DEAD SEA, Jordan, Nov. 13, 2018 /PRNewswire-PRWeb/ -- Women are disproportionately excluded from financial systems around the world, with a stubborn 7 percent gender gap in global financial inclusion and a 9 percent gender gap in developing markets, according to 2018 World Bank Global Findex data. The Middle East and North Africa (MENA) has the largest gender gap of any region, with only 35 percent of women banked. The Global Banking Alliance for Women (GBA) is convening actors from across the financial services ecosystem at its Annual Summit to discuss the barriers that are inhibiting women's financial inclusion and economic empowerment in the region and globally, and how they can best be overcome with collaborative approaches that solve for women's lifecycle needs.
At a press event held alongside the 2018 Summit, GBA CEO Inez Murray emphasized the importance of these approaches that take into account women's distinct needs at each lifecycle stage, explaining the critical need for cross-sector collaboration.
"Despite efforts by a variety of players across the financial services ecosystem, the gender gap in financial inclusion has not moved since it was first measured by the Findex in 2011," she said. "Approaches that have proven effective for women integrate multiple players in the ecosystem – both public and private – and focus on creating solutions in the moments women need them most."
Dr. Ziad Fariz, Governor of the Central Bank of Jordan, discussed the country's gender gaps in both access and usage of financial services. He shared the Central Bank's goal of reducing these gaps and plans to achieve it.
"There is a significant opportunity in Jordan to increase women's financial inclusion, and we have set a formal goal to reduce our gender gap by 20 percentage points by 2020, " Dr. Fariz said. "Leveraging fintech and boosting women's financial know-how are key levers we are pulling, and we are working closely with banks in our country to help them become more effective at banking women."
Nadia Al Saeed, CEO of GBA Summit host Bank al Etihad, discussed the bank's Shorouq program – the first initiative of its kind in Jordan to support women with a holistic suite of financial and non-financial services. Shorouq has a particular focus on providing meaningful offerings for women at each lifecycle stage, including specialized products and/or services for women in business, women with families, women looking to re-enter the workforce and retirement. The bank partners with a variety of organizations across the country to help them deliver on these offerings.
"In support of an economy in which women's economic participation is crucial, Bank al Etihad is taking concrete steps to support women in Jordan," Mrs. Al Saeed said. "We are extremely proud of the results we have helped our women clients to achieve and of our role as a champion of Jordanian women."
Vice Chairman of Mastercard, Ann Cairns, discussed the global payment technology firm's important role within the financial services ecosystem, and its latest efforts to create solutions that meet women's needs, including partnerships like Jaza Duka in Africa with KCB Bank and Unilever.
"Mastercard is committed to bolstering the female economy worldwide as women are a vital, yet underserved source of global growth, prosperity and innovation," Cairns said. "As part of that work, we engage in partnerships at both a regional and global level across multiple sectors, to help digitize ecosystems and propel women's financial inclusion and economic empowerment. You can't have the internet of everything, without the inclusion of everyone."
SOURCE GBA Summit
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