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Financial services

Partnership for Women's Economic Empowerment in Pakistan

Strategic Insights

— 1 min read

A Memorandum of Understanding (MoU) between the State Bank of Pakistan (SBP) Banking Service Corporation (BSC) and UN Women Pakistan aims to increase access to financial services for women, particularly in rural areas, and promote women's economic empowerment in Pakistan. The partnership focuses on improving financial inclusion, financial literacy, and access to finance for women, with a strong emphasis on promoting gender equality and women's economic participation.

Key Takeaways:

  • The partnership will improve access to financial services for women, particularly in rural areas, through technical assistance and capacity-building support to financial institutions.
  • SBP BSC will provide digital financial literacy and skills development for women, particularly in the areas of entrepreneurship and financial management.
  • The MoU outlines key areas of cooperation, including joint seminars and conferences, capacity-building and awareness programs, and collaborative research to identify barriers to women's financial inclusion.
  • The partnership will promote the wider adoption of digital financial services and expand access to finance in underserved regions and social strata.
  • UN Women will work with SBP BSC to address structural barriers and promote innovative solutions for inclusive economic development.

Statistics:

  • Pakistan has a significant gap in financial inclusion, with only 48% of the adult population having access to financial services (World Bank, 2020).
  • Women in Pakistan face significant barriers to financial inclusion, with only 22% of women having a savings account and only 14% having a loan account (World Bank, 2020).
  • The partnership aims to increase access to financial services for women by 20% in the next two years.
  • The MoU aims to promote digital financial literacy and skills development for women, with a focus on entrepreneurship and financial management.

Sources:

  • State Bank of Pakistan, August 27,
  • World Bank, Global Findex Database 2020

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