Whether you’re a food producer or consumer, and no matter what part of the world you live in, I’m sure we can agree: The world needs a food system that can feed everyone, everyday, everywhere.
A food system that works for everyone can also create jobs and raise the incomes of smallholder farmers and rural residents who are 78 percent of the world’s poor people. After all, growth originating in agriculture is proven to be 2 to 4 times more effective at reducing poverty than growth originating in other sectors. An effective food system can also provide better nutrition, steward the world’s natural resources, and even be a part of the solution to climate change.
Why is it important for the private sector to help with this first step?
In increasingly competitive global markets, companies are searching for ways to differentiate themselves, to deepen their reach in existing markets and to expand to new markets. Greater financial access for women would yield a growing market opportunity with phenomenal profit potential for companies. The size of the women’s market, and the resulting business opportunity, is striking:
- Business credit: There is a $300 billion gap in lending capital for formal, women-owned small businesses. Of the 8 to 10 million such businesses in 140 countries, more than 70 percent receive few or no financial services.
- Insurance Products: The Female Economy, a study in the Harvard Business Review, reported that the women’s market for insurance is calculated to be worth trillions of dollars.
- Digital payments: Women’s lack of cellphone ownership and use means that millions cannot access digital-payment systems. Closing the gap in access to this technology over the next five years could open a $170 billion market to the mobile industry alone.
Greater financial access for women would yield a growing market opportunity with phenomenal profit potential for companies.
For the past several years at IFC, I’ve been working with the private sector, namely financial institutions, to address the supply-and-demand constraints that women face when trying to access the formal financial system. IFC tackles these constraints in three ways:
- Defining the size of the women’s market, female-owned and -led SMEs, and as individual consumers of financial services
- Showing financial institutions how to tap into the women’s market opportunity by developing offerings that combine financial products, such as credit, savings and insurance, with non-financial services such as training in business skills
- Increasing women’s access through convenient delivery channels, such as online, mobile and branchless banking
Imagine you are a young woman in Jordan, deciding how to balance your work and family life, and thinking about the immediate present and longer-term future. You learn the government has introduced a law addressing a number of employment issues. A friend has told you about it, but you need to understand it better to decide how you and your family could benefit from it.
Each year on March 22 we mark World Water Day. It is an opportunity to keep the urgent water issues – from lack of sanitation to transboundary water to climate change -- top of my mind for practitioners, decision makers and the global public. In the coming days we will post here updates and stories from the field, as well as links to some of our partners’ content. But, more importantly, this is an opportunity to hear from you, too.