Ms. Zafar established Kashf Foundation after working for several years with the World Bank in Islamabad in the Water and Sanitation department. She was among the first Ashoka Fellows in Pakistan and has been a Schwab Foundation Social Entrepreneur since 2004. Her contributions to development and women’s empowerment have earned her numerous accolades, including the Tamgha-e-Imtiaz, one of Pakistan’s highest civilian honors, awarded by the President of Pakistan. She also received the Skoll Award for Social Entrepreneurship in 2007 and the Vital Voices Award for Economic Empowerment in 2010. Additionally, Ms. Zafar serves on the Prime Minister’s Taskforce on Austerity and Federal Government Restructuring, and is on the boards of several institutions including Finca Microfinance Bank, the Punjab Board of Investment and Trade, the Punjab Social Protection Board, and Kaarvaan Crafts. Ms. Zafar is a graduate of the Wharton School, University of Pennsylvania, and holds a Master’s degree in Development Economics from Yale University.
You’ve had a remarkable journey from studying at Yale and Wharton to founding Kashf Foundation. What inspired you to move from global academia to on-ground work in Pakistan’s microfinance sector, particularly for women?
My academic journey gave me a strong foundation in understanding economics and finance but it also exposed me to the idea of global human connectivity. At Yale and Wharton, I gained the analytical tools to see how business and finance impact ordinary lives but it was also a process of self-actualization. This journey gave me the confidence to apply these tools in a way that could make a tangible difference particularly in empowering women in Pakistan. The global exposure helped me realize that despite our different backgrounds, we all share the same human thread, and it became clear to me that my role was to empower women locally by addressing systemic economic inequalities
Kashf Foundation has pioneered Pakistan’s first gender bond, a significant step in linking women entrepreneurs to capital markets. Can you share the vision behind this initiative and the impact it has had on women’s financial inclusion?
The gender bond is one of the most transformative initiatives we’ve undertaken. The gender bond was truly groundbreaking. It marked the first time that capital markets were directly connected to low-income women entrepreneurs in Pakistan. Initially, it was difficult to convince investors but we demonstrated that women’s businesses have better credit ratings and strong potential. A story that stands out is Rehana Javaid, who expanded her cash bag stitching business by using funds from Kashf to grow her operations to serve major banks. Her success, along with many others, proves that when you give women access to resources, they thrive. This bond created a credible, investable class of women entrepreneurs in Pakistan.
With your background working with the World Bank in women-in-development projects, how did your experience shape the way you approached microfinance and women’s empowerment in Pakistan?
My time with the World Bank allowed me to travel across Pakistan, from the small villages of Balochistan to the Neelam Valley in AJK, and speak to women from all walks of life. Regardless of where they came from whether it was Sindh, KP or Punjab, their aspirations were the same: they wanted control, access and agency over their lives. That was the turning point for me. Everywhere I went, women spoke of the need for income generation as a path to decision-making power within their households. This realization shaped my approach at Kashf Foundation where empowering women economically became central as it’s clear that unless women are part of the economy, the country cannot progress.
Kashf’s holistic approach to financial inclusion goes beyond micro-lending. Can you tell us more about how this approach integrates financial literacy, business support, and community development for women entrepreneurs?
Our holistic approach is built on four key pillars: economic empowerment, capacity building, mindset change and reproductive health. Micro-lending is just one part of the equation. We equip women with financial literacy and business management skills but we also focus on changing mindsets, empowering women to believe they can lead and succeed. By addressing broader issues like women’s reproductive health and community engagement, we ensure that our interventions support not just individual women but their families and communities leading to sustainable long-term change. Take the story of Salma Kanwal, who began making dolls from home after receiving a loan from Kashf. With training in financial literacy and business management, she expanded her production to 1,000 dolls per week, employing other women in her community. Salma’s story illustrates how our programs do more than provide capital, we build confidence and support women’s roles as leaders in their families and communities
You have received prestigious awards such as Tamgha-i-Imtiaz and the Skoll Foundation’s Social Entrepreneurship Award. How have these recognitions influenced your work and motivated you to push the boundaries of women’s economic empowerment?
Awards are, of course, incredibly rewarding, especially when recognized in your own country. But these aren’t personal accolades, they represent the resilience and hard work of women in Pakistan who tirelessly improve the lives of their families. The Tamgha-i-Imtiaz holds special significance for me because it’s a recognition from my own people and that makes it one of the most meaningful honors in my journey. It raises the bar for all of us, acknowledging the powerful role women play in driving change.
As a member of the UN’s Advisors Group on Inclusive Financial Sectors and the World Economic Forum’s Global Agenda Council, how have your global perspectives informed your local strategies in Pakistan, particularly in bridging the gender gap?
