Islamabad: March 8, 2024: Bank Alfalah, one of the largest commercial banks in Pakistan, releases its Banking on Equality data on the occasion of International Women’s Day. Bank Alfalah proudly reaffirms its commitment to women’s financial inclusion. It was awarded as one of the ‘Most Inclusive Company’ in 2023, laying a strong foundation for diversity, equity and inclusion in the financial sector.
Women dawning the financial horizon
Today, women account for 19% of total accounts, holding over 800,000 accounts amounting to PKR 164 BN. In small and medium enterprises financing, 542 women entrepreneurs, which account for 7% of active borrowers, have availed loans, with financing outstanding at PKR 2.7 billion, while 280 women borrowers in agriculture are financing outstanding amounts at PKR 300 million. 132 women have benefitted from financing under the Prime Minister Youth Business and Agriculture Loan, Small Medium Enterprise Assan Finance (SAAF) Schemes.”
As part of its ongoing efforts to empower women financially, Bank Alfalah introduced Pehchaan Finance. An exclusive Personal Loan product is designed to cater to women’s unique financial needs at a discounted price with financial support from PKR 50,000 to PKR 3,000,000 and flexible tenures spanning 1 to 4 years. Pehchaan Finance also offers quick financing for e-scooty and a versatile resource to fulfil their aspirations and achieve financial independence with Pehchaan Finance.
Bank Alfalah has been working with Benenzir Income Support Programme Beneficiaries for a digital social cash transfer programme since 2011. It has disbursed PKR 346 million to the recipient, embodying its core values of empathy and responsibility. The bank has been entrusted as the single largest Financial Institution to service 4.4 million female beneficiaries (47% of total beneficiaries). Of these total beneficiaries, some will be serviced digitally, and others will be serviced through our Joint Venture partner bank for digital social cash transfers.
Women driving the digital marketplace
In addition to its internal initiatives, Bank Alfalah’s marketplace platform, AlfaMall, has emerged as a catalyst for women entrepreneurs, providing them with a digital space to showcase their products and services. In 2023, AlfaMall hosted four women entrepreneurs whose businesses generated over PKR 382 million in throughput. These women entrepreneurs operated in diverse categories such as fashion, phones, and lifestyle products, contributing to the diverse ecosystem of AlfaMall. Moreover, women accounted for 37% of the total customer base on AlfaMall, highlighting their significant presence and influence in the digital marketplace.
Mehreen Ahmed, Head of Retail Banking, commented, “As one of the leading financial institutions in the country, I can say with conviction that there is no true empowerment without financial liberation. Our efforts have made meaningful strides towards a more inclusive Pakistan for women in the financial sector but more needs to be done as we have only scratched the surface regarding advancing women’s financial inclusion.
Bank Alfalah remains committed to breaking down barriers and empowering women across Pakistan’s financial landscape. Our work on Banking on Equality highlights our dedication to this cause and also serves as a reminder of the work that lies ahead in ensuring true gender equality in banking and beyond.
Women of Bank Alfalah
GDEIB awarded Bank Alfalah one of Pakistan’s ‘Most Inclusive Companies’. The Bank proudly shares its recent achievements in promoting gender equality. In 2023, 20.4% of the total workforce at Bank Alfalah comprised women, marking a significant step towards achieving gender balance. Notably, 30% of the employees hired in the same year were women, reflecting the Bank’s efforts to increase female representation across all levels.
Furthermore, Bank Alfalah is pleased to report that 17% of the total employees promoted in 2023 were women, demonstrating the organisation’s dedication to providing equal career growth and advancement opportunities. In addition, over 160 women availed of maternity leave in 2023, with an impressive 89.6% returning to work, highlighting the bank’s commitment to supporting working mothers.
The Bank takes pride in its diverse leadership, with 82 women serving as branch managers and 93 as branch operations managers. Furthermore, nine branches have women as branch and operations managers, highlighting Bank Alfalah’s commitment to gender-balanced leadership.
Bank Alfalah’s mission is to promote gender equality and empower women to reach their full potential. As the Bank observes International Women’s Day, it emphasises its ongoing commitment to enabling a more equitable and inclusive society for everyone in the financial sector as it continues building a conducive environment for women to thrive and succeed.
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