP remains committed to fostering an inclusive financial ecosystem that empowers women and enables their full participation in Pakistan’s economic development. The Governor also stressed the importance of partnerships with organizations such as UN Women and USAID in advancing the cause of women’s financial inclusion and entrepreneurship.
By celebrating the successes of women entrepreneurs and reinforcing the need for continued support, the SBP aims to further the national agenda of gender equality in economic participation. With initiatives like WED, SBP hopes to pave the way for a more inclusive and equitable future for women in Pakistan’s business landscape.