SBP directs banks to employ 20% women by 2023

women in banks

State Bank of Pakistan has directed banks across the country to employ at least 20 percent of women by 2023.

Addressing the launch ceremony of Asaan Digital Account (ADA) on Monday, State Bank of Pakistan (SBP) Governor Dr. Reza Baqir said that gender assortment is one of the key steps for economic development and enclosure of women in the financial system.

On the eve of International Women’s Day, the SBP in association with Standard Chartered Bank, Bank Alfalah, and UBL hosted an event titled ‘Asaan Digital Account: Breaking Barriers’.

Dr. Baqir informed the ceremony that through Roshan Digital Account, the country has earned about $3.5 billion in one and half years which is far more than the foreign direct investment and the loans provided by the International Monetary Fund.

Moreover, the SBP governor expressed hope that ADA will eradicate the obstacles in financial inclusion of women by offering cheaper, efficient, faster, and convenient solutions for meeting their necessities.

Read more: SBP launches consultation process to enhance financial inclusion of women in banks

ADA is a digitized resolution through which a bank account can be opened from anywhere, at any time, via smartphones or computers with just a CNIC and no other documentation requirements.

Meanwhile, the SBP governor praised the contributions of women in different fields and highlighted that women’s empowerment is the basis of socio-economic developments in the country. He said that unfortunately, gender gaps do not permit women the same liberty to avail themselves opportunities, privileges, and obligations in all areas of life when compared to men. Though, International Women’s Day inspires us to pause and reflect on the systemic obstructions that restrict women in their pursuits.

He stressed the necessity to imitate and renew the sense of determination, and transformative opportunity around gender equality in the financial services space.

Dr. Baqir stimulated women to open their bank accounts via the newly launched Asaan Digital Account and urged all banks to take steps to make the account opening procedure easier.

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