During the past decade, women’s economic and financial inclusion has become an increasing priority for governments and companies around the world. This is because of evidence documenting benefits that include job creation; greater business resilience; customer retention and expansion; increased agricultural output; poverty reduction; as well as women’s economic empowerment. The results have reinforced the importance of removing structural barriers to women’s active participation in the formal economy and achieving equality in access to responsible and sustainable financial services, provided in a well-regulated environment.
Despite this evidence, the unfortunate truth about the challenges of providing digital financial services to women was revealed in a 2020 G20 report. It is a sad fact that in many countries, women’s financial and economic rights are still not protected under the law. UN Women estimates that there were at least 383 million women and girls living in extreme poverty in 2022. At least 16 million more women and girls than men and boys were in extreme poverty in 2022. This means 26 million more women were living in extreme poverty in 2022 than in 2019.
The response to financial inequality has been well-intentioned but fragmented. Success is dependent on everybody doing their part. Drawing on decades of experience, research, and in-field activity, the following 10-point action plan to reach financial equality for women aims to help end the continued economic exclusion of half the world’s population and to build more resilient national economies.
All 10 actions are equally important: they are not sequential steps but mutually reinforcing actions for all stakeholders committed to reaching financial equality. This 10 point action plan builds on the G20 Global Partnership for Financial Inclusion 2020 policy recommendations and was first launched in the build-up to the 2021 Generation Equality Forum.
Read the full report to learn more about the 10 point action plan.
Publisher : Better than Cash Alliance | 2023