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Saturday, June 15, 2024

Bank Alfalah Partners with UN Women to Drive Women’s Empowerment through Financial Literacy and Inclusion

A major commercial bank in Pakistan, Bank Alfalah, has teamed together with UN Women to start financial inclusion education programs. The lessons are a part of the SBP and BSC effort known as the National Financial Literacy Program (NFLP). The seminars are designed to remove obstacles that prevent women from accessing financial resources, promoting their independence and financial security.

Over 200 women participated in a series of targeted financial literacy awareness events that UN Women and regional BSC field offices held in Thatta and Rawalpindi during the first phase. Throughout important districts in Pakistan, UN Women and Bank Alfalah will hold numerous similar programs on financial literacy. In collaboration with local SBP Banking Services Corporation (BSC) offices, these interactive seminars will be held. Pishin, Lasbela, Khuzdar, Naseerabad, Jaffarabad, Loralai, Peshawar, Mardan, Kohat, Chitral, DI Khan, Rawalpindi, Muzaffargarh, Thatta, Hunza, Gilgit, and Nagar are among the districts that are the focus of this study.

Four workshops held in Rawalpindi and Thatta involved more than 200 women. While plans are underway for 3 additional sessions in Peshawar and DI Khan to reach a total of over 500 rural women.

Women and girls from a variety of backgrounds, such as those who operate microenterprises, have disabilities, belong to minority groups, or are students in high schools and universities, will be catered to in the sessions. In line with SBP’s strategy for Banking on Equality, our collaboration makes sure that the message of financial inclusion reaches a wider audience and significantly improves the lives of women.

The sessions on financial literacy included a range of topics in banking, including consumer banking, retail banking, SME business, Islamic banking, and other areas. Senior company executives led these workshops to educate the participants. Additionally, Bank Alfalah wants to attract interested women as clients by providing both conventional and Islamic deposit and credit options. This program aims to close the gender gap in the finance industry and advance financial inclusion.

Since just 13% of Pakistani women are included in the workforce at present, there is a significant amount of unrealized potential. Gender equality and women’s development are crucial for Pakistan’s economic success. The Bank’s project supports U.N. Sustainable Development Goals 5, 8, and 10. Major barriers to women’s economic empowerment in Pakistan include a lack of financial resources and restricted access to funding options. Recognizing this difficulty, Bank Alfalah is dedicated to putting ideas into action that are in line with national objectives like the Pakistan Vision 2025 and the SBP’s Banking on Equality (BOE) Policy. This commitment is made in partnership with UN Women and SBP.

About Bank Alfalah:

With over 900 locations spread across 200 cities and a worldwide presence in the UAE, Bangladesh, Bahrain, and Afghanistan, Bank Alfalah is one of the top commercial banks in Pakistan. The bank provides a range of goods and services to private-sector organizations and governments, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprises, agricultural, Islamic, and asset financing.

In 2018, Bank Alfalah launched its digital banking group, setting a high standard for the industry to follow with its Alfa app, a revolutionary new application that brings together an unprecedented range of services and features all in one convenient platform. In 2022, the bank was awarded the best ‘Digital Bank’ and ‘Housing Finance’ across Pakistan, highlighting its commitment to simplifying and improving the financial capabilities of its customers.

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