Economic Empowerment for Women, as More Open Bank Accounts Here

In recent years, the number of women in sub-Saharan Africa who own a financial account has been considerably increasing, standing at 49 per cent today.

“Given the proven benefits of financial inclusion for the women of sub-Saharan Africa, it is critical that governments and providers continue to take steps to enable access for the 50 percent of women who remain unbanked,” says Leora Klapper, a lead economist of the World Bank’s Development Research Group.

Research shows that women benefit greatly from having financial accounts, including greater personal safety and less exposure to theft, more say over how household resources are spent, and the ability to receive money from friends and family in an emergency. However, one significant barrier to why not all women have financial accounts is that many also do not have mobile phones. Furthermore, many women may not be educated on how to use their accounts correctly to mitigate the risk of theft, fraud, or avoidable fees. Access to mobile devices and digital skills are both necessary components of the puzzle. All in all, these digital financial services can potentially empower millions of women in the region economically.