Alliance for Financial Inclusion (AFI)’s Post

Yesterday was another honor to participate in the National Social Security Fund Hi-Innovator program under Mkazipreneur business HUB as an investment committee member, evaluating businesses from remarkable Ugandan entrepreneurs for seed funding. My purpose is to support and empower women to strengthen their financial independence. While saving, cutting costs, securing jobs, and investing are key to financial freedom, owning a successful business is another vital path. It's evident that the current corporations in both the public and private sectors cannot absorb the millions of graduates from universities, making entrepreneurship a viable solution to Uganda's unemployment. This underscores the need to improve our education system. Students should be equipped with technical skills that align with their purpose, passion, strengths, and interests, rather than pursuing degrees as an end goal. In the West, degrees are not always essential; after high school, students explore their fields of interest in college for technical expertise. Higher education, like degrees, serves to specialize further in a chosen field. Thanks to National Social Security Fund Hi- Innovator Academy for equipping entrepreneurs with tailored knowledge that helps them navigate the challenging business landscape.

TYM: Specialised Financial and Non-Financial Services to Improve the Lives of Low-Income Women in Vietnam This case study was developed in conjunction with the 2023 Financial Inclusion study “Financial Inclusion in Post-COVID Southeast Asia: Accelerating Impact Beyond Access”.1 It is part of a collection of stories of how financial services providers (FSPs) in Southeast Asia have gone beyond the provision of financial services to make conscious efforts to address underserved markets. https://lnkd.in/gzgq4Njg

An informative white paper, published Bill & Melinda Gates Foundation, explained how globally there is a $1.7 trillion gap between the amount of capital women want and the amount they get. While this is true, lack of capital is one of key challenges. Many WSBI-ESBG members in Africa and Asia are working with #VSLAs, #SHGs and mobilize multi-millions and sometimes billions of dollars’ worth of local currency savings which deserve to be reinvested efficiently in the local economy (#WMSMEs). In addition, some members mobilize DFI and African Development Bank Group, Asian Development Bank (ADB), EBRD, European Investment Bank (EIB) credit lines for microentrepreneurial activity that have gender targets. These lines are not cheap by local standards, especially if they are hedged internationally but they have the great advantage of pushing through the limitations of local money markets to create funding for two/three-year loans needed to make larger investments with longer paybacks feasible for a women who wants to move from informal nano-enterprise to increasingly formal micro. WSBI's Scale2Save Development Finance Unit is committed to offering loan pathways at this level. 

Gender Issues in Financial Inclusion Series 7: The “Three-Legged Stool” –– ACCESS’s recommended policy approach for promoting women’s financial inclusion This blog series began its discussion of policy approaches by noting that one of the key challenges regulators face in promoting women's financial inclusion is a lack of buy-in from financial institutions. In the previous post, we noted three approaches for increasing FSP buy-in: financial support in Papua New Guinea, regulatory mandates in Pakistan, a combination of regulation, recognition, awards, and incentives in the Philippines. The approach taken by the State Bank of Pakistan may be the most comprehensive, but many regulators may find it too heavy-handed, especially when there is limited buy-in from the industry. Absent significant funding as was provided in Papua New Guinea, regulators may consider the lighter-touch approach used in the Philippines, combining carrots (incentives) and sticks (mandates) to reward and encourage financial institutions to invest in increasing outreach to women.   Specifically, this approach would have three components: 1) Find and promote a champion that already serves women well 2) Provide incentives for other financial institutions to improve their outreach and service quality to women 3) Require sex-disaggregated data reporting   Read more at: https://lnkd.in/g9uYJGQY

CGAP is committed to contributing to the The World Bank’s efforts to close the gender gap in access to finance, including empowering 80 million more women with access to capital to support entrepreneurship. Yesterday at a Knowledge Cafe, we discussed with Jean Pesme and Karina Villanueva Aritzmendi (Secretaría de Hacienda y Crédito Público, Mexico) how the World Bank, the IFC - International Finance Corporation, and CGAP joined forces to enhance women financial inclusion in Mexico. As part of this work, we produced a guide to catalyze financial services providers’ efforts to serve women. Read more at: https://lnkd.in/e43iR7i5

Investing in women is investing in the future of Africa. Tariro Nyimo, CDFP, Bertha Scholar, Head of Stakeholder Engagement and Strategic Fundraising at Digital Frontiers, sheds light on the critical need for financial inclusion for women across Africa's 54 economies. Nyimo highlights the systemic bias favoring formally employed men and emphasises the importance of tailored financial services that meet women's needs. From accessible banking channels to targeted products, the focus is on building trust and ensuring financial security for women. To bridge the gap, Nyimo suggests actions like affordable mobile money services, STEM education support, and country-specific offerings. It's time to prioritise the active financial inclusion of women to drive economic and social transformation in Africa. How can we start the change?: https://lnkd.in/daq_gaS5 #FinancialInclusion #GenderEquality #EconomicEmpowerment #AfricaDevelopment #DigitalFrontiers #Strategy #Future #WomeninSTEM

Please read my latest report on Women, Remittances, and Financial Inclusion in Guatemala. Despite women's economic vulnerability, financial inclusion strategies on women remittance recipients improve their condition significantly, doubling their income and capacity to save. https://lnkd.in/ez96nyHn

Do you know that: - only 29% of women worldwide have a bank account (according to Global Findex). - Women's economic participation rates are 26% lower than men's (IMF). - Women-owned businesses face 30% lower access to credit (IFC). - Women own 35% less assets than men globally (UN Women). With these numbers, the importance of financial literacy for young girls cannot be overemphasized! Teaching girls financial skills boosts confidence and economic prospects, helps girls delay child marriage and make informed life choices, reduces poverty and increases economic growth Join us in Ibadan today as we groom future the generation of billionaire women! #PLCAfrica #IDGC2024 #InternationalDayOfTheGirlChild #financialinclusion

The German Sparkassenstiftung for International Cooperation (DSIK) - South East Asia and ThitsaWorks, long-term partners with collective aim to provide an affordable access to skills and knowledge regarding financial literacy, have recently formalized the renewal of their collaboration through a Project Agreement. This renewed partnership, extending until 2027, aims to enhance the expertise of the microfinance industry in financial literacy, entrepreneurship, digitalization, and sustainability through the Money Management Academy (MMA). This initiative will support multiple Sustainable Development Goals, leading to positive impacts on poverty reduction, quality education, sustainable economic development, gender equality, and equal opportunities for marginalized groups. Acknowledging the growing significance of improving skills and building capacity within the changing financial environment, our collective aim is to provide financial and digital literacy training among microfinance clients, microentrepreneurs, rural women farmers, and students, while also fostering their entrepreneurial skills and understanding of financial and environmental sustainability. This initiative further seeks to build a skilled local workforce in the microfinance sector, promote consumer protection, and facilitate the sustainable evolution of microfinance institutions. Additionally, it involves creating a digital platform for DSIK project partners to network across locations effectively. Read the full press release here: https://lnkd.in/gsCZ5HR2 #ThitsaWorks #DSIK #DigitalFinancialLiteracy #FinancialInclusion #Collaboration 

💡 Strengthening women's financial inclusion in Nigeria is essential for inclusive economic growth 🌟💰 The CBN is implementing initiatives to provide more opportunities for women entrepreneurs. #FinancialInclusion #WomenEntrepreneurs #EconomicDevelopment 💪🇳🇬