According to the World Bank’s Global Findex database, only 13% of adults in Pakistan have access to a transaction account, and only 4.8% of females have one. Women continue to be heavily involved in unpaid care work in Pakistan, and their role in financial decision-making is severely limited. Bringing more women into the financial system necessitates a two-pronged strategy involving both a social and economic as well as a macro-level approach. According to experts from organisations such as the World Bank and the Women’s Financial Inclusion Data Partnership, there is a $500 million market opportunity in Pakistan that can be tapped by getting women to start banking. The implementation of this plan is expected to generate 3 million new jobs and $5.5 billion in additional exports due to improved access to finance.
The Access to Banking for Women (ADA) service provided by SBP aims to increase women’s access to financial services. The SBP issued a gender mainstreaming policy titled ‘Banking on Equality: Reducing the Gender Gap in Financial Inclusion’ last year. According to data, women in developing economies are 20% less likely than men to have a formal financial institution account. According to the panellists, getting the right data to the right people is critical to unlocking women’s financial empowerment.
