It's time to create conditions to empower women with fintech

HISTORICALLY, women in emerging economies have been at a disadvantage when it comes to accessing financial services. Barriers to access typically include the absence of banks in rural areas, the duty of caring for family and other work responsibilities or a lack of the appropriate documentation required to become part of the financial fabric of society.

Despite notable advancements to drive inclusion, women are still less likely than men to own an account at a financial institution and more likely to be financially excluded, according to the 2017 Global Findex database by the World Bank. This is especially pronounced in Asian countries like India, Bangladesh and Pakistan, where the gap between men and women owning an account is nearly 30 per cent.

In South-east Asia, the actual population of unbanked women is difficult to identify. We do know, however, that women in emerging Asian economies are more likely to be engaged in informal employment and remunerated in cash.