United Nations Development Programme (UNDP) says there is need for a tailored banking and credit solution to empower women amid continued inequality between women and men on financial inclusion.
UNDP resident representative Fenella Frost said this on Thursday in Lilongwe at the Bankers Association of Malawi (BAM) Financial Sector Conference for women.
economic empowerment. | George Lumwira
In her address, she decried continued challenges facing the women empowerment initiatives, noting that in Malawi 69 percent of women access formal financial services compared to 82 percent for men which means there are a lot to be done to achieve gender equality.
Said Frost: “Financial inclusion is a cornerstone of economic empowerment yet in Malawi, only 69 percent of adult women have access to formal financial services as compared to 82 percent of men.
“This gap must be addressed through a tailored banking and credit solutions that meet the unique needs of women entrepreneurs.”
She said one way in which the UN system is working to address this gap is through piloting and scaling innovative financial solutions through the UN Capital Development Fund in partnership with the community savings and investment promotion programme.
Frost said the women empowerment remains weak in most Sub-Saharan African countries, including Malawi, despite the Belgium conference, some 30 years, ago agreeing on countries dealing with the challenge.
“This is now 30 years since we had a Belgium conference that made substantial global commitments towards women equality in society in general but despite that, and we know, in many countries including in Malawi women are not equal to men and that doesn’t make social sense, it doesn’t make political sense and that’s not good for development,” she said
Frost said the situation is resulting in sub-Saharan Africa region losing $95 billion annually because women-led businesses usually make good profits, as such, empowering women can unlock the country’s economic potential.
BAM chief executive officer Lyness Nkungula challenged women in financial institutions to strive for leadership positions, a move that strengthen its drive to empower women economically.
She said women empowerment is central to achieve inclusive wealth in line with the Malawi 2063, the country’s long-term development plan, as such, women should strive for leadership positions through hardworking without necessarily competing with men.
Nkungula said: “Women empowerment is central to achieving this vision, as gender equity accelerates economic growth, enhances societal well-being and sustainable development. By empowering women, Malawi can unlock untapped potential across all sectors.
“More than ever, there is a pressing need to take action. Achieving gender equality is not only a matter of justice but also a prerequisite for national progress.”
The conference was held under the theme ‘Catalysing change: Fast-tracking women’s
leadership and economic empowerment in Malawi’, attracted 55 women from banking, insurance and microfinance sectors.
