Global nonprofit organization Accion has launched an initiative to bridge the $1.7 trillion financing gap, according to the World Bank, that holds back women entrepreneurs in emerging markets.
With millions of women still excluded or underserved by traditional financial systems, this program is designed to provide solutions that particularly meet their unique needs, enabling them to grow their businesses and achieve financial independence.
To drive this huge impact, Accion is partnering with financial institutions such as Sajida in Bangladesh, Fidelity Bank in Ghana, SEWA (Self-Employed Women’s Association) in India, and Techreo in Mexico.
Together, they will work to break down systemic obstacles, reduce gender inequalities, and expand financial access for women entrepreneurs worldwide.
Many financial service providers lack sustainable strategies to serve women customers, and existing products often do not meet their specific needs. This new program aims to create new solutions that can be replicated by other financial service providers, helping to advance women’s financial inclusion globally.
Accion’s team of experts will work with each institution on improving internal processes to promote gender equity, developing credit risk models, designing new products, and implementing strategies for sex-disaggregated data.
New solutions are expected to include creating a digital profile for women who lack access to formal financial services, scaling a resilience fund in response to climate shocks, conducting market research to better understand social norms that prevent women from accessing and using financial services, and designing programs designed to address the financial needs of young women.
The 12-month program is supported by The Coca-Cola Foundation. It builds on Accion’s work connecting local ecosystem actors with the latest technologies to test, improve, and scale responsible financial solutions that enable small business owners and their families to strengthen their economic well-being.
Liza Guzmán, vice president of Customer Strategy and Women’s Economic Empowerment at Accion Advisory: “Over one billion women globally still lack access to the essential financial services that can help them build successful businesses and invest in their futures. Working with four partners – all leaders in financial inclusion in their countries – Accion will bring its deep experience helping companies provide innovative and affordable financial solutions to small businesses and hard-to-reach customers in emerging markets.”
Carlos Pagoaga, president of The Coca-Cola Foundation, noted: “We are building on our rich legacy of supporting women’s economic empowerment programs to provide underserved women with access to economic opportunities, which will ultimately create shared value with the goal of a better collective future, enhancing the livelihoods of women, their families, and their communities.”
