Standard Chartered launches Sahar Women’s Account

Standard Chartered Bank Pakistan Limited (SCBPL) on Monday launched a special bank account for women named “SC Sahar Women’s Account”. The initiative aims to provide women access to different financial products and enable them to avail a discount of 2-2.5% compared to holders of other accounts.

An official from SCBPL claimed that this facility will cater to the evolving needs of the bank’s female customers.

Standard Chartered becomes first foreign bank to trade bond futures in China

“The SC Sahar Women’s Account will enable women to avail services that include but are not limited to, no initial deposit or minimum balance requirement, free debit card and cheque book issuance and free account statements and bank certificates,” said a company statement.

“This account can be conveniently operated through the bank’s 24/7 digital banking. It is also offered to business customers along with a waiver on installation charges and monthly fee of straight-to-bank (S2B) payment platform designed for businesses where the user can make payments and track business transactions, even on the move.”

According to SCBPL, Islamic mode for Sahar Women’s Account is also available.

Speaking to Business Recorder at the launch ceremony of Sahar Women’s Account, SCBPL Head of Consumer, Private and Business Banking Saadya Riaz said that out of the total account holders in Standard Chartered, 35% are owned by females.

Interview with Sunil Kaushal - CEO of Standard Chartered, Africa & Middle East

“Therefore, the bank is now dedicating its attention to female account holders as it wants at least 25% of new account holders to be women, which we will monitor on a monthly basis.”

She further said that around 80% of the women accountholders had joint accounts with their husbands and they were not utilising most of the financial products offered by the financial institution.

According to her, being financially independent and included did not mean that one could just put cash in the account, withdraw or use an ATM.

“Banks offer a variety of financial products,” she stressed adding that by availing the services offered under the SC’s Sahar account, women could secure loans at 2-2.5% discount.

She admitted that banks have not been able to raise awareness regarding their products in an effective manner.

Banks have to offer better products than the ballot committee, popularly known as BC or committee.

Saadya said that saving plans such as committees are given different names in banks and they offered excellent outcomes.

“People will get a higher amount than what they save with the bank since interest rate of as high as 16% will be applicable on the cumulative amount.”

“Facilities offered under the SC Sahar Women’s Account are based on advanced financial technologies to provide financial security, digital accessibility and economic freedom to the largely unbanked female population of Pakistan.”

“We hope to inspire them to manage their own finances through regulated banking channels by availing a wide range of benefits and opportunities.”

She stressed that SCBPL was enabling Pakistani women to unleash their true potential and make valuable contributions to the nation’s progress.

“To facilitate client experience, female staff (Sahar champions) have been deployed at customer touch points such as SCBPL branches and our contact centres. SC Sahar Women’s account holders can also access video tutorials for financial literacy and banking products.”

On the occasion, SCBPL CEO Rehan Shaikh said that the bank will leverage technology to boost financial inclusion of women.