Policy Aims to revolutionize women’s
financial inclusion and their role
in the economic ecosystem
Business Reporter
Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has introduced the Women Equality in Finance Policy Framework (WEFP) for Non-Bank Microfinance Companies (NBMFCs), aiming to revolutionize women’s financial inclusion and their role in the economic ecosystem.
The WEFP sets an ambitious target: 70% of all new clients onboarded by NBMFCs over the next five years will be women. To achieve this, NBMFCs are urged to develop specialized financial products tailored to women entrepreneurs. The policy also mandates a minimum of 25% female representation on Boards and incremental workforce inclusivity targets, fostering governance that supports gender equity.
Additionally, the policy emphasizes digitization and innovation in the microfinance sector, encouraging the use of digital platforms and tools. Gender-disaggregated data, workforce training programs, and modernized financial services are central to the initiative, which aims to build a resilient and inclusive financial sector that bolsters Pakistan’s economy.
Addressing Gender Disparities in Finance
WEFP comes in response to stark gender disparities in financial access. Women constitute just 13% of account holders at formal financial institutions, compared to 34% of men. Moreover, from 2018 to 2024, the share of female borrowers in the microfinance sector declined from 54% to 46%, despite women showing superior repayment behaviors. These trends underscore the urgent need for targeted interventions.
Aiming for Economic Growth Through Inclusion
The SECP’s WEFP reaffirms its commitment to advancing gender equity in financial services. By empowering women financially, the policy aims to foster sustainable economic growth, encourage innovation, and build a more resilient financial system in Pakistan.
