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Technolog & Business News from Pakistan

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Bank Alfalah & UN Women Partner for Women’s Financial Empowerment

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Bank Alfalah, a prominent commercial bank in Pakistan, has joined forces with UN Women to introduce awareness sessions on financial inclusion. These sessions are a crucial component of the National Financial Literacy Program (NFLP), a collaborative initiative by the State Bank of Pakistan (SBP) and the Banking Services Corporation (BSC). Their primary objective is to dismantle barriers that impede women’s access to financial resources, ultimately promoting their autonomy and financial independence.

Bank Alfalah Partners with UN Women to Drive Women’s Empowerment through Financial Literacy and Inclusion

In the initial phase, UN Women, in conjunction with local BSC field offices, organized targeted financial literacy awareness sessions in Thatta and Rawalpindi, engaging over 200 women. Additionally, three more sessions are in the pipeline for Peshawar and D.I. Khan, with a collective aim to reach over 500 women in rural areas.

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UN Women and Bank Alfalah will continue to conduct similar interactive sessions on financial literacy across key districts in Pakistan. These collaborative efforts will be carried out in partnership with regional SBP Banking Services Corporation (BSC) offices.

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The focus districts include Pishin, Lasbela, Khuzdar, Naseerabad, Jaffarabad, Loralai, Peshawar, Mardan, Kohat, Chitral, DI Khan, Rawalpindi, Muzaffargarh, Thatta, Hunza, Gilgit, and Nagar. Moreover, the sessions will cater to women and girls from diverse backgrounds, including micro-enterprise owners, disabilities, minority groups, and students from schools and universities.

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This collaboration ensures that the message of financial inclusion reaches a broader audience and brings about tangible change in women’s lives aligned with SBP’s initiative for Banking on Equality.

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The financial literacy sessions encompassed various aspects of banking, including retail banking, SME business, Islamic banking, consumer banking, and other domains. These sessions were conducted by senior business leaders to educate the participants.

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Furthermore, Bank Alfalah aims to onboard women who are interested as customers and offer them both Conventional and Islamic deposit and financing solutions. This initiative is intended to narrow the gender gap in the financial landscape and promote financial inclusion.

Notably, Gender equality and women’s development are pivotal for economic development in Pakistan as currently, the rate of women’s inclusion is only 13% which represents vast untapped potential. This initiative taken by the Bank is aligned with United Nations’ SD Goals 5, 8 and 10.

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Inadequate financial resources and limited access to funding opportunities have been major obstacles to women’s economic empowerment in Pakistan. Recognising this challenge, Bank Alfalah, in collaboration with UN Women and SBP, is committed to implementing initiatives that align with national policies like the Pakistan Vision 2025 and the SBP’s Banking on Equality (BOE) Policy.

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