Saturday, June 15, 2024

Bank Alfalah Aims to Enhance Financial Inclusivity for Women in Rural Areas.

Bank Alfalah, one of the largest commercial banks in Pakistan, has collaborated with Indus Earth Trust (IET), a not-for-profit organization, to host several financial educational sessions with Benazir Income Support Programme (BISP) beneficiaries aimed at elevating financial literacy and promoting easy access to services, with the goal of simplifying and enhancing the lives of women in rural areas.

The partnership between Bank Alfalah and Indus Earth Trust (IET) has led to the successful completion of 40 workshops, attended by over 1000 women from various areas of Karachi and Thar. These workshops were centered around managing household finances, various saving methods, investment options, introduction to micro-finance, the significance of having a bank account, and the advantages of different insurance policies. As a result, more than 200 women signed up for wallet accounts as well as Asaan women’s digital accounts which will enable them to get multiple benefits such as easy withdrawal, savings and accessibility to investments.

Commenting on the importance of financial inclusion for women, Mehreen Ahmed, Group Head of Retail Banking Group said, “Enhancing financial literacy is imperative for women, as it has the power to greatly enhance their autonomy and overall welfare. I am pleased with our partnership with Indus Earth Trust, as we are enabling women to engage in the workforce and make informed choices for themselves and their families. Bank Alfalah is a strong advocate of empowering women through financial literacy, enabling them to become independent and break down traditional gender barriers.”

Aijaz Abro, Chief Operating Officer of Indus Earth Trust commented on this partnership

“Bank Alfalah supported Indus Earth Trust for financial literacy training for the rural women folk of district Thatta and Karachi Slums. The financial inclusion of women in rural areas and their unique hurdles were taken into account while designing a training curriculum to enable them in digital banking and mobile accounts.”

The collaboration is committed towards Sustainable Development Goals (SDGs) goal number 4, 5 and 8 which target equitable quality education, gender equality and reducing inequalities through impactful partnerships. Furthermore, a recent study shows that with the knowledge and understanding of how to manage their finances effectively, women are better equipped to plan for their future and make informed decisions. This will have a positive impact on the education and health of women and their families in the long run. Women who are financially secure are more likely to invest in the education and health of their children, which can lead to a better future for the next generation.

About Bank Alfalah:

Bank Alfalah is a leading commercial bank in Pakistan, boasting over 900 branches across 200 cities and an international presence in the UAE, Bangladesh, Bahrain, and Afghanistan. The bank offers a wide range of products and services, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprise, agricultural, Islamic, and asset financing to both private-sector institutions and governments.

In 2018, Bank Alfalah launched its digital banking group, setting a high standard for the industry to follow with its Alfa app, a revolutionary new application that brings together an unprecedented range of services and features, all in one convenient platform. In 2022, the bank was awarded the best ‘Digital Bank’ and ‘Housing Finance’ across Pakistan, highlighting its commitment to simplifying and improving the financial capabilities of its customers.

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