KARACHI: The State Bank of Pakistan (SBP) has directed banks to employ at least 20 per cent of women in the workforce by 2023.

Gender diversity is a must for economic development and inclusion of women in the financial system, State Bank of Pakistan (SBP) Governor Dr Reza Baqir said on Monday at the launch ceremony of Asaan Digital Account (ADA).

The SBP in collaboration with Bank Alfalah, Standard Chartered Bank and UBL, hosted an event titled ‘Asaan Digital Account: Breaking Barriers’ on the eve of International Women’s Day.

Dr Baqir said that through Roshan Digital Account, the country has received about $3.5 billion during one and half years which is more than the foreign direct investment and the loans given by the International Monetary Fund.

Dr Baqir expressed confidence that ADA will break the barriers in financial inclusion of women by offering faster, cheaper, efficient and convenient solutions for meeting their requirements.

ADA is a digitised solution for opening a full-service bank account from anywhere, at any time, through smartphones or computers with only a CNIC and no other documentation requirements.

The governor lauded the contributions of women in various fields and stressed that women’s empowerment is the key to socio-economic developments in the country. He said that gender gaps do not allow women the same freedom to avail themselves opportunities, rights and obligations in all walks of life as compared to men. However, International Women’s Day encourages us to pause and reflect on the systemic barriers that limit women in their pursuits. He stressed the need to reflect and renew the sense of ambition, and transformative possibility around gender equality in the financial services space.

Published in Dawn, March 8th, 2022