My international participation provided not only recognition of the work we are doing in Pakistan but also the opportunity to see its broader impact on gender equality. Being exposed to how other countries tackle similar challenges allowed us to adopt best practices and contribute to a cross-fertilization of ideas. It also gave me the chance to impact global policies related to financial inclusion for women whether through the UN or other entities by bringing the voices of Pakistani women and women entrepreneurs to the global stage. As a Pakistani woman, this has strengthened my resolve to continue making a positive impact on gender equality locally and globally.
Women in Pakistan, especially in low-income areas, face multiple social, cultural, and economic barriers. How does Kashf Foundation address these challenges beyond financial support, and how do you encourage a cultural shift in these communities?
At Kashf, we focus not only on financial support but on tackling the underlying social and cultural barriers that hold women back. We provide financial literacy but we also conduct extensive gender trainings that address cultural mindsets. We use media campaigns, television dramas and theatre to spark conversations around taboo topics like child marriage and domestic violence. By engaging entire communities in these dialogues, we are slowly but surely helping to shift perceptions about women’s roles showing that empowered women can positively transform their families and communities.
Looking at the broader microfinance landscape, what do you see as the biggest challenges and opportunities for microfinance institutions in supporting women’s entrepreneurship in developing countries?
The biggest challenge is changing mindsets – both for the women themselves and for the society around them. Access to loans is just one part of the solution; the real challenge lies in giving women the confidence and the societal backing to start and sustain businesses. The opportunity, however, is immense. By leveraging technology, microfinance institutions can reach even more women in rural and underserved areas. Additionally, designing products that are tailored specifically to the needs of women entrepreneurs opens up enormous potential for growth and impact.
Your journey includes serving at some of the world’s top organizations and now leading a grassroots movement through Kashf Foundation. How do you balance the international and local aspects of your work, and what key lessons have you learned along the way?
My journey has been shaped by key lessons from global leaders like the Grameen Bank and SEWA. From Grameen, I learned the importance of trust, respect and the associative strength of women coming together which is central to Kashf’s work. At SEWA, I saw how critical it is to build women’s self-confidence and give them voice and agency within their households. We’ve integrated these learnings into Kashf by focusing not just on microfinance but also on training, financial education and leadership development, so women can truly take control of their lives. We’ve also drawn lessons from places like Bolivia, where we learned the value of designing tailored products for women in different trades and sectors, and our work on insurance emerged from studying global models on managing vulnerabilities. It’s these cross-border insights that have helped us create a comprehensive approach to women’s empowerment.
Kashf Foundation has expanded into diverse areas like climate finance, youth equity, and maternal health clinics. Can you tell us more about these initiatives and how they contribute to your overall mission of empowering women and communities in Pakistan?
Kashf is continuously evolving and our recent focus areas reflect the emerging challenges and opportunities in Pakistan. We’re working on climate finance to ensure that women and their communities are more resilient in the face of environmental challenges. Our youth equity programs aim to provide young people with the tools and opportunities they need to succeed. Additionally, we’re establishing maternal health clinics because we recognize the direct link between women’s health and poverty reduction. These initiatives align with our holistic model, ensuring that we address not just economic empowerment but the broader challenges women and communities face.
Kashf Foundation’s television series have been groundbreaking in addressing gender inequality and promoting strong female characters. What inspired you to venture into media production, and how do you see storytelling as a tool for social change?
Storytelling has the power to challenge societal norms and offer hope. Our drama serials, like Udaari and Rehaii, were the result of extensive research into issues like child marriage and domestic violence. We made sure that our storytelling was rooted in reality but without sensationalizing these topics. Our goal has always been to offer a message of hope by showing that change is possible. For instance, the Udaari storyline on child abuse not only reflected a harsh reality but also demonstrated how communities could come together to protect their children and challenge societal taboos.
Your dramas highlight women not as victims but as survivors, which is a powerful shift in narrative. How important is it for media to reshape the way women are portrayed in Pakistan, and what impact have you seen from these productions on societal views?
It’s crucial that we portray women as survivors because they are the backbone of their families and communities. We’ve seen significant societal impact from these dramas. By showing women overcoming adversity, we’re changing the narrative around what women are capable of. The feedback we receive tells us that these productions are starting important conversations, breaking taboos and shifting perceptions of women’s roles in society. These are not just dramas – they’re a reflection of real struggles and they inspire real change.
Tackling deeply ingrained taboos through entertainment is no small feat. What challenges did you face in producing content that questions traditional norms, and how have you managed to balance cultural sensitivity with the need for progressive storytelling?
Our biggest challenge has been balancing respect for cultural norms with the need for progress. We tackle issues like child marriage and domestic violence head-on, but we always show a way forward. Our productions don’t just point out problems; they highlight how communities can come together to find solutions. The real focus is on offering resolve and resolution. For example, in Rehaii, we didn’t just show the horrors of forced marriage; we showed how women can rise above these situations and reclaim their rights. This careful balance allows us to push boundaries while maintaining cultural sensitivity.
