Women’s financial inclusion, digital empowerment vital to improve economy: President Alvi

Islamabad:  President Dr Arif Alvi Friday said that the inclusion of women in financial mainstream as well as their digital empowerment would bring economic stability besides many other intangible benefits to the society.

While addressing the launching ceremony of State Bank’s policy on “Banking on Equality” to ensure women’s financial inclusion, the president said that a financially independent women could not be exploited.

The event was attended by, First Lady Samina Alvi, parliamentarians, State Bank Governor Raza Baqir, SBP Deputy Governor Seema Kamil, CEOs of banks and financial institutions.

“The women’s financial inclusion would also significantly improve country’s GDP as women were more reliable handlers of the financial products as had also been experienced in Bangladesh as well as Pakistan,” Dr Arif said.

He further added that with the changing dynamics of the society marking minimizing needs of physical labor, the women could easily play their role in the society by using internet and other digital tools.

With the five pillars of diversity, inclusion, accessibility, transparency and leadership, the policy has set target of around 20 million women bank accounts by 2023. Currently, only 13% of the bank staff and 1% of branchless banking agents are women.

Under the policy, the financial institutions would be asked to ensure minimum 20% female participation in workforce by 2024.

He said a secure environment was inevitable for the women to make them play a productive role as the security of their children was always family’s top priority.

“It was also equally essential to teach the society on ethics and its responsibilities, exemplifying the Minar-e-Pakistan incident where the people opted to film the female harassment scene instead of forbidding the wrongdoers,” added President.

The president said it was unfortunate that Pakistan lagged behind in number of women bank account holders comparing other Muslim countries and appreciated the SBP’s target of 20 million women bank accounts by 2023 as proposed in the policy.

He also suggested that the number of women bank accounts could have a quantum jump if Ehsaas disbursements to all 17 million women was switched through banking channel instead of cash. It will also ensure women’s enhanced control over the money, he added.

Moreover, President Alvi urged the women parliamentarians to aware women about the loan amount specified by banks for women which currently remained under-utilized.

The president also reiterated his message for self-examination and early diagnosis of breast cancer as October would be observed as a month for awareness on the disease.

“Owing to delayed diagnosis, the mortality rate in Pakistan was 50%, comparing just 2% in the world,” President stressed.

COURTESY: APP