A recent global gender gap report from the World Economic Forum estimates that it will take an extra 36 years to achieve global gender parity from its previous assessment of 100 years.
The organization has also noted that it will take the world another 268 years to close the economic gender gap.
This data does not take into perspective the fallout from the pandemic, which when considered could be very unpleasant.
The impact of COVID-19 has also reinforced existing inequalities that affected women in the domestic and professional spheres. Women were disproportionately affected due to their representations in fragile and informal sectors and extra hours of unpaid care following the lockdown and school closures. In South Africa alone, women accounted for two-thirds of the net job losses between February and April of 2020. And as it stands, 20 million girls may never return to school after the pandemic is over.
Nigeria in particular faces a huge challenge with the widening gender gap in financial inclusion which cripples the economic strength of women.
A distressing report by EFInA and the Central Bank of Nigeria published in 2019, revealed that 36% of women were financially excluded compared to 24% of their male counterparts.
The report cited low income, financial illiteracy and mistrust of financial service providers as the major factors impeding women’s participation in financial services. Following this, if women had access to trusted communities, financial literacy programs and opportunities to expand their incomes, considerable progress would be made in closing the economic gap.
What initiatives can be harnessed to drive female financial inclusion?
Whilst a number of commendable projects and recommended policies have sprung up in recent times to support women’s development, one thing holds true, the need for a community of women linked in arms roundabout, opened to sharing their stories to empower the next woman. This is what we wanted to achieve with Women Talking Finance by HerVest; to democratize women’s access to information and opportunities through our community of financially empowered women.
What is Women Talking Finance by HerVest about?
Women Talking Finance is a monthly newsletter by HerVest which discusses how technology and sustainable finance can be leveraged to create widespread financial awareness for women and ultimately bridge the economic gender gap in Africa. It covers features from: Global gender impact updates, HerVest products and company updates, Insights for Her, Fintech news across Africa and much more.
The newsletter will convey practical and innovative solutions to drive financial inclusion for women in Africa.
Worth mentioning is our interpretation of finance which is expanded to include more than money. While we understand that money is a key factor to bridging the economic gender gap, it’s not all there is to financial empowerment and wealth building. Women Talking Finance will open doors to real conversations that prioritizes the woman. Building a viable financial ecosystem is much about the mindset and health of the woman as well.
The major objective here is granting women access to self development, financial, technological products, services, processes and opportunities that are tailored to meeting their unique needs and improving their lives. It will also act as platform to highlight the stories of many underrepresented women and girls, connecting them to policy makers to drive necessary awareness and change. This should be the motto and driving force of female centered communities. We need representations to show women what’s possible if we work together. And technology and finance is our pivotal to this.
Hopefully, Women Talking Finance will be that wise friend with tons of advice and practical tools to guide you along the paths of fulfilling your money goals, potential and purpose.
To get a regular dose of Women Talking Finance by HerVest, subscribe to the newsletter here and you’d be the first to know when the next edition drops.
