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How 3 banks in emerging economies are banking women

Rebecca Ruf's picture

Two billion people worldwide still lack access to formal and regulated financial services. In 2015, the Bank Group with private and public sector partners committed to promoting financial inclusion and achieving Universal Financial Access by 2020.  We've invited our partners to reflect on why they've joined the UFA2020 initiative and how they're contributing toward this goal. This contribution comes from the Global Banking Alliance for Women. #FinAccess2020

Photo: GBA Stock Image

As a global community, we’ve made great strides toward achieving the World Bank Group’s goal of universal financial inclusion by 2020. According to the Global Findex, 700 million people gained access to formal financial services between 2011 and 2014. This is equivalent to nearly the entire population of Europe. But the latest numbers from the Global Findex also revealed a startling fact: The gender gap in financial inclusion remains stubbornly intact, with women in emerging economies 20% less likely to have a bank account than men and 17% less likely to have borrowed formally. 

Women who lack access to financial services face a number of related obstacles, including lower income and business growth, lower asset ownership – making it harder to borrow – and lower levels of financial capability. These factors, combined with increasing financial responsibility for their households, make enabling women to fully benefit from financial services an important development objective. Recognizing that commercial banks can and must play a vital role in closing the financial access gender gap, the Global Banking Alliance for Women (GBA) made a commitment in April 2015 with a subset of its members – Banco BHD León of the Dominican Republic, Banco Pichincha of Ecuador and Diamond Bank Plc of Nigeria – to provide financial access to 1.8 million previously unbanked women in Latin America and Africa by 2020. 

Are you GovSmart? Take our November quiz to find out!

Alice Lloyd's picture

Last month we blogged about public financial management, four ways governments are making girls’ lives better and much more.
Take our quiz to sharpen or refresh your knowledge about issues related to governance.
And let us know if you're "GovSmart." Please tweet your score @wbg_gov!


Campaign Art: Wedding vows of poverty

Roxanne Bauer's picture

People, Spaces, Deliberation bloggers present exceptional campaign art from all over the world. These examples are meant to inspire.

Although illegal in most countries, child marriage remains a common practice. Globally, about 39,000 girls are forced to marry each day; that's another child marriage every 2 seconds.  It is often hidden from public discussion, as young girls and boys are often married early to alleviate their family’s financial burden or in hopes of securing a better future for them.  While both genders are affected, child marriage disproportionately affects young females. 
Few child brides stay in the classroom, which is unfortunate not only because these girls lose out on an aspect of self-development and exploration, but also because the loss of educational achievement prevents them from acquiring more lucrative jobs, thereby improving their household income. The World Bank’s 2012 World Development Report on Gender Equality and Development drew attention to the fact that the exclusion of girls and women from school results in a less educated workforce, inefficient allocation of labor, lost productivity, and consequently diminished progress in economic development. It also identified a multiplier effect:  better educated women tend to be healthier, have fewer children, and provide better health care and education to their children, all of which eventually improve the well-being of all individuals and can lift households out of poverty. These benefits also transmit across generations, as well as to communities at large.

Nevertheless, in 26 countries, girls are more likely to be married before age 18 than enrolled in secondary school, according to a report, “Vows of Poverty”, from CARE.  The report was released to mark International Day of the Girl on Oct. 11, 2015, and provides an overview of the forces driving young girls into marriage and out of school while also describing what can be done to reverse those trends.  The following video is part of their campaign end child marriage for girls worldwide.
Vows Of Poverty

Appointing a gender equal cabinet is good for Canada – but not for the reason you think

Florence Kondylis's picture

Recently, Canada’s newly elected Prime Minister, Justin Trudeau, appointed a cabinet that is 50% female. Explaining the choice, Trudeau stated that it was important “to present to Canada a cabinet that looks like Canada” – and “because it’s 2015.”

The announcement has been greeted with considerable backlash in the press, with some news outlets going as far as to imply that promoting diversity is not good for governance. This view implies an either or – that appointing women and incorporating gender balance, while good for the country’s diversity, would undermine the quality of governance. One could probably name many male candidates who on paper look more accomplished than some of Trudeau’s appointees.

Let's come clean about dirty cooking

Anita Marangoly George's picture
Photo by Rodney Rascona / Global Alliance for Clean Cookstoves

Really – let’s.

It’s a fact: Indoor air pollution from cooking with solid fuels including wood, charcoal, coal, animal dung, and crop waste in open fires and traditional stoves is the fourth leading cause of death in the world, after heart and lung disease and respiratory infection.

Nearly 2.9 billion people, a majority of whom are women, still cook with dirty, smoke and soot-producing cookstoves and solid fuels. That’s more people using these dangerous appliances than the entire populations of India and China put together.

