A woman’s financial independence has various advantages, such as security, respect and safety. On the other hand, to achieve such financial security, the money the woman has earned needs to be managed and kept safely in a bank. However, at least 82 percent of women remain unbanked to this day.
Between 2017 and 2020, the financial inclusion gender gap has not narrowed but grown from 13 to 29 percentage points, according to the Financial Inclusion Insights survey. According to the State Bank of Pakistan’ Banking on Equality’ policy, “Financial Institutions shall adopt a holistic and mindful incorporation of gender perspectives in their policies to advance women’s financial inclusion in Pakistan”. This can be seen as a step toward gender equality and financial security for women in Pakistan.
A variety of women worldwide are part of the job market, yet not all women are financially independent. This stems from the social stigma that women worldwide cannot handle their finances, and the men-folk have to do so. If women’s financial independence is important, how can women help themselves in achieving it before their families, societies and the government do so?
FINCA has been one of the leading microfinance providers in Pakistan since 2008. FINCA provides access to financial services, especially for those who lack such a facility. The bank provides micro-loans to hardworking entrepreneurs with minimal collateral requirements. With an all female branch, first of its kind in Pakistan, FINCA has been a trailblazer to provide financial services to women and to close the gap between financial equality and independence
FINCA has been one of the leading microfinance providers in Pakistan since 2008. FINCA provides access to financial services, especially for those who lack such a facility. The bank provides micro-loans to hardworking entrepreneurs with minimal collateral requirements. With an all female branch, first of its kind in Pakistan, FINCA has been a trail blazer to provide financial services to women and to close the gap between financial equality and independence.
Recently, FINCA has launched a new product designed to increase the uptake of female customers, namely the Niswan Rozana Munafa account. NRM is a daily savings account curated especially for females. It is a high-yield design to meet women’s financial needs, offering various features; an account activation deposit at only 500 PKR, a Free ATM card, a Free Cheque book and a Free locker facility. Currently, the bank is offering a great rate of return of 16 percent implying that on a saving of Rs 100,000, a payout of Rs 16,000 can be earned.
This is an opportunity which women can avail and begin relying on a bank that will provide them with the ability to handle their finances. Financial independence is not only a source of confidence for a woman, it will also give her the credibility to play a role in critical decision-making for her family and herself. The Niswan Rozana Munafa account by FINCA gives women from low-income and affluent communities a chance to be financially inclusive and contribute to the economic prosperity of Pakistan.
The ease provided by FINCA to help women become financially independent is commendable and the continuous steps that it takes to make women stand side by side with their counter parts, financially independent and an important key to the country’s economy.
