June 18, 2025
By Mateen Ali
LAHORE
While Pakistan has made significant strides in expanding digital financial services over the past decade, a recent report – the Karandaaz Financial Inclusion Survey 2024 – reveals that women continue to face major barriers in accessing formal financial tools, leaving a persistent gender divide in the financial landscape.
The survey shows that 35 per cent of Pakistanis now have access to digital financial services (DFS) — including bank accounts, mobile wallets, or accounts with non-bank financial institutions — compared to only 7 pc in 2014. However, the gains have been disproportionate. Male financial inclusion jumped from 11pc to 56pc over the ten-year period, while women’s inclusion crept up from 3pc to just 14pc.
The findings are based on data gathered from 6,624 households across all four provinces, as well as Gilgit-Baltistan (GB) and Azad Jammu and Kashmir (AJK).
Regional disparities widen the gap
Although Punjab led the country with an overall DFS inclusion rate of 40pc, followed by Islamabad at 38pc and GB at 33pc, the gender breakdown tells a more concerning story. In Punjab, 62pc of men reported having access to financial services, compared to just 17pc of women.
The gap was similarly stark in Sindh, where 43pc of men had financial access compared to 9pc of women. In Balochistan and AJK, the figures for women were the lowest nationally — only 4pc and 1pc, respectively. Although Islamabad showed the highest level of financial inclusion for men at 64pc, women stood at just 12pc.
Technology access remains a key barrier
One of the fundamental barriers to financial inclusion for women remains access to technology. National mobile phone ownership rose from 54pc in 2014 to 64pc in 2024. For women, ownership improved from 29pc to 46pc. However, male ownership stood at a much higher 82pc in 2024, pointing to a deep-rooted digital divide.
The issue extends to SIM card registration as well, which is critical for using mobile financial services. Only 47pc of women had a SIM card registered in their own name, compared to 78pc of men — a disparity that significantly hampers women’s ability to open accounts or receive secure transaction messages.
Cultural and systemic barriers persist
Beyond access to technology, women face a complex web of cultural, educational, and economic challenges. Lower literacy levels, limited financial awareness, and restricted mobility continue to prevent many women — especially in rural and conservative regions — from participating in the financial system.
According to Karandaaz, the road to greater inclusion requires more than just digital infrastructure. The organisation calls for tailored solutions that address the unique needs of underserved groups, particularly women.
Long road ahead
The survey makes clear that the gains in digital financial inclusion have not been equitably distributed. While technology is transforming the way Pakistanis interact with money, millions of women remain shut out from services that are increasingly essential for economic empowerment and daily life.
As policymakers and financial institutions push for greater digital penetration, the Karandaaz report serves as a stark reminder: without closing the gender gap, true financial inclusion will remain out of reach for half the population.
The link to survey: K-FIS (Narrative Report) 17 June 2025