Global Findex 2021
Many of these women are running small and micro businesses in the informal or semi-formal sector. To be an entrepreneur is in many cases the only way to find a source of income for women in rural communities, as employment opportunities are few and far between. The Global Findex data from 2021 shows that nearly 20% of working-age women in developing economies are entrepreneurs. These micro-enterprises create additional income for the family, serve as sources of employment for other women, and provide agency and autonomy. Despite this, there is a lack of suitable and accessible financial services and products for micro-entrepreneurs in the informal sector and these entrepreneurs are lacking a financial safety net, such as sick pay, savings, insurance or credit facilities. With a gender gap in access to digital technology, skills, and financial products, women face additional challenges in accessing financial services.
MicroLoan Foundation is at the forefront of digital financial service delivery for low-income women and we have been invited to be a partner of the Women’s Digital Financial Inclusion Advocacy Hub. The Women’s Digital Financial Inclusion Advocacy Hub is a catalyst for collective action to increase women’s digital financial inclusion.
Medha Wilson, Group CEO at MicroLoan Foundation
Led by Women’s World Banking and the United Nations Capital Development Fund, the Advocacy Hub is a collective of local, regional, and global partners that unifies and amplifies advocacy through coordinated campaigns, resulting in greater combined impact.
The goal is that women have equal opportunity to digital and financial inclusion to enable them to start, lead, grow and own a business that contributes to their personal resilience and growth, as well as that of their communities and national economies.
Imagine the possibilities if women had equal access to the technology, skills, and financial services they need to thrive.