KARACHI, Pakistan: In a landmark development, the State Bank of Pakistan (SBP) and UN Women Pakistan have signed a Memorandum of Understanding (MoU) aimed at accelerating women’s financial inclusion, improving financial literacy, and expanding access to banking and digital financial services across the country.
The agreement, signed at the SBP Banking Services Corporation (SBP BSC) office, underscores a shared commitment to bridging the financial gap that has historically hindered women from actively participating in the economy. SBP BSC Managing Director Maraj Mahmood and UN Women Pakistan Country Representative Jamshed Kazi highlighted that the partnership will focus on collaborative initiatives, including financial awareness drives, training programs, and research to identify and remove barriers to financial access.
This partnership is expected to play a significant role in promoting digital banking solutions, particularly for women in underserved and rural areas. Despite recent progress, a significant gender gap in financial inclusion still exists. Data from SBP shows that the percentage of adults holding bank accounts in Pakistan increased from just 16% in 2015 to 64% in 2023, with women account holders rising from 13 million to 31 million during the same period.
The National Financial Inclusion Strategy (NFIS) 2024–28 aims to further boost inclusion to 75% and narrow the gender gap to 25% by 2028. Experts believe that the SBP–UN Women collaboration will inject much-needed momentum into these targets, paving the way for broader economic empowerment for women.
The MoU sets the stage for practical steps such as awareness campaigns, seminars, and localized programs that can effectively engage communities and build trust in digital and formal financial systems. Stakeholders say the initiative reflects a growing recognition that empowering women financially is not just a social objective but a catalyst for national economic growth.
This story has been reported by PakTribune. All rights reserved.