The State Bank of Pakistan (SBP), in collaboration with the Asian Development Bank (ADB), has formally launched the $500 million Women Entrepreneur Finance Code (We Finance Code) to give loans to women businesses.
The ceremony was attended by SBP Governor Jameel Ahmad, Deputy Governor Saleemullah, and a representative from ADB, alongside presidents of major local banks.
The SBP governor stated that only 22 percent of women participate in the labor force, with limited access to transportation, finance, and digital banking services. He announced that SBP has been appointed the National Code Champion of the We Finance initiative and that 20 banks have already joined. The program will extend to financial institutions, academia, and the private sector to improve outreach.
Deputy Governor Saleemullah said SBP’s two-decade-long efforts have raised financial inclusion from 16 percent to 67 percent, but women still lag behind.
ADB’s Senior Finance Director, Christine, noted that women’s financial inclusion in Pakistan remains below one-third and called it a missed opportunity for the banking sector. She confirmed that under the We Finance Code, $500 million in loans will be made available, targeting 100,000 women borrowers.