Updated: Oct 7
Women all over the globe are facing different kinds of inequality. While much has been done to close the gender gap, women are still lagging behind men in terms of opportunities. One such aspect where women are behind is financial inclusion.
According to a report by The World Bank, men are more likely to have bank accounts than women. This leaves women at a disadvantage because they tend to be dependent on the men of their family when in fact, they should be able to take charge of their own financial futures.
Financial inclusion is not only beneficial to the individual, but to society as a whole. Since there are more women compared to men who have no bank accounts or access to financial services, reaching them will drastically improve the state of their communities and eventually, their country. This result won’t be instantaneous, but it can begin by making sure women can make everyday financial transactions.
Women can opt for investments and loans once they have access to financial services. This will help them create opportunities for themselves like start a small business by taking out a loan or grow their savings via investments. Once they have enough earnings, women can now invest in the well-being of their families. This will set an example for their community and spread various economic opportunities to those around them.
The economy can be thought of as a web of connections — money gets passed from one industry to the next as it goes through a cycle of different industries, and then this money is used to pay for those industries’ employees. On a community-scale, money passes from one person to the next as they buy and sell from each other. By giving women the opportunity to take part in this cycle, the economy will grow and the overall standard of living in a country will improve.
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Bank-Genie Pte. Ltd. is a Singapore-based company incorporated in 2016. For banks and financial institutions who are driving towards digital transformation, Bank-Genie is a future-focused technology partner that helps enrichen the banking experience.
Bank-Genie has a proven record across markets of Asia and Africa with its Interceptive Banking Technology. Bank-Genie Pte Ltd is funded by SBI Ven Capital Pte Ltd and FMO, the Dutch Development Bank.