Women, Shaping Tomorrow's Policy For Non-Banking Microfinance Sector

Faizan Hashmi Published June 04, 2024 | 09:40 PM

The Securities and Exchange Commission of Pakistan (SECP), in collaboration with Asian Development Bank (ADB) has held a workshop on "Women Equifin: Shaping Tomorrow's Policy for NBMFCs," marking a significant milestone in gender equality in the microfinance sector

ISLAMABAD, (UrduPoint / Pakistan Point News - 4th Jun, 2024) The Securities and Exchange Commission of Pakistan (SECP), in collaboration with Asian Development Bank (ADB) has held a workshop on "Women Equifin: Shaping Tomorrow's Policy for NBMFCs," marking a significant milestone in gender equality in the microfinance sector.

The workshop launched a draft Women Equality in Finance Policy Framework, based on industry insights and stakeholder feedback, said a press release issued here.

The workshop convened industry leaders, policymakers, and experts to discuss and deliberate on a policy framework for promoting gender equality and women's empowerment through Non-Banking Financial Companies (NBMFCs).

The WEiF policy framework, based on six pillars: women-centric products & services, women-centric non-financial services, inclusive human resources, women-centric access to finance, gender disaggregated data, and digitization, aims to create an inclusive and equitable financial ecosystem through interactive discussions.

The workshop provided participants with a tour of a data portal designed by the industry to gather comprehensive gender-disaggregated data from NBMFCs, aiding SECP in designing strategies and inventions, and promoting women's increased use of financial services.

The participants praised the SECP for its efforts in promoting gender equality and engaging with the microfinance- sector, highlighting its collaborative spirit and commitment to drive positive change and create opportunities for women in the finance industry.

The Women Equality in Finance Policy Framework is a significant step towards gender equality and women's financial sector participation, aiming to address systemic barriers and empower women to contribute significantly to the country's economic growth.