Friday, May 24, 2024

Bank Alfalah Releases Banking on Equality Trends on International Women’s Day

On the occasion of International Women's Day, Bank Alfalah, a prominent commercial bank in Pakistan, has unveiled its Banking on Equality data, reaffirming its dedication to women’s financial inclusion. Having been recognized as one of the ‘Most Inclusive Companies’ in 2023, the bank underscores its commitment to diversity, equity, and inclusion in the financial sector.

Empowering Women in Finance

Women are increasingly making their mark in the financial landscape, constituting 19% of total accounts at Bank Alfalah, with over 800,000 accounts and a collective balance of PKR 164 billion. In the realm of small and medium enterprises, 542 women entrepreneurs, representing 7% of active borrowers, have accessed loans totaling PKR 2.7 billion. Additionally, 280 women borrowers in agriculture have received financing amounting to PKR 300 million. Furthermore, 132 women have benefited from financing under schemes such as the Prime Minister Youth Business and Agriculture Loan and Small Medium Enterprise Assan Finance (SAAF) Schemes.

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To further empower women financially, Bank Alfalah has introduced Pehchaan Finance, an exclusive Personal Loan product tailored to women's specific needs. Offering financial support ranging from PKR 50,000 to PKR 3,000,000 and flexible tenures of 1 to 4 years, Pehchaan Finance aims to provide women with the means to achieve their aspirations and attain financial independence.

Moreover, Bank Alfalah has been actively involved in the Benazir Income Support Programme, disbursing PKR 346 million to beneficiaries since 2011. As the largest Financial Institution serving 4.4 million female beneficiaries, the bank continues its commitment to digital social cash transfers, ensuring financial assistance reaches those in need.

Women in the Digital Marketplace

Bank Alfalah's marketplace platform, AlfaMall, has emerged as a platform supporting women entrepreneurs, facilitating them to showcase their products and services digitally. In 2023, AlfaMall hosted four women entrepreneurs whose businesses generated over PKR 382 million in throughput. Women entrepreneurs, constituting 37% of AlfaMall's total customer base, are making significant contributions to the platform's diverse ecosystem.

Commitment to Gender Equality

Bank Alfalah's commitment to gender equality extends to its internal workforce. In 2023, 20.4% of the bank's total workforce comprised women, with 30% of new hires being women. Furthermore, 17% of promotions in 2023 were accorded to women, and over 160 women availed maternity leave, with an impressive 89.6% returning to work.

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The bank takes pride in its diverse leadership, with 82 women serving as branch managers and 93 as branch operations managers. This commitment to gender-balanced leadership underscores Bank Alfalah's dedication to fostering an inclusive environment.

As Bank Alfalah celebrates International Women's Day, it reaffirms its ongoing commitment to promoting gender equality and creating opportunities for women to excel in the financial sector.

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Mazhar Ali Raza
Mazhar Ali Raza
Mazhar Ali Raza is a senior journalist from Karachi. He has served more than twenty years in journalism. He was recently associated with the dunya media group as a senior business reporter from the last eleven years . Prior to that he has worked for CNBC for the period of four years. His major beats were the energy auto banking and agriculture sector . He has covered many seminars and exhibitions in Pakistan and abroad as well .

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