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Over the past few years, the world has made progress on its financial inclusion goals. Five hundred fifteen million adults have gained access to financial services since 2014. However, little progress has been made on closing the gender gap in financial inclusion. Globally, women are seven percent less likely than men to have a bank account. In developing economies, this number grows to nine percent. Not only does lack of access limit these women’s economic potential, but it hampers that of their communities as well. Research shows that small and medium-sized enterprises run by women are better at reinvesting profits in the business, investing in their families’ health and education, and strengthening local communities. Improving women’s access to finance could boost global economic output by up to $28 trillion by 2025, according to some estimates.
We have created digital tools and services to provide women with equal access to training and capital in order to grow their small businesses. If we can ensure women and girls have tangible control over their financial futures, the economic potential of entire communities will increase.