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Islamabad, On the occasion of International Women’s Day, Bank Alfalah, one of Pakistan’s leading commercial banks, has released its Banking on Equality data, emphasizing its commitment to enhancing women’s financial inclusion. The bank, which was recognized as one of the ‘Most Inclusive Companies’ in 2023, continues to set a precedent for diversity, equity, and inclusion within the financial sector.
According to Bank Alfalah, the bank has made significant strides in incorporating women into the financial landscape. Currently, women hold 19% of total accounts, with over 800,000 accounts amassing PKR 164 billion. In the realm of small and medium enterprises (SMEs) financing, 542 women entrepreneurs, representing 7% of active borrowers, have secured loans totaling PKR 2.7 billion. Additionally, 280 women in the agricultural sector have outstanding financing of PKR 300 million, while 132 women have benefited from the Prime Minister Youth Business and Agriculture Loan Scheme and the Small Medium Enterprise Assan Finance (SAAF) Schemes.
In its endeavor to further empower women financially, Bank Alfalah introduced Pehchaan Finance, a personal loan product tailored to meet women’s unique financial needs. Offering loans from PKR 50,000 to PKR 3,000,000 with flexible tenures and special rates, Pehchaan Finance aims to provide women with the means to achieve their aspirations and financial independence.
Bank Alfalah’s commitment extends beyond individual financial products to broader social initiatives, such as its partnership with the Benazir Income Support Programme since 2011 for a digital social cash transfer program, disbursing PKR 346 million to beneficiaries. As the largest financial institution servicing this program, Bank Alfalah covers 4.4 million female beneficiaries, highlighting its role in promoting financial accessibility for women.
Furthermore, the bank’s digital marketplace platform, AlfaMall, has become a platform for women entrepreneurs, hosting four women-led businesses in 2023 that generated over PKR 382 million. This initiative not only supports women in business but also emphasizes the growing role of women as consumers in the digital marketplace, with women making up 37% of AlfaMall’s customer base.
Mehreen Ahmed, Head of Retail Banking at Bank Alfalah, stressed the importance of financial liberation for true empowerment, acknowledging the progress made towards women’s financial inclusion while highlighting the journey ahead.
Bank Alfalah has also demonstrated its commitment to gender equality within its workforce, with women constituting 20.4% of its employees in 2023 and 30% of new hires being women. The bank has made considerable efforts in promoting gender-balanced leadership, with women occupying key managerial positions and a significant number returning to work post-maternity leave, underscoring the bank’s support for working mothers.
As Bank Alfalah celebrates International Women’s Day, it reaffirms its dedication to fostering an inclusive financial environment that empowers women across Pakistan, reflecting its ongoing mission to achieve gender equality and financial inclusivity in the sector.
The post Bank Alfalah Marks International Women’s Day with a Focus on Women’s Financial Inclusion appeared first on Pakistan Business News.