As we celebrate International Women’s Day and Women’s History Month, it’s important to take a moment to reflect on the progress that has been made in addressing the gender gap in financial inclusion. While there have been significant strides made in recent years, there is still much work to be done to ensure that women have equal access to financial services and are able to fully participate in the economy.
During Financial Inclusion Week 2023, we learned about a number of ways that we can work to address the gender gap in financial inclusion. One of the key takeaways was the importance of providing financial education and literacy programs specifically tailored to women. Many women in developing countries lack the financial knowledge and skills necessary to access and use financial services effectively, so providing targeted education and training can help to break down these barriers.
Another key factor in addressing the gender gap is the need to build trust between women and financial institutions. This can be achieved through initiatives such as gender-sensitive marketing and outreach, as well as through the use of digital financial services that are accessible and easy to use.
Fundle, a fintech startup based in Kigali, Rwanda, is working to address the gender gap in financial inclusion by providing accessible and user-friendly financial services specifically designed for women in the informal sector. Through the use of mobile technology, Fundle is helping to break down the barriers that have historically prevented many women from accessing financial services.
One of the key features of the Fundle app is its personalized financial advice, which is tailored to the unique needs and circumstances of women in the informal sector. By providing targeted financial advice and education, Fundle is helping to empower women and build their financial literacy skills, which in turn can help them to better manage their finances and achieve their financial goals.
Fundle is also using data-driven solutions to create credit scores that reflect individuals’ financial habits. This empowers users to take control of their finances and access financial services that are not available to them, regardless of their gender or socioeconomic status.
As we continue to work towards greater financial inclusion for all, it’s important to remember that addressing the gender gap is a critical component of this effort. By providing targeted education and training, building trust between women and financial institutions, and developing user-friendly financial services specifically tailored to women, we can help to ensure that women have equal access to financial services and can fully participate in the economy.