Yemisi Izuora/Ijeoma Agudosi
The International Finance Corporation (IFC) has noted that Financial exclusion has remained a major constraint for women, particularly in developing countries.
More than one billion women still do not use or have access to the financial system, according to the World Bank Group’s latest Global Findex Report.
IFC has estimated that worldwide, a $300 billion gap in financing exists for formal, women-owned small businesses, and more than 70 percent of women-owned small and medium enterprises have inadequate or no access to financial services.
Furthermore, developing economies have 200 million more male than female cell phone owners. Without access to mobile technology, millions
of women are further excluded from secure and convenient digital payment systems.
Without access to finance, women face difficulties in collecting and saving income, growing their businesses, and pulling their families out of poverty. As a result, women remain largely excluded from the formal economy.
IFC recognises that the Bank Group’s twin goals of eradicating extreme poverty and increasing shared prosperity cannot be achieved without the full and equal participation of women and men.
Investing in women’s economic participation not only has a profound development impact, it makes good business sense for companies and economies.