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HomeWomen FinancialsPRESS RELEASE | African leaders decide to financial empowerment for low-income ladies

PRESS RELEASE | African leaders decide to financial empowerment for low-income ladies


Girls’s World Banking convenes an Africa Advisory Council

NEW YORK – Twelve high-profile African leaders, together with Nigerian Finance Minister Dr. Ngozi Okonjo-Iweala, have joined with international nonprofit Girls’s World Banking to type a brand new advisory council with the frequent objective of bringing financial empowerment to low-income African ladies.

In line with Mary Ellen Iskenderian, President and CEO of Girls’s World Banking, solely 20 p.c of ladies in Africa have a checking account.

“We’re thrilled with the caliber of leaders who’ve joined the Africa Advisory Council. It’s a testomony to the urgency of this difficulty. As among the most distinguished non-public and public sector leaders in Africa, this group will not be prepared to face by whereas ladies are regularly ignored of the formal economic system,” mentioned Ms. Iskenderian.

From the federal government, monetary, expertise and shopper product sectors throughout the continent, the Africa Advisory Council contains as Honorary Co-Chairs Dr. Ngozi Okonjo-Iweala, Minister of Finance of Nigeria, and Dr. Jennifer Riria, Group CEO of Kenya Girl Holding.

“All of us agree that this mission to deliver monetary instruments and sources to the ladies of Africa is of utmost significance,” mentioned Dr. Okonjo-Iweala.

“Entry to a checking account is a proper that low-income ladies have gone with out for too lengthy, however we don’t be a part of this Council as an act of charity. Serving the low-income ladies’s market is certainly not a charitable endeavor, however a big market alternative for banks. Establishments that don’t embrace these purchasers will likely be left behind.”

Ms. Iskenderian referred to as the Africa Advisory Council “an unprecedented useful resource” in growing a sturdy, actionable technique for reaching these ladies. She mentioned it is a distinctive alternative to attract on the experience of leaders of their fields who share Girls’s World Banking’s dedication to constructing safety and prosperity for girls in Africa.

“Investing in women and girls is without doubt one of the best possible investments we are able to make,” mentioned Justine Greening, Worldwide Growth Secretary. The African Advisory Council was established with assist from Monetary Sector Deepening Africa (FSD Africa), an initiative funded by the U.Ok.’s Division for Worldwide Growth.

“This dedication from African leaders to affix the Africa Advisory Council is a crucial step in direction of giving ladies entry to the monetary companies they should thrive. The underside line is not any nation can actually develop if it leaves half its inhabitants behind. That’s the reason the U.Ok. is already working with Girls’s World Banking to offer over a million ladies throughout Africa with key monetary companies.”

The Council will collect in Nairobi on November 24th for its first assembly and convene 3 times a yr – at all times in Africa – in an effort to lift consciousness of the significance of bringing extra ladies into Africa’s formal monetary and banking sectors.

“I’ve seen firsthand how entry to finance generally is a key driver to financial empowerment of ladies; a foundation for reworking the best way the world works for girls and their households,” mentioned Dr. Riria, who leads certainly one of Girls’s World Banking’s founding Community Member organizations and can also be Chair of Girls’s World Banking’s Board of Trustees.

“Although the cultures and communities all through Africa are various, ladies share lots of the identical boundaries to financial empowerment: geographic, emotional and monetary. This Council is poised to advocate for these ladies and construct a path ahead for monetary inclusion.”

Becoming a member of Dr. Okonjo-Iweala and Dr. Riria on the Advisory Council are:

  • Ade Ashaye, Nation Supervisor, Visa West Africa (Nigeria)
  • Anne-Marie Chidzero, CEO, Monetary Sector Deepening Mozambique, and CEO, AfriCap Microfinance Funding Firm (South Africa/Mozambique)
  • Geraldine Fraser-Moleketi, Particular Gender Envoy, African Growth Financial institution (Tunisia)
  • Dr. Frannie Léautier, Associate and CEO, Mkoba Non-public Fairness Fund (Tanzania)
  • Luke Mckend, Nation Supervisor, Google (South Africa)
  • Debra Mallowah, Vice President, Private Care, Unilever Africa (Kenya)
  • Elisabeth Medou-Badang, CEO, Orange Cameroon
  • Nomkhita Nqweni, CEO, Absa Capital, Wealth and Funding Administration (South Africa)
  • Dr. Monique Nsanzabaganwa, Vice Governor, Nationwide Financial institution of Rwanda
  • Arunma Oteh, Director Common, Securities and Trade Fee (Nigeria)

Girls’s World Banking at present works with 34 monetary establishments in 24 international locations, serving greater than 20 million low-income purchasers, 14 million of whom are ladies. Girls’s World Banking’s success in reaching un- and under-banked ladies over the previous 30 years relies on in-depth analysis – understanding the lives of ladies and growing merchandise that meet their wants whereas being sustainable for the monetary establishment.

With assist from FSD Africa, Girls’s World Banking is at present partnering with three main banks in Africa – Diamond Financial institution in Nigeria, NBS Financial institution in Malawi and NMB in Tanzania – to create monetary companies particularly tailor-made to the distinctive wants of ladies, together with progressive financial savings accounts and loans for rural entrepreneurs and farmers. Girls’s World Banking additionally works in Kenya, Ethiopia, Uganda, Rwanda, Morocco, Tunisia and Egypt.

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