Women entrepreneurs ‘vital’ for growth in developing nations

Pakistan’s central bank governor has said the role of women entrepreneurs is critical in driving inclusive and sustainable economic growth in developing countries, according to an official statement.

In his address to an event at the sidelines of the World Bank Group (WBG) meeting in Washington D.C., State Bank of Pakistan Governor Jameel Ahmad stressed the importance of implementing gender-positive national strategies, creating women-friendly industry environments, and investing in capacity building for women.

He shared SBP’s flagship Banking on Equality policy — the first comprehensive gender-mainstreaming framework in Pakistan’s financial sector — which has been instrumental in narrowing the gender gap in financial inclusion.

Since its launch in September 2021, the number of active bank accounts held by women has risen from 20 million to 37 million as of June, while the gender gap in financial inclusion has declined from 39% to 30%.

Moreover, financing to women-led businesses has also grown substantially, with female microfinance bank borrowers increasing by over 200%, and women’s SME and agricultural financing portfolios having doubled during the same period.

The session titled ‘Capital to Scale: Women Entrepreneurs as Job Creators,’ held at the World Bank Headquarters, brought together policymakers, women entrepreneurs, and financial leaders to discuss reforms to accelerate women’s economic participation and job creation.

Governor Ahmad emphasized that SBP’s initiatives have not only expanded access to finance but also contributed to job creation and institutional diversity, as banks have inducted over 14,600 women into their workforce during the past three years.

He said the SBP is now finalizing the second phase of the Banking on Equality Policy, which shall integrate digital solutions, business profiling, and remote financing channels to further support women-led micro, small, and medium enterprises (MSME).

The Governor reiterated SBP’s commitment to advancing gender equality and women’s entrepreneurship as a key pillar of Pakistan’s inclusive economic growth strategy.

Ahmad shared that SBP and Pakistan’s commercial banks are building a national coalition for women’s financial inclusion. This initiative will help address gender data limitations and financing gaps for women entrepreneurs in Pakistan.