Financial inclusion is where individuals and businesses have access to useful and affordable financial products and services that meet their needs and are delivered in a sustainable way. Financial inclusion for women is a key enabler in reducing poverty and boosting prosperity. Here at Cufa, we focus on the most disadvantaged rural communities where we find women need the most assistance and thus, many of our programs focus on providing them financial products, training and education, forming the entrepreneurs of tomorrow.
What is financial Inclusion and how does it help women?
Obtaining access to a bank account is the first step towards financial inclusion. This access facilitates day-to-day living and helps both families and businesses plan for the future. As an account holder, people are more likely to begin using other services like loans and insurance, expanding their earning potential by investing in business, education and risk management. Great strides have been made worldwide with 1.2 billion people gaining a bank account since 2011 and now 69% of adults have a bank account. However, there are still over 1 billion women that are unbanked.
Why is it important to empower women with financial inclusion?
Investing in women’s economic empowerment sets a direct path towards gender equality, poverty eradication and inclusive economic growth. Women make vast contributions to economies whether it is in business, agriculture, as entrepreneurs or in unpaid work such as care at home. Basically, when more women work, economies grow. It is estimated that gender gaps can cost an economy over 15% of GDP.
How does Cufa provide women with financial inclusion?
Many of Cufa’s programs focus on empowering women. The Female Financial Empowerment program in Myanmar has a sole focus on providing financial inclusion for women through support, financial services and business skills. Members gain access to a savings account and microfinance and are taught financial literacy and a variety of business skills alongside a leadership skills workshop.