Panel Highlights Strategies To Bridge Gender Gap In Finance At Global Women’s Forum Dubai 2024

A recent panel discussion at the Global Women’s Forum Dubai 2024, in partnership with the World Bank Group, highlighted the need to close the gender gap in finance. The session, titled "WE Finance Code: A Systems Effort to Bridge the Gender Gap in Finance," was moderated by Wendy Teleki, Head of the Women Entrepreneurs Finance Initiative (We-Fi) Secretariat.

Teleki explained that We-Fi is a collaborative effort involving financial service providers, regulators, development banks, and other financial ecosystem players. The initiative aims to boost funding for women-led micro, small, and medium enterprises globally. This support helps these businesses grow and contribute positively to their economies and communities.

During the discussion, Teleki emphasised that governments, banks, and regulators must ensure non-discriminatory practices. "It calls for action on the government side and banks and regulators. It is important that they make sure that there is no discrimination in the system, making it easier to provide loans without collaterals," she told the panel comprising Asya Akhlaque and Hanta Rokotovao.

Teleki noted that women are often hesitant to seek bank funding. Even when they do apply, they are less likely to receive it. This hesitance partly stems from uncertainty about securing necessary funds for business growth.

Hanta Rokotovao from BNI Madagascar Bank highlighted unique challenges in Madagascar. She stated that 90% of businesses operate informally within the SME sector. This informal nature poses difficulties for banks when providing financial services.

Rokotovao pointed out that women entrepreneurs in Madagascar face additional hurdles due to asset ownership requirements for accessing finance. This requirement limits their ability to secure necessary funding for business operations.

The forum underscored the importance of collaborative efforts among various stakeholders to address these challenges effectively. By working together, they aim to create a more inclusive financial environment for women entrepreneurs worldwide.

With inputs from WAM