The financial inclusion of women has emerged as a critical issue, with an estimated one billion women worldwide lacking access to formal financial services. Mary Ellen Iskenderian, the president and CEO of Women’s World Banking (WWB), underscores the importance of this topic, advocating for equitable access to finance as both a moral imperative and a catalyst for broader human development. Iskenderian highlights how empowering women financially leads to healthier families, better-educated children, and overall societal progress. Her insights also shed light on the historical background of WWB and the ongoing efforts to bridge the gender gap in financial services.

Financial inclusion for women is not just about opening bank accounts; it's about ensuring they have access to a full spectrum of financial tools. This includes savings accounts, credit facilities, insurance, and digital payment options. The benefits extend far beyond individual empowerment, contributing significantly to achieving the United Nations' Sustainable Development Goals (SDGs). For instance, when women control household finances, their spending patterns often prioritize nutrition, healthcare, and education, leading to healthier and more educated family members. Moreover, financial inclusion can foster greater political engagement among women, enhancing their participation in local governance and elections.

The journey toward financial inclusion began decades ago at the first UN conference for human rights for women in Mexico City in 1975. Visionaries like Elaben Bhatt from SEWA, Kenyan entrepreneur Mary Okelo, and Esther Ocloo from Ghana laid the foundation for what would become Women’s World Banking. Initially focused on providing guarantees for bank loans to women entrepreneurs, WWB evolved to build capacity within microfinance institutions dedicated to serving women. Over time, the organization shifted its focus to creating a network of these institutions, ensuring that women had access to comprehensive financial services.

In recent years, significant strides have been made in bridging the gender gap in financial services. One notable change is the reduction in the smartphone ownership gap between men and women in India. Post-Covid measures, such as the provision of digital payments exclusively to women during lockdowns, have spurred the creation of millions of new bank accounts. These initiatives signal a cultural shift, challenging traditional norms that previously restricted women's access to technology and financial resources.

Despite these advancements, challenges persist. Misconceptions about women's creditworthiness remain prevalent, despite data showing higher repayment rates among women compared to men. Addressing these biases requires treating women as valued customers and providing them with the necessary support and education. Additionally, formalizing businesses run by women can reduce vulnerability to harassment and improve economic resilience. WWB's evolving approach now includes teaching women essential skills in digital and financial literacy, recognizing that access to finance alone is insufficient for sustainable empowerment.

Iskenderian's experiences in India highlight the transformative potential of financial inclusion. During her early visits, she encountered a woman whose life was upended due to limited financial resources and lack of insurance. This encounter reinforced the need for a comprehensive suite of financial products to provide a safety net for women. Ultimately, the path to true empowerment lies in ensuring that women have not only access to finance but also the knowledge and tools to navigate and thrive in the modern economy.