Universal Financial Access

Financial Inclusion of Women in Five Charts

“The goal of the World Bank’s Universal Financial Access by 2020 initiative is to have an account for every individual, not every household, which is important for women’s benefit and economic participation, according to Douglas Pearce, the World Bank Group’s Lead on Financial Inclusion. When women participate in the financial system, there is higher economic growth, reduced inequalities, and greater physical and social well-being.” Nina Vucenik reports.

 

The world bank charted that women are most likely to borrow money from family and friends before financial institutions or private informal lenders. Education spending was also more prevalent over health and business.

 

The world Bank Group, under the Universal Financial Access, is partnering with 25 countries where 73% of all financially excluded people live, with the goal of reaching financial inclusion by 2020.