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by: MAIN AVENUE BUSINESS PROCESS OUTSOURCING
September 5, 2023
Financial Inclusion and Gender Equality: Advancing women's participation in fintech for gender equality.
Women worldwide lack essential financial services due to insufficient gender-specific data. Without proactive measures, these disparities are likely to persist and worsen in the next decade.
Crescenda Babiera
ESG Certified | AI, Blockchain, IoT, IPV6, Web3 Explorer & Marketing Strategist | Entrepreneur | UNSDG Impact Maker
Recent studies conducted in six countries for the Women’s Financial Inclusion Data Partnership highlight a persistent issue: women continue to be underserved by financial services across global economies, impeding their financial inclusion. The insufficiency in generating, accessing, and utilizing gender-specific data significantly contributes to this gender gap within the financial services sector. Without further proactive measures to promote women's financial inclusion, it is likely that gender disparities in accessing financial services will not only endure but potentially intensify in most countries over the next decade.
On a positive note, the World Bank's 2021 Global Findex database reveals encouraging trends compared to 2017. Fewer women are excluded from financial services, and the gender gap in account ownership is diminishing. Women's financial inclusion has emerged as a priority among AFI members, policymakers in financial inclusion, development organizations, and international entities.
Regulators can play a pivotal role in enhancing financial inclusion for women, as illustrated by a study conducted by the U.S. Agency for International Development. This study examines how regulators are utilizing sex-disaggregated data and RegTech (regulatory technology) solutions to bolster financial inclusion for women. Financial Inclusion Week 2022 stands as a testament to the ongoing commitment, featuring over 15 hours of dedicated content focused exclusively on women’s financial inclusion. This reaffirms that women's access and inclusion remain at the forefront of priorities within the inclusive finance domain.
In conclusion, while significant strides have been made in advancing women's financial inclusion, gender disparities in accessing financial services persist. Addressing this issue requires a greater emphasis on collecting gender-specific data and proactive involvement from regulators.
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