Uma Girkar
November 11, 2024
This video is part of: Centre for the New Economy and Society
Globally, women are less likely than men to have a bank account or access to financial services. Women's World Banking, an organization focused on financial inclusion for women in developing countries, is working to change this.
Martha Chen, a Harvard economist, partnered with Women's World Banking to develop a framework to investigate the impact of financial inclusion on women's lives. They looked at four key areas:
In low-income countries, only a quarter of businesses have female owners. Many women entrepreneurs don't apply for loans due to factors like low financial literacy.
This contributes to the global economic participation gap, which is only 60% closed. At the current pace, it will take another 169 years to fully close the gap.
Financial services companies are missing out on a huge opportunity by not serving women. There's a growing recognition that including women in the financial system is not just good social policy, but also good business.
Uma Girkar
November 11, 2024