Pakistan is driving national prosperity by supporting women entrepreneurs

Dr. Muhammad Saleem (Additional Director- State Bank of Pakistan), Muhammad Arif (Deputy Director- State Bank of Pakistan BSC)

To mark Women’s Entrepreneurship Day on 19^th November, State Bank of Pakistan (SBP) held a nationwide series of “Empowered Women, Prosperous Pakistan” events, which spotlighted women entrepreneurs as the architects of an inclusive and prosperous future.

Despite constituting nearly half of Pakistan’s population, women remain underrepresented in the formal economy. According to SBP data, only 23% of women hold bank accounts, and a mere 9.5% access financing. Women account for less than 5% of small and medium enterprise (SME) borrowers, with their financing needs receiving only 4.3% of total SME funding. This stark disparity highlights the need for focused policies and initiatives to unlock the potential of women entrepreneurs.

In response to these challenges, Women Entrepreneurs Day 2024 activities took place nationwide from July 1 to November 10, and included:

• Business Idea Competition: highlighting the creativity and potential of Pakistan’s aspiring women entrepreneurs.
• Women of Impact Awards: recognizing women entrepreneurs’ achievements in innovation, sustainability, social impact, and resilience.
• Top Performing Banks: honoring financial institutions with the highest disbursements to women-led SMEs.
• Inspirational Success Stories: Personal stories of women entrepreneurs who overcame immense challenges to build successful businesses

A ceremony at the SBP Head Office in Karachi was attended by SBP Governor, Jameel Ahmad, and representatives from UN Women, the United States Government, British Asian Trust, Circle Women, the Pakistan Banks’ Association, and other stakeholders.

The SBP Governor, in his keynote address, described WED 2024 as a transformational leap, emphasizing that empowering women entrepreneurs is not just an economic goal but a societal imperative. “The energy, creativity, and resilience of women entrepreneurs are the engines of Pakistan’s progress,” he declared.

The Governor urged stakeholders to view women entrepreneurs not just as beneficiaries but as partners in driving economic growth. “Pakistan is at the forefront of a movement that will transform the region,” he stated. “By empowering women, we empower the nation.”

Overall, the inaugural WED campaign was a resounding success. Over the course of the campaign:

• Over 21,000 loans amounting to PKR 24 billion were disbursed to women-led businesses through the ‘Empower Her’ campaign
• SBP organized more than 50 awareness sessions and workshops, reaching over 1,500 women entrepreneurs.
• Over 700 women entrepreneurs received guidance and mentorship through collaborative efforts led by SBP offices.
• More than 550 innovative business ideas were submitted by aspiring women entrepreneurs from over 80 cities
• Over 100 nominations were received for the Women of Impact Awards
• Banks held targeted, nationwide initiatives, including women-centric awareness campaigns, account opening drives, and the creation of specialized educational content.

The campaign was covered by over 60 newspapers and mainstream electronic media. Social media coverage surpassed the target of one million viewers.

The SBP unveiled a roadmap to sustain momentum, with initiatives designed to further enhance women’s participation in the economy. These include:

1. Expanding digital banking solutions tailored to women’s needs.
2.  Increasing mentorship opportunities.
3. Scaling up concessional financing for women-led businesses.
4. Promoting digital literacy and leadership training.

This year’s celebration was not just an event; it was a declaration of Pakistan’s determination to build a more inclusive and equitable economy. With sustained efforts, the SBP and its partners are paving the way for a brighter future—one where women entrepreneurship is synonymous with national prosperity.