Vital Participation of Women in Financial Sector

As gender diversity has worked well in developing and developed economies around the world, Pakistan may also escalate its economic activities significantly by supporting women to play their role in management and labour in businesses. The participation of women stands at 21% in Pakistan’s economy as compared to men as 79%.

At “Employer of Choice” Gender Diversity Awards 2022 hosted by IFC World Bank Group and Pakistan Business Council on Tuesday, the speakers told that women lead from the front in the rural economy of the country. IFC World Bank Group has stated that according to an IMF study Pakistan could Pakistan could increase its GDP (gross domestic product) by an estimated 30% if women contributed equally in economy.

State Bank of Pakistan’s Deputy Governor, Sima Kamil on the same occasion said that the center has launched the “Banking on Equality” policy in past years to increase women’s participation and increase economy of the country. The central bank is working on providing services to unbanked women under its financial inclusion programme and it is also working on increasing its women staff in banks nationwide.

There are only 14 million active bank accounts of women as compared to men which are around 70 million. The central bank is working to increase active bank accounts of women. The ratio of working staff is 13% which Sima Kamil says that they are trying to increase 20% by the end of this year. “The central bank has given targets to (commercial) banks to increase women participation through job creation and financial inclusion” she said.

Musharraf Hai, Unilever Pakistan’s former chairman strongly argued that women should be supported to be in leading position at organisations. They must be brought into top decision-making positions and must be given hiring and firing authority so that economic activity must grow at faster pace.