NAIROBI, Kenya, July 7 – Women’s World Banking has continued its efforts to advance women’s financial inclusion.
The organization hosted industry leaders, policymakers, and advocates from across Africa in an event aimed at spotlighting the urgent need to empower nearly one billion women excluded from formal financial systems worldwide.
Its CEO, Mary Ellen Iskenderian, highlighted the barriers and opportunities surrounding financial inclusion for women, emphasizing the role of leadership in driving impactful change.
“I believe that expanding microfinance institutions and tailored programs targeting women can provide the essential capital for women to initiate and expand their businesses,” she said.
She highlighted the critical role of credit guarantee schemes in mitigating risks for financial institutions lending to women-led enterprises, essential steps towards closing the $42 billion (sh5.4 billion) financing gap identified by the African Development Bank.
On her part, Angela Wambugu, Director of Advisory Services—Africa at Women’s World Banking, underscored the importance of policy reforms and innovative financial products tailored to women’s needs.
“Equal rights to property and inheritance are pivotal in empowering women economically, thereby facilitating easier access to credit,” Wambugu explained.
Since 2018, Women’s World Banking has enabled 1.6 million African women to access financial solutions, collaborating with over 20 financial service providers in the region.
Their initiatives, including the Leadership and Diversity Program for Regulators, aim to enhance financial resilience and expand access to credit for women-led MSMEs across Rwanda, Nigeria, Egypt, Kenya, and Ghana.
