SBP governor for supporting women entrepreneurs in Pakistan

KARACHI: The Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, has emphasized the importance of supporting women entrepreneurs in Pakistan, noting that they currently make up less than 10 percent of total borrowers and hold only 26 percent of bank accounts.

The SBP hosted Women Entrepreneurship Day on November 19, 2024, in Karachi to reaffirm its commitment to enhancing women’s participation in the economic landscape. The event brought together various stakeholders, including international and local partner institutes, banks, civil society, and successful women entrepreneurs.

During his keynote address, Ahmed highlighted the critical role of women-owned businesses in driving innovation, economic growth, and community development. He acknowledged the structural and cultural challenges women entrepreneurs face, such as limited access to finance, markets, and mentorship. Despite these challenges, women in Pakistan have shown remarkable determination and success in various sectors, including agriculture, technology, and manufacturing, he added.

He appreciated the efforts of banks in disbursing about PKR 24 billion to over 20,000 women-led businesses from July 1 to November 10, 2024. The SBP conducted over 50 sessions through its Banking Services Corporation offices, reaching over 1500 women entrepreneurs to inform them about available financing opportunities.

He urged financial institutions to adopt innovative and inclusive approaches and emphasized the importance of partnerships with organizations such as UN Women and USAID.

The event concluded with awards presented to outstanding women entrepreneurs and banks for their contributions to advancing women’s economic participation. The governor expressed hope that these trailblazers would inspire future generations and that the SBP remains committed to fostering an inclusive financial ecosystem that empowers women.

Copyright Business Recorder, 2024