The State Bank of Pakistan (SBP) has introduced the Asaan Digital Account (ADA) for women’s financial inclusion.
Tell me more: Pakistan has one of the lowest percentages of banked women. SBP data shows only 29% of women in Pakistan have a bank account.
The participation of women in financial services has traditionally remained low in the country due to issues like:
- extensive documentation requirements
- proximity to the bank branches
- constraining social and cultural norms
Among the initiatives launched by the State Bank to improve financial gender parity is the Asaan Mobile Account.
Women can open an Asaan Digital Account through their smartphones or computers with just a CNIC.
You should know: This initiative was announced ahead of Women’s Day on 8 March. With this initiative, Pakistan is celebrating its journey toward financial inclusion for women.
Zoom Out: The State Bank has been working on financial inclusion for women. It previously launched initiatives like SBP Credit Guarantee and Refinance Scheme, which offers a 0% refinance rate and 60% risk coverage for small businesses run by women entrepreneurs.
Banking on Equality is another policy introduced by SBP that reduces the gender gap in financial inclusion.