Islamabad: The Special Committee on Gender Mainstreaming convened its seventh meeting at the Parliament House, chaired by Dr. Nafisa Shah. The committee lauded the State Bank of Pakistan’s “Banking on Equality” policy, which aims to bridge the gender gap in financial inclusion. Despite these efforts, the committee pressed the State Bank to simplify account opening and loan processes for women, especially those without collateral.

The committee acknowledged the State Bank’s initiatives but emphasized the need for practical measures to integrate women into the formal economy. They highlighted women’s limited access to capital and urged the bank to implement comprehensive strategies to facilitate this access. Additionally, the government was encouraged to politically support the State Bank’s policy.

In the meeting, the Deputy Governor of the State Bank reported progress, noting an increase in women staff within financial institutions from 13 percent to 17 percent. Furthermore, the number of women-owned active accounts rose by 14.4 million, and women borrowers in microfinance more than doubled. Despite these advancements, a significant gender gap remains, with 47 percent of adult women having a bank account compared to 81 percent of men.

The committee recommended interventions to support women-led micro, small, and medium enterprises through concessional financing and capacity-building programs.

The Security and Exchange Commission of Pakistan (SECP) also briefed the committee on its initiatives under the Prime Minister’s Women Empowerment Package 2024. The SECP now mandates gender pay gap disclosures in annual reports and requires medium and large companies to appoint at least one female director. These measures aim to increase female workforce representation from 28 percent to 40 percent by 2030.

The meeting included several members of the National Assembly and Senate, alongside representatives from relevant ministries and divisions.