Spotlight on: Making Pakistan Work for Entrepreneurs
This month, we were honored to support the launch of the WE Finance Code in Pakistan, led by the State Bank of Pakistan (SBP)—a visionary regulator that first introduced the Banking on Equality (BoE) policy framework in 2021 to accelerate women’s financial inclusion.
The launch marks the second phase of BoE, now sharpening its focus on financing women entrepreneurs (WMSMEs) with the support of the Asian Development Bank. This is no small feat in a country where access to finance remains a deep challenge: just 9 percent of Pakistan’s two million formal MSMEs have borrowed from a formal financial institution, and among informal MSMEs—of which there are approximately 35 million—only 16 percent are estimated to access microfinance. Superimpose women onto that, and we find dramatically low numbers served.
That said, recent segmentation of women owned/led businesses (WMSMEs) in Pakistan by ConsumerCentriX on behalf of We-Fi, Argidius Foundation and the Dutch Growth Fund found that the financial sector would get a 6 percent boost in revenues if WMSMEs were effectively served. The research found that the most meaningful criteria to segment the WMSME market was by business growth trajectory—low, medium and high. And within those, the research identified sub-segments with distinct needs for financial and non-financial services.
While the macro environment is undoubtably challenging, significant opportunities await the 22 commercial and microfinance banks already signed up to the Code. It is time for each to take the initiative. A strategic approach involves going after the sub-sectors where women are concentrated—such as sewn goods, beauty, livestock, the gig economy, healthcare and education—while building cash-flow lending capability, adapting the sales funnel to be gender intelligent, and leveraging digital channels. The women are ready. By adopting the right tools and strategies, financing them will also unlock broader access for all MSMEs and make Pakistan truly work for entrepreneurs.
Building sector capacity is what the Alliance is all about, and our Autumn schedule is packed with learning opportunities. First, members are invited to participate in our flagship training program, the All Stars Academy. Offered in partnership with We-Fi, this five-day training is taught by experienced members and is being hosted by Bank Al Etihad in Amman, Jordan, Sept 7 – 11. This is a tremendous opportunity for members at any stage of their Women’s Markets program development to design and scale their program with feedback from leading experts across the network. For more information on the All Stars and to register, please go to this link. Note: if you are not a member and want to participate in the All Stars you must fill out and submit a membership application form.
For members, we continue our Employee Value Proposition Taskforce made up of human resources professionals with sessions in September and November, and our Ask the Expert series in October and November on deepening the value proposition for women customers.
Given the vital role gender data plays in achieving full financial inclusion of women, registration is now open for 2025’s WMSME Gender Data Learning Series, and is open to members and non-members alike. Offered in partnership with We-Fi,this rigorous online training is designed to equip participants, particularly WE Finance Code signatories, with the know-how to capture and use quality data to drive Women’s Markets strategies, especially for WMSMEs. We encourage all segment leads and business intelligence teams at financial services providers and national data aggregators to apply here.
Additional support to Code signatories is being provided through the prestigious WE Finance Code Community of Champions. Made up of national Code Champions, this international peer learning community meets five times a year. The next session takes place Sept 4 and focuses on national gender data strategies and reporting. If you are a senior leader currently implementing or interested in signing on to the Code, you are eligible to participate and can sign up here.
This month, we extend a warm welcome to our latest member, Providus Bank. Please read our interview with Divisional Head of Affluent & Private Clients Ifeoma Nwogbo who shares her vision for being the bank of choice for women in Nigeria. We hope to see Providus Bank and other new members at the All Stars in September.
Together, we are not just building programs—we are reshaping financial systems to work for women, for entrepreneurs, and for inclusive growth. Let’s keep pushing boundaries, driving change, and making finance work for all.
In community,
