Let’s address gender disparities in financial inclusion to promote economic growth 

Mrs Graça Machel, Founder, Graça Machel Trust, has called for bold and deliberate action to bridge the gender gap in financial inclusion in West Africa. 

She emphasised that empowering women entrepreneurs in the digital economy was key to driving inclusive economic growth. 

Mrs Machel was speaking at the third ECOWAS Regional Convening on Women’s Financial Inclusion in the Digital Economy in Accra, held on the theme: “Digital Transformation and Cross Border Trade: Unlocking the Potential for Women Entrepreneurs in West Africa”. 

She said digital tools offered women the chance to expand their businesses, connect to new markets, and participate fully in cross-border trade. 

“Platforms like mobile money services, digital trade hubs, and e-commerce marketplaces enable women to access regional and international markets without the traditional barriers of physical infrastructure.  

“These tools provide secure payment systems, efficient logistics, and access to networks that amplify women’s economic power,” she noted.  

She highlighted the passing of Ghana’s Gender Equity Bill as a critical milestone, saying, it underscored “the potential for every African country to enact, implement, and monitor transformative legislation, especially those advancing women’s economic and human rights.” 

She noted that across sub-Saharan Africa, the financial inclusion gender gap remained at an average of 12 per cent, with women in countries like Nigeria, facing disparities as high as 20 per cent. 

“Only 51 per cent of women in the region have access to formal financial services compared to 59 per cent of men. Encouragingly, mobile money has narrowed this gap, with Ghana leading in growth,” she observed, citing the increase in women’s account ownership in Ghana from 54 per cent in 2017 to over 63 per cent in 2021. 

Mrs Machel called for investments to improve access and affordability of digital tools, particularly in rural areas. 

“One thing is to have a phone. Another is to have internet and the money to pay for it to do business,” she said, stressing that besides celebrating availability, it should be remembered that “access requires affordability.” 

She urged stakeholders to expand training programmes that equipped women with the skills to navigate digital platforms.  

She called on the government to put in place gender-sensitive regulations to ensure equitable access to credit and trade opportunities. 

She added that private sector actors, civil society and international organisations must collaborate to scale up solutions. 

“When we empower women, we empower families, communities and nations. Together we can create a future where women entrepreneurs lead the charge in transforming our economies and ensuring shared prosperity for all.” Mrs Machel said.  

The convening brought together government officials, private sector leaders, civil society representatives, and women entrepreneurs from across the region to explore strategies for advancing financial inclusion. 

Established in 2010, the Graça Machel Trust is a Pan-African advocacy organisation focused on child health and nutrition, education, women’s economic and financial empowerment, leadership and good governance.  

Source: GNA 

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