Financial literacy program in collaboration with WCCIM, SBP, FWBL & SMEDA

Patron in chief Mrs. Farrukh Mukhtar
WCCIM and first women's bank together for financial literacy program

WCCIM has always proved phenomenal for advocating and creating opportunities for female entrepreneurs. Their advocacy is not limited to their own members, but for women empowerment in general. For the purpose of financial assistance and guidance they have been working with State Bank of Pakistan for quite some time now. It was due to WCCIM's persistant attachment to the cause, which is now bearing fruit in the form of facilitation for female entrepreneurs around the country and SBP is changing its policies, bringing different loaning and benefit schemes, specially meant for women. Yet, there remains a reluctance among female entrepreneurs, in availing these banking facilities, alongwith unawareness of the advantages and priviliges meant for them. WCCIM pointed out the issue and its need to be addressed. Workshops, awareness sessions, contact and confidence buildings between banks, users and facilitators, were suggested by women's chamber Multan.
This required approval by SBP and other organizations, alongwith WCCIM. First meeting for the purpose was organized on 30th January 2018, Mr. Sarfarz Nadeem- Chief SBP was the chairperson. Participants included, Ms. Masooma Sibtain- Executive member SPWCCI, Ms. Uzma Hussain- Senior VP, SPWCCI, Ms. Mobeena Tariq- Manager, FWBL, Ms. Sana Niaz Burrana-RBC, SMEDA, Mr. Faheem Arshad – AD, SBP. Purpose of the meeting was to reinitiate the “Financial literacy program and handholding support of Women in Business” by collaboration with SBP.

A collaborative effort between Women chamber of commerce and industry Multan (WCCIM), First Women bank and SMEDA was made to address the issues and aid women entrepreneurs to grow their businesses. A pilot project is being engineered by these institutions as a joint venture for women entrepreneurs. Through several meetings and deliberation it was drafted that women need assistance throughout the business initial phases. Starting from financing options to business development and capacity building, this project aspires to help women businesses stand tall and visible.Women chamber members, FWBL Manager and SMEDA representative called upon chief SBP Multan. An overview of the intended pilot project was given to Mr. Sarfaraz Nadeem by Ms. Masooma Sibtain (who is the pioneer of this project and also working for inclusive business growth for women and its policy making)

The work done till then was detailed including the opening of bank account and a loan being sanctioned to one women as a start. Each institution’s role was explained for the said project.The problems faced by women in business with relevance to availing the loans through credit guarantee scheme were discussed and how they can be resolved. Suggestion was to make a collaborative effort with these 4 institution. Recognition and approval from the chief of sbp Multan was encouraging and it paved way for future collaboration.

A series of training programs, literacy programs, helpdesks for expert advice are to be conducted as agreed by all the members. It was decided the training/events calendar shall be devised and shared with focal person of SBP. The topics of the programs shall be decided with deliberation and discussion.
SBP will provide for the venue. SMEDA shall arrange for the trainers or experts as required and provide with the handholding support. Mr. Sarfaraz Nadeem in particular received appreciation on part of State bank of Pakistan, for taking a step forward, with SMEDA, SPWCCI and FWBL


Women Empowered through Finance Management and Capacity Building:

Purpose of this project was to foster the progressive and potential businesses through various initiatives in collaboration of WCCIM with FWB and SMEDA.

The project covered all major basis which have been identified through need identification. A meeting was held on 3rd April, 2018 where representatives from WCCIM under the leadership of Ms Masooma Sibtain met with the representatives from SMEDA and First Women Bank Multan Branch. The meeting was chaired by Ms Masooma Sibtain, Ms Sana Burrana and Ms Mobina Tariq from First women Bank. 

The names of the participants are mentioned below.

· Ms. Masooma Sibtain from WCCIM
· Ms. Uzma Hussain from WCCIM
· Ms. Fariha Munir from WCCIM
· Ms. Shahbaz Parveen from WCCIM
. Ms. Zahra Shah from WCCIM
· Ms. Sana Niaz Burrana from SMEDA
· Ms. Sidra Shams from FWBL Multan
· Ms. Iram Rahman from FWBL Multan

The main objective behind this meeting was to identify the problems faced by women owned business and to come up with solutions to hand hold the lucrative and potential business members of WCCIM.
After intensive discussion the following points were decided to become foundation of the project
.

• Business accounts of members of WCCIM will be opened in the branch and account opening process has been started.

• Finance facility on need basis will be provided to members as per their requirement in a category which deem fit for them.

• SMEDA will provide new initiatives for Business, New business Ideas for female and will work for the business development.

• SMEDA will refer the customers to BANK which approaches them for finance/banking facilities.

• WCCIM were also in requirement of training sessions to members which should be conducted by FWBL and SMEDA.

• All this working/plan will be handled jointly in a JV by FWBL, SMEDA & WCCIM

• SMEDA has offered all possible coordination that falls under their domain included:

1. Prepare customised prefeasibilities
2. Help in identifying best business opportunities
3. Build business models
4. Facilitate through prefeasibility orientation sessions
5. Setup need based specific help desk where experts will be invited
6. Organise training programs for women entrepreneurs
7. Mentoring and consultancy services
8. Provide a platform for exhibitions and fairs free of cost

WCCIM has been successful in initialising the project with opening of Bank accounts of many members in First Women Bank. The project will work as an example pilot project and will achieve defining results with the support of First Women Bank and SMEDA.

Financial literacy workshop with WCCIM: On Tuesday 9th April 2019, a workshop was arranged at SBP, Multan branch. Presided over by the president WCCIM, Ms. Seerat Fatima, Senior vice president Uzma Burana, former executive member Fariha Munir, Nosheen, Rehana Kausar and many others from WCCIM attended it. Wherereas, Sana Niaz from SMEDA, Sidra Shams and Irum Rahman from FWBL were also present there.

Masooma Sibtain is the project director of the program and conducted this workshop too, other trainers. To make things easy, a financial literacy book has also been launched, which was distributed among the attendees. In which, through colorful illustrations, in storybook style, banking and finance has been explained. Various issues were discussed and the participants were informed, it was just the beginning and more financial literacy awaited them in next workshops.

It is indeed a very useful program, where the bank users were informed of their rights and priviliges. All the WCCIM members must join these meetings coming in the future.

This post won't be complete without an acknowledgements to Ms. Sana Burana from SMEDA, for her relentless efforts to better facilitate female entrepreneurs and also, Ms. Masooma Sibtain, who is former president of WCCIM, former VP of FPCCI, Current executive member and spokesperson of WCCIM. Her role in bringing these four institutions together, forming a collaboration between them and putting it to right use is indeed commendable. No doubt she is a pride for WCCIM and female entrepreneurs in general and now for banks like SBP and FWBL as well.

Women of worth

Masooma Sibtain presenting her work with Sana Niaz

 WCCIM members with bankers from FWBL



State bank, WCCIM, women's bank and SMEDA representatives together

April 2019 workshop, with president WCCIM Seerat Fatima, senior vice president Uzma Bura and Sana from SMEDA