ADB and SECP jointly hosted a two-day Training of Trainers (ToT) workshop on December 17-18, 2024, aimed at enhancing gender diversity within Non-Banking Microfinance Companies (NBMFCs). This landmark workshop, held with the participation of representatives from all SECP-regulated NBMFCs, marked a significant step towards promoting gender inclusivity within the financial sector, particularly in microfinance institutions that serve as a key driver for economic empowerment in Pakistan.
With women constituting over 70% of the clientele in Pakistan’s microfinance sector, the focus of the workshop was to implement inclusive policies and strategies that would benefit this predominantly female demographic. The session included hands-on training for participants to identify and mitigate gender biases, and develop gender-sensitive financial products and services that address the unique needs of female customers. By empowering participants with the knowledge to foster an inclusive work culture and better serve women, the initiative seeks to enhance the financial inclusivity of Pakistan’s growing microfinance sector.
Khalida Habib, Executive Director of SECP, highlighted the importance of this initiative, noting the critical role of gender diversity in driving economic growth and inclusion. She remarked,
“This workshop is a step forward in promoting gender diversity in Pakistan’s financial ecosystem, equipping companies to address gender-related challenges and contribute to national goals of inclusion and equity.”
SECP’s commitment to building an inclusive financial environment was also reflected in their recent approval of the Women Equality in Finance Policy for NBMFCs, which aims to further integrate gender equality within Pakistan’s financial institutions.
ADB’s Deputy Country Director, Asad Aleem, echoed the sentiments of the SECP, emphasizing the importance of gender equity for fostering sustainable economic development. He stated,
“Gender diversity is vital for sustainable development. This collaboration reflects our shared vision of inclusive financial systems that empower women and drive economic resilience in Pakistan.”
ADB’s ongoing commitment to gender equality in financial services is central to its efforts to create a more resilient and inclusive economy in Pakistan.
In addition to training participants on gender inclusivity, the workshop also included an exclusive session focused on consumer protection. Held on December 23, 2024, this session aimed to align NBMFCs’ operations with the recently established Consumer Protection Framework for NBMFCs, ensuring that both gender equity and consumer safeguards are embedded in the sector. This initiative reflects the SECP’s holistic approach to financial inclusion, balancing consumer protection with its ongoing commitment to gender diversity.
The ToT model was designed to have a lasting impact. By training key representatives from various NBMFCs, the program aims to create a ripple effect, with trained individuals spreading their knowledge and training their colleagues. This approach is expected to amplify the reach of the initiative, ensuring that the principles of gender inclusivity are deeply embedded in the operations of microfinance institutions across the country.
The collaboration between ADB and SECP underscores their shared vision for an inclusive financial system that empowers women and fosters economic resilience. By targeting gender diversity in NBMFCs, this initiative not only addresses the immediate needs of women in the microfinance sector but also lays the foundation for broader financial inclusion in Pakistan’s economy. Through the continued efforts of both organizations, the workshop represents a significant step towards a more inclusive and equitable financial system in the country.
