Islamabad, Feb 13: The Securities and Exchange Commission of Pakistan (SECP) has introduced several initiatives to empower women and enhance consumer protection within the non-banking microfinance sector. These measures are designed to ensure transparency, inclusivity, and improved support for female borrowers.
All Non-Banking Microfinance Companies (NBMFCs) are now required to report gender-disaggregated data and complaints through the ESG Sustain Portal. This initiative will allow SECP to gain valuable insights into the experiences of female borrowers, helping to identify trends, address disparities, and implement targeted interventions based on data.
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New consumer protection guidelines have been introduced to ensure that borrowers, especially women, are fully informed about the terms and conditions of their loans. Transparent disclosures and grievance redressal mechanisms are key components of these principles, aiming to create a fairer and more ethical lending environment.
Gender sensitization training has been made mandatory for all NBMFC teams, including board members, senior management, and field staff. This training will help staff interact with female clients in a culturally sensitive and respectful manner, ensuring a supportive environment for women seeking microfinance services.These initiatives aim to foster financial inclusion, empower women in the microfinance sector, and contribute to more equitable financial services.
