What's Happening?
The Alliance for Financial Inclusion (AFI), in collaboration with ConsumerCentriX (CCX), has developed a Gender-Inclusive Finance (GIF) Roadmap for 11 member countries in the Latin America and Caribbean
(LAC) region. This initiative aims to enhance women's financial inclusion and reduce gender gaps by systematically reviewing practical policy actions. The project involved conducting case studies in 13 countries, including eight from the LAC region, to understand the role of regulators in closing the financial inclusion gender gap. The research, led by CCX Partner Benedikt Wahler, emphasizes the importance of integrating a focus on women into crisis response strategies, which can act as a force multiplier rather than a distraction.
Why It's Important?
This initiative is significant as it addresses the financial inclusion gender gap, which affects 740 million women globally. By enhancing women's access to financial services, the initiative could potentially add USD 12 trillion to the global domestic product. The roadmap and case studies provide valuable insights for policymakers on designing gender-sensitive rapid response and crisis recovery policies. These policies not only aim to improve women's financial inclusion but also contribute to economic stability and growth by ensuring that financial services are accessible to vulnerable segments, including women.
What's Next?
The AFI has published a policy toolkit titled 'Gender-Sensitive Rapid Response and Crisis Recovery Policies,' which serves as a comprehensive guide for policymakers and practitioners. This toolkit offers strategies for developing gender-inclusive financial policies and crisis response strategies. It includes tools for assessing a country's context for gender-inclusive finance and strategies for different phases of crisis response. The toolkit aims to inspire policymakers to design policies that address barriers to financial inclusion for women and other vulnerable groups, ultimately leading to more resilient economies.
Beyond the Headlines
The focus on gender-inclusive finance highlights the need for policies that consider the unique challenges faced by women in accessing financial services. Traditional gender-neutral policies often fail to address these challenges, resulting in limited effectiveness. By adopting gender-intelligent or gender-transformational policy designs, policymakers can better serve the needs of women and other marginalized groups. This approach not only benefits women but also enhances the overall effectiveness of financial policies, contributing to broader economic and social development.
