Inclusive banking

Women's inclusion in the social sphere has always been an upwards struggle in Pakistan. From corporate to politics, finance and banking, to bureaucracy and beyond; women lag far behind, and the government is occupied in an endless game of cat-and-mouse for equality. Only recently, SBP Governor Jameel Ahmed revealed figures relating to female banking, touting a 17 million increase in women's active bank accounts in a span of almost four years. He also declared a reduction in the gender gap in financial inclusion by 9 per cent over the same period.

All progress is good progress. A positive increment in bank accounts and a decrement in the gender gap is a justified cause for appreciation. But it is equally important to situate figures within a wider social context to determine the scope of the celebration. According to the Karandaaz Financial Inclusion Survey (K-FIS) 2024, male financial inclusion stands at 56 per cent compared to only 14 per cent for women. The survey also reveals that only 11 per cent of women have a say in financial matters related to saving, purchasing assets or household decision-making.

Without detailed statistics that distinguish between women with bank accounts and women with debit cards, between urban female customers and those from rural spaces, and between the use case of male owners of active bank accounts compared to female owners, the success of equitable measures remains inconclusive. The central bank governor has also declared that female microfinance borrowers have more than tripled — an excellent mark of progress in the realm of female entrepreneurship, but one that is marred by lack of equitable progress across diverse regions and social groups.

The quest for improvement will always continue alongside achievements. Therefore, the government should focus on diversifying its inclusive strategies to include women from all social realms. That is the ultimate marker of equity.