State Bank of Pakistan & Meta Collaborate to Support Women Entrepreneurs in Digital Economy

By: GWL Team | Thursday, 6 July 2023

In a relationship that began on July 5th, 2023, the State Bank of Pakistan (SBP) and Meta, the parent company of Facebook, WhatsApp, and Messenger, hope to empower 500 women business owners and small businesses in Pakistan. Through skill development and business inspiration, the cooperation aims to assist women-owned companies in their journey towards digital transformation.

The goal of Meta's "SheMeansBusiness" programme, which was first introduced in Pakistan in 2018, is to make it easier for women to participate in the digital economy. Since its beginnings, the project claims to have taught more than 9,000 Pakistani women entrepreneurs. SheMeansBusiness announced the start of its second phase this week during the opening ceremony of "The Digital Bridge: Advancing Financial Inclusion for Pakistan" event in Karachi.

In addition to prominent members of the banking, telecommunications, and business communities, officials from the Ministry of Commerce and the Women Chambers of Commerce and Industry attended the event. Sima Kamil, SBP Deputy Governor, highlighted the critical role small enterprises play in supporting the nation's economy in a news release by Meta. Kamil endorsed Meta's proposal, saying that empowering women in Pakistan who own small businesses will promote their expansion and provide them access to global markets.

The need of improving digital competencies and revenue-generating channels for small company owners, particularly female entrepreneurs, was emphasised by Beth Ann Lim, Director of Policy Programmes at Meta. Lim emphasised that by providing these businesses with knowledge and tools, they would have a greater chance of thriving in the cutthroat internet marketplace.

Demo, an ideas consultant, will choose participants for the new programme from a pool of small business owners who took part in the first round of the SheMeansBusiness curriculum in Pakistan and the nation's export-oriented chambers. The selected participants will be provided with the knowledge and tools they need to thrive in the digital environment and grow their enterprises.

100 programme participants will receive advanced training on export advertising from Meta's local associated sales partner, Dial Zero. In addition, Meta has revealed that it would provide Facebook ad credits to members in order to boost their online visibility and draw in national and international target customers.

The relationship between SBP and Meta shows a shared dedication to empowering female entrepreneurs in Pakistan and encouraging their active engagement in the digital economy. The cooperation seeks to promote economic growth and financial inclusion in the nation by providing people with the tools, resources, and access to markets outside.