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The gender gap in financial inclusion won’t budge. Here are three ways to shrink it

Kristalina Georgieva's picture
Also available in: العربية | Español | Français
Marie Hortense Raharimalala visiting a bank agent in Antananarivo, Madagascar. A biometric fingerprint is used for identification. © Nyani Quarmyne/International Finance Corporation
Marie Hortense Raharimalala visiting a bank agent in Antananarivo, Madagascar. A biometric fingerprint is used for identification. © Nyani Quarmyne/International Finance Corporation


I opened my first bank account as a new student at the London School of Economics in 1987. This seemingly small act meant that I could manage my own finances, spend my own money, and make my own financial decisions. It meant freedom to decide for myself.

That financial freedom is still elusive to 980 million women around the world. And, worryingly, this does not seem to be improving. Our Global Findex database shows that while more and more women are opening bank accounts, a global gender gap of 7 percentage points still exists—and it has not moved since 2011.

There are some bright spots. In Bolivia, Cambodia, the Russian Federation, and South Africa, for example, account ownership is equal for men and women. And in Argentina, Indonesia, and the Philippines, the gap we see at the global level is reversed—women have more accounts than men. 

But there are also some very troubling, and persistent gaps. The same countries that had gender gaps in 2011 generally have them today. In Bangladesh, Pakistan, and Turkey, the gap in account ownership between men and women is almost 30 percentage points. Morocco, Mozambique, Peru, Rwanda, and Zambia also have double-digit differences between men and women.

One of the main reasons that both men and women cite for not having a financial account is that they simply are not earning enough to open one. We need to make sure that everyone has the opportunity to work, earn, and participate in his or her economy. This is at the core of our work at the World Bank Group, especially as we look at the skills people will need for the jobs of the future.

But there are some reasons that keep women specifically from opening accounts. The gender gap in financial inclusion can be traced back step by step through unequal opportunities, laws, and regulations that put an extra barrier on women’s ability to even open that simple bank account.

Countries have to do better in unraveling the complicated web that women face when they try to do something that for a man, is quite simple. How can we level it up? Let me suggest three things as a start: 

Powerful panel weighs progress on financial inclusion

Donna Barne's picture
Also available in: Русский
Event Replay


Government leaders and advocates came together during the Annual Meetings to discuss a major development goal – ensuring everyone has access to affordable financial services such as a bank or mobile money account. While a lot of progress has been made on “financial inclusion,” new rules affecting the flow of funds threatens to slow or even reverse some gains.

Financial Inclusion not Exclusion: Managing De-Risking brought together Queen Máxima of the Netherlands, US Treasury Secretary Jack Lew, Zhou Xiaochuan, Governor of the People’s Bank of China, Sri Mulyani Indrawati, Indonesia’s Minister of Finance. Arun Jaitley, India’s Minister of Finance, World Bank Group President Jim Yong Kim, and Juan Manuel Vega-Serrano, the president of the Financial Action Tax Force (FATF), which sets international standards for  combating money laundering, terrorist financing and other related threats.

Some 700 million people were brought into the formal financial system between 2011 and 2014 – a major success – but 2 billion people remain cut off, said Queen Máxima, who is the United Nations Secretary-General’s special advocate for inclusive finance for development.

A new challenge to financial inclusion is a trend toward “de-risking” by banks. Many larger banks are increasingly terminating or restricting business relationships with remittance companies and smaller local banks in certain regions of the world. De-risking has therefore made money transfers more difficult for migrant workers and humanitarian organizations working in war-torn places.