In the fields of art and even journalism, there has been a long-standing debate on whether to educate the consumer or feed them what they already like, thus reinforcing their tastes. Think how directors of masala movies (or Pakistani dramas) justify their dull and formulaic approach to the masses, often arguing this is what the market demands. That in turn leads to echo chambers of essentially the same thing produced by everyone, dumbing down the viewer’s taste over time. Thanks to big tech and its obsession with algorithms, the issue has become even more pronounced and led to an obvious polarization of society.
All of this could somewhat apply to the state of financial services in Pakistan as well. Think about it, even the most financially included people here mostly have access to just a current or savings account — that’s as basic as it gets. Getting a credit card is a hassle, let alone obtaining a loan. Despite this, every few years, the regulator comes in, albeit with the good intention of nudging financial institutions (FIs) in the right direction, by introducing lite versions of already simple accounts. This effectively sets the bar even lower for the banking fraternity who can now get away with a few memoranda of understanding and self-congratulatory posts.
Despite adding 5.5m accounts in three years, the total number of female bank accounts at the end of June 2020 stood at just 18.6m, roughly 18pc of the adult women population
For quite some time (and even now to...
Read Full Story: https://www.dawn.com/news/1647369/reducing-financial-inclusions-gender-gap
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