ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has unveiled the Women Equality in Finance Policy Framework (WEFP) for Non-Bank Microfinance Companies (NBMFCs), setting a transformative agenda to enhance women’s financial inclusion and strengthen their role in the financial ecosystem. The policy framework mandates that in next five years 70% of all new clients onboarded by the NBFMCs shall be women. To achieve this NBMFCs will be encouraged to develop tailored financial products for women entrepreneurs. To foster Inclusive Governance the policy requires a minimum of 25% female representation on Boards and also sets incremental workforce inclusivity targets. The policy overall encourages digitization and innovation in the microfinance sector. With measures such as integrating gender-disaggregated data, training programs for workforce inclusivity, and the modernization of financial services through digital platforms, WEFP aspires to create a resilient and diverse financial sector that uplifts Pakistan’s economy. Staff reporter
