Mo­bile money to close fi­nance gen­der gaps

The Star (Kenya) - - News -

CYN­THIA ILAKO/ Ris­ing in­no­va­tions in mo­bile money plat­forms will help close the fi­nan­cial gen­der gap, a report by Omid­yar Net­work, a philanthropic in­vest­ment firm owned by eBay founder Pierre Omid­yar re­veals. Women in Kenya, the report says, are most vul­ner­a­ble to in­creased fi­nan­cial bur­dens, like the ones that arise when men aban­don their re­spon­si­bil­i­ties of pro­vid­ing for their fam­i­lies. The prob­lem is com­pounded by the largely pa­tri­ar­chal so­ci­ety, which bars women from own­ing land. “Al­though we have made great strides to ex­pand ac­cess to fi­nan­cial ser­vices through new tech­nolo­gies and in­no­va­tive busi­ness mod­els, the gen­der di­vide stub­bornly per­sists in most emerg­ing mar­kets,” Omid­yar Net­work part­ner Til­man Ehrbeck said. The report es­ti­mates about 1.1 billion women glob­ally are ex­cluded from the for­mal fi­nan­cial system. In de­vel­op­ing coun­tries, 59 per cent of men hold bank ac­counts com­pared with 50 per cent of women.

Newspapers in English

Newspapers from Kenya

© PressReader. All rights reserved.