Pakistan’s financial inclusion landscape has witnessed a remarkable transformation as the number of active bank accounts held by women has surged to 37 million, up from 20 million in 2021. This milestone, highlighted by Governor State Bank of Pakistan (SBP) Jameel Ahmad, marks a pivotal moment in the country’s journey toward bridging the gender gap in financial access. The achievement reflects the impact of the SBP’s Banking on Equality policy, Pakistan’s first comprehensive gender-mainstreaming framework in the financial sector, launched four years ago.
Speaking at the World Bank Headquarters in Washington D.C. during the 2025 Annual Meetings of the World Bank Group, Governor Ahmad shared that the gender gap in financial inclusion has narrowed from 39 percent to 30 percent since the introduction of the initiative. The policy, designed to enhance women’s participation in the financial ecosystem, has created new opportunities for female entrepreneurs, professionals, and microfinance borrowers across the country.
The session titled “Capital to Scale: Women Entrepreneurs as Job Creators” brought together global policymakers, development partners, and women business leaders to discuss strategies for empowering female entrepreneurship and unlocking inclusive economic growth. Governor Ahmad underscored the vital role that women play in driving sustainable development and stressed that empowering women financially is not only a social objective but also an economic imperative for emerging economies like Pakistan.
Since the inception of the Banking on Equality policy, there has been a significant rise in female participation across financial institutions. The number of women borrowers in microfinance has increased by more than 200 percent, while women-led small and medium enterprises (SMEs) and agricultural financing portfolios have doubled. Moreover, banks have hired over 14,600 women in various roles over the past three years, contributing to institutional diversity and inclusive workforce development.
Governor Ahmad also announced that SBP is preparing to launch the second phase of the Banking on Equality policy. The upcoming phase will leverage technology-driven solutions, including digital business profiling, data analytics, and remote financing platforms, to further support women-led micro, small, and medium enterprises (MSMEs). These measures aim to make financing more accessible and tailored to the unique needs of women entrepreneurs across both urban and rural Pakistan.
In addition, the SBP has adopted the WE-Finance Code — a World Bank-led initiative supported by international development organizations — to address gender gaps in MSME financing. With the participation of 22 Pakistani banks, this initiative represents a unified effort to promote inclusive financing practices and establish a stronger foundation for women’s economic empowerment.
Governor Ahmad reaffirmed the SBP’s long-term commitment to advancing gender equality, calling for continued collaboration between public and private sectors. He emphasized the importance of national strategies that prioritize gender equity, promote industry-wide inclusivity, and invest in capacity-building programs that can enable women to scale their businesses and contribute more effectively to Pakistan’s economy.
The rapid increase in women’s financial participation demonstrates how policy innovation and technology can work together to promote inclusion and resilience. As Pakistan continues its journey toward digitalization and economic modernization, empowering women through equitable access to finance remains at the heart of its sustainable growth strategy.
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