The experts on the panel were Leora Klapper from world Bank, Mayra Buvinic a gender and social development expert at Data 2x, Anna Ginchermanpartner at Consumer Centrix (CCX)and Ines MurrayCEO of the Women’s Financial Alliance.
Here is what was discussed;
The financial exclusion of women in developing countries and sub-Saharan Africa
To achieve the Sustainable Development Goals, the gender gap must be closed.
Women are financially marginalized by traditional banks when it comes to accessing financial services and products – mainly because they lack access to title deeds and ownership of assets as well as rates. of unrealistic interest.
They are less likely to have bank accounts and less likely to be offered loans, although the upkeep of home and family usually falls on their shoulders.
Giving women access to financial resources will lead to a better quality of life in these countries as they would use the money to send their children to school, take care of their health and provide adequate nutrition.
Also, women are more likely to save money and repay loans than men.
They all sat down virtually to discuss women’s access to digital money, market opportunities, loans and how the public economic energy sector and financial institutions can achieve the goals of gender equality and accelerating women’s economic power.
According to the World Bank, more people have access to banks and other financial institutions, “Globally, in 2021, 76% of adults had an account at a bank or regulated institution such as a credit union, microfinance institution or mobile money service provider.”
Additionally, digital financial platforms have increased the chances of people gaining access to financial services and products in Africa.
According to the World Bank, “In sub-Saharan Africa in 2021, 55% of adults had an account, including 33% of adults who had a mobile money account – the largest share of any region in the world and more than three times higher to the global average of 10% ownership of mobile money accounts.
However, women are still largely unbanked and there is no gender equality in financial inclusion.
The World Bank reports that “Globally, there is a gender gap in financial inclusion. Women are 7 percentage points less likely than men to have a bank account.
“Even when women have an account, they often struggle to get a loan for their business or other purposes, and are very likely to be underbanked.”
“Women are also more likely to be dissatisfied with banking services around the world. For micro, small and medium enterprises owned by women in emerging economies alone, the funding gap is estimated at US$1.7 trillion.
Data is everything. When it comes to increasing women’s access to financial resources, data matters! increase funding for gender data, improve the availability and quality of gender data, and also use gender data to drive smarter and more equitable policies.
With this data, the World Bank in developing countries can use this information to create policies and initiatives that can grant women greater access to financial services.