
Policy model for gender-inclusive finance
This paper outlines key strategies for policymakers and regulators to foster women’s financial inclusion. It emphasises addressing societal barriers, leveraging digital financial services, and promoting regulatory frameworks. By advancing gender equity in finance, it contributes to achieving the Sustainable Development Goals, with a focus on economic empowerment, reducing inequalities, and fostering inclusive growth.
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OVERVIEW
Context and background
This paper identifies key barriers that women face in accessing financial services, particularly in developing countries. Despite progress, women remain disproportionately excluded from formal financial systems. Gender roles, societal norms, and legal barriers contribute to this inequality. Financial inclusion is highlighted as a tool to promote economic growth and social development, given that women invest heavily in family wellbeing. The report notes the financial inclusion gender gap, especially in regions like Sub-Saharan Africa, and highlights that reducing this gap could boost global GDP by up to USD 12 trillion by 2025.
Policy model objectives
The report sets out a framework for policymakers and regulators to address the gender finance gap through Gender-Inclusive Finance (GIF) policies. This model draws on lessons from successful initiatives and suggests using segmented approaches tailored to various groups, such as women-led MSMEs, rural women, and those with disabilities. A key objective is to enable financial institutions and regulators to integrate best practices for promoting financial inclusion. The model underscores the importance of regulators creating a conducive environment that empowers women to use financial products effectively.
Scope and application of the GIF policy model
This section outlines the broad applicability of the GIF model, emphasising its alignment with seven thematic areas: consumer empowerment, digital financial services, financial inclusion data, financial inclusion strategy, global standards, inclusive green finance, and SME finance. The report also covers cross-cutting areas, such as financial inclusion for youth, displaced persons, and persons with disabilities. The framework provides practical guidance to regulators on creating policies that consider the country’s specific context, adapting solutions to their needs while ensuring consistency with international standards.
Policy and regulatory initiatives for gender-inclusive finance
This chapter highlights policy and regulatory interventions across several key areas:
- Consumer empowerment and market conduct: Transparency, fairness, and financial literacy are critical for empowering women and ensuring they understand their rights and obligations.
- Digital financial services (DFS): DFS can help close the gender gap by providing women with safe, affordable, and accessible financial tools. Examples include Egypt’s introduction of digital savings and lending groups, and Kenya’s leadership in mobile financial services. The report highlights the 6% global gender gap in financial inclusion, noting that digital platforms can help overcome physical barriers.
- Financial inclusion data: The collection and analysis of sex-disaggregated data is essential for creating evidence-based policies to support women’s financial inclusion.
- Financial inclusion strategy: Countries that incorporate gender considerations into their national financial inclusion strategies tend to achieve more equitable outcomes for women.
- Global standards proportionality: Applying global financial standards proportionately ensures that regulations do not hinder financial inclusion for underserved groups, including women.
- Inclusive green finance: Gender-inclusive finance strategies aligned with environmental sustainability empower women to be more resilient to climate-related risks.
- SME finance: Women-led MSMEs face significant financing gaps. Tailored policies and regulations are necessary to unlock their growth potential and promote sustainable development.
Other key enablers to gender-inclusive finance
Beyond regulatory actions, the report stresses the importance of addressing societal barriers, such as restrictive cultural norms that limit women’s financial empowerment. Policymakers are urged to work alongside community leaders and other sectors to address these barriers. Additionally, fostering public-private partnerships is recommended to support the implementation of gender-inclusive financial policies.