This has to change. And change is happening as I heard from the various discussions that took place in Accra, Ghana at the Clean Cooking Forum 2015 last week.  Hearing the Minister of Petroleum of Ghana and the Deputy Minister for Gender and Development, I realize that the ambition to provide clean cookstoves and cleaner fuels to the households who need it most is definitely there. But transforming ambition into reality is a challenge. This is true not just in Ghana but in many other parts of the world.    

I have been thinking a lot about this lately, especially as we come up on the climate change conference (COP21) in Paris, where world leaders will gather to reach a universal agreement on mitigating the effects of climate change. Adopting clean energy sources is key to reach that goal. To that end, the UN’s sustainable energy goal (SDG7) that aims to ensure access to affordable, reliable, sustainable and modern energy for all also aims for bringing clean cooking solutions to the 2.9 billion who do not have it today.

The multiple tragedies of Syria’s displaced women, and why the G20 needs to pay attention

Omer Karasapan's picture
Photoman29 l Shutterstock

Roughly half of the world’s 60 million-plus displaced people are female (the 60 million includes 19 million refugees and 41 million internally displaced people (IDPs). This the highest number ever recorded and the numbers continue to rise.

Without empowered women, there is no future for rural areas

Francisco Obreque's picture
A beneficiary family from the commmunity of San José del Paredón (in Chuquisaca, Bolivia) celebrates the new irrigation system.
A beneficiary family from the commmunity of San José del Paredón in Bolivia celebrates the new irrigation system. Photo: Gabriela Orozco / World Bank. 

“When the company let us down, we only imposed a fine. We must be firm with companies and with vendors, otherwise they fail to fulfill their end. This is how to move the project forward”. This testimony impressed me a lot when I heard it from an indigenous woman in Bolivia, who was proud to be part of the steering committee and defend the interests of the community in the project.

Bolivia has a terrific success story to tell about encouraging rural women to take the lead in their communities and organizations and lift themselves and their families out of poverty.

In Bhutan, chickens lay a foundation for prosperity

Deepa Rai's picture
Dechen inside her house in Bhutan
Dechen inside her house in Bhutan. Credit: World Bank

Dechen, a shy, soft- spoken, 31 year-old divorcee, unexpectedly lights up when I enquire about her poultry farm. A single mother of three children (aged 11, 6 and 3), she has strong reasons to feel good about what she does. It’s her sole responsibility to take care of her family from the income generated by the farm.

Dechen’s farm is a 15-minute uphill trek from a motorable road in Langthel village in the Trongsa district nested in central Bhutan. It is approximately a 10-hour drive on winding roads from the capital city, Thimphu.

Despite the remoteness of the village, Dechen is doing well for herself. She has already earned a Ngultrum (Nu) 45,000 (US $684) net profit since she started her poultry farm a year and a half ago. Having her own – and successful -- business has made her more self-confident and determined.

And she has even bigger dreams.

Identification for Development: Its Potential for Empowering Women and Girls

Lucia Hanmer's picture
Widespread lack of official identification (ID) in developing countries disproportionately affects women and girls, who face more and higher barriers to obtaining IDs. As economists at the World Bank Group, even we hadn’t immediately appreciated the enormous deprivations facing girls and women who lack official identification. These barriers include: restrictions on women’s freedom to travel outside the home or community; distance; financial cost; time constraints; illiteracy; lack of information and lack of awareness; and, lack of support or opposition from other family members.  

Why it’s time to put gender into the inequality discussion

Duncan Green's picture

Naila KabeerLSE’s Naila Kabeer introduces a new issue of Gender and Development, which she co-edited.

The development industry has focused mainly on the question of absolute poverty over the past decades of neo-liberal reform.  Given the levels of deprivation that continue to exist in poorer regions of the world, this focus is not entirely misplaced. But it only tells us part of the story. The growing concern about economic inequality adds an important missing piece.  We are better able to understand the persistence of absolute deprivation in the world when we compare the share of the world’s income and wealth that goes to its richest citizens with the share that goes to its poorest.

The story becomes more complex when we factor in questions about social inequality because this tells us that certain groups are systematically over-represented at the bottom of the income distribution and among the ranks of the absolute poor, while others are over-represented at the other end of the income distribution.  The current issue of Gender and Development reminds us that gender inequality is one of the most significant of these group-based inequalities – and also one of the most distinctive.

Unlike other groups facing social discrimination, men and women are probably equally represented among the world’s wealthiest households, but women’s presence tends to be predicated on their relationships to wealthy men. According to Forbes magazine, there are currently 1826 billionaires in the world of which 197 are women or 11% of the total. Only 29 of these women are ‘self-made’ billionaires. The rest inherited their wealth from fathers or husbands.

Attention to the distribution of individual earningsrather than household income gives us a better picture of how gender inequality plays out at the wealthier end of the spectrum. The gender pay gap among leading Hollywood movie stars is among the more publicized recent examples of this.

But the gender gap in earnings is larger at the poorer end of the economic spectrum and its consequences far more severe.