Gender gap in financial access narrows, but more work needed on women’s inclusion

The gender gap in access to finance in developing countries has narrowed from 9 percent in 2011 to 6 percent, reflecting significant progress in women’s financial inclusion, according to the Alliance for Financial Inclusion (AFI).

AFI says more women are now economically active and have access to formal financial services, with over 75 percent of its member institutions identifying gender-inclusive finance as a high priority. More than 85 percent have also incorporated women as a target group in their financial inclusion policies.

The organisation noted that policymakers and regulators are increasingly integrating gender-inclusive finance into national strategies, while the collection of sex-disaggregated data is helping to shape more effective and evidence-based policies.

In Ghana, the Bank of Ghana has expanded financial literacy programmes through television, radio and social media campaigns in local languages to improve women’s knowledge of savings, budgeting and digital financial services.

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The programmes, which target women in rural and underserved communities, have helped many women strengthen their businesses, access loans and improve their financial well-being.

AFI also highlighted similar initiatives in Bangladesh and the Solomon Islands, where central banks have introduced digital financial services and data-driven policies to improve women’s access to banking and credit.

Despite the progress, AFI says challenges remain, particularly in encouraging women to actively use financial products beyond opening accounts.

The organisation is calling for greater efforts to promote savings, access to credit, insurance, pensions and other financial services that can strengthen women’s economic resilience and support business growth.

Outgoing Chair of AFI’s Gender Inclusive Finance Committee and Bank of Ghana Deputy Governor, Elsie Addo Awadzi, said the recently launched Gender Inclusive Policy Model would provide regulators and policymakers with a practical framework to further close the gender gap and advance women’s financial inclusion.