How big is the challenge of financial inclusion for women? Nearly one of every three women in the world — or 1.1 billion — is excluded from the formal financial system. Globally, women are 7 percent less likely than men to have basic transactional accounts, and this disparity rises among the poor. Women living below $2 a day are 28 percent less likely than men to have a bank account. Often, these women have to store their money in cash and rely on personal networks or loan sharks to meet their most basic financial needs. This makes them vulnerable to loss, theft and exploitation, and reinforces the cycle of poverty.
The global scale of women’s financial exclusion makes it clear that to achieve universal financial access, we need to focus on women. But this is not an easy task. Expanding access to finance for women brings some unique challenges that funders and development practitioners should be thinking about as we push toward universal inclusion.
For more on this story visit the following link: 5 Challenges for Women’s Financial Inclusion