SBP chief seeks support for businesswomen

Reaffirms commitment to enhancing participation in economy

KARACHI:

State Bank of Pakistan (SBP) Governor Jameel Ahmad has underscored the need to empower women entrepreneurs in Pakistan, who currently account for less than 10% of total borrowers and hold only 26% of bank accounts. Speaking on Women Entrepreneurship Day, hosted by the SBP on November 19, 2024, Ahmad reaffirmed the central bank's commitment to enhancing women's participation in the economy.

The event, attended by international and local institutions, banks, civil society members, and successful women entrepreneurs, highlighted the critical role of women-owned businesses in driving innovation, economic growth, and community development.

Ahmad acknowledged the significant structural and cultural barriers faced by women entrepreneurs, including limited access to financing, markets, and mentorship. However, he praised their resilience and achievements across sectors such as agriculture, technology, and manufacturing.

Highlighting progress, Ahmad noted that banks disbursed Rs24 billion to over 20,000 women-led businesses from July to November 2024. The SBP also reached over 1,500 women entrepreneurs through more than 50 awareness sessions conducted via its Banking Services Corporation offices to educate them about financing opportunities.

Calling for greater financial inclusion, the SBP governor urged financial institutions to adopt innovative strategies and foster partnerships with organisations like United Nations Women and United States Agency for International Development (USAID) to bridge the gender gap in economic participation.

The event concluded with awards recognising outstanding women entrepreneurs and financial institutions for their contributions to advancing women's economic participation. Ahmad expressed hope that these trailblazers would inspire future generations, reiterating the SBP's commitment to building an inclusive financial ecosystem that empowers women.