Global Women’s Forum Dubai 2024 Highlights Fintech's Impact On Women's Empowerment And Financial Inclusion

The Global Women’s Forum Dubai 2024 hosted a panel titled ‘Fintech for All: Harnessing Innovation to Benefit Women and Beyond’. This discussion explored how financial technology is reshaping opportunities for women globally. The panellists included Hela Cheikhrouhou from the International Finance Corporation, Amnah Ajmal of Mastercard, Mohammed Albalooshi from DIFC Innovation Hub, Noor Sweid of Global Ventures, and Neha Mehta from FemTech Partners. CNBC's Dan Murphy moderated the session.

Cheikhrouhou stressed fintech's crucial role in promoting financial inclusion, especially in underserved areas. She explained that fintech solutions empower women by improving access to essential financial services, thus advancing gender equality and economic empowerment. The panellists agreed that fintech is a key enabler for women's empowerment, transforming industries and increasing financial inclusion.

Ajmal shared an early career lesson where her boss encouraged her to embrace challenges and focus on potential outcomes rather than fear failure. She highlighted the importance of measuring impact and discussed how fintech, particularly cash digitisation, helps women in Africa protect their earnings and grow their businesses. Ajmal also urged women to confidently apply for jobs even if not fully qualified.

Albalooshi discussed initiatives at the DIFC Innovation Hub aimed at empowering women in finance. He mentioned programmes like ‘AccelerateHER’, which support women's career growth and encourage the development of women-led startups. Launched in 2019, AccelerateHER equips aspiring women professionals with advisory support from Dubai’s top talent and industry leaders.

Sweid pointed out the disparity in venture capital management, noting that only a small percentage of funds are led by women in the region. She emphasised the rapid growth of the regional ecosystem and expanding opportunities for women in this sector. Sweid highlighted how these developments are paving the way for more female leadership in venture capital.

Mehta addressed the global funding gap for women-led fintech startups. She explained how digital solutions can financially empower women by providing greater access to financial tools. These tools enable women to manage finances more effectively and expand their businesses.

The forum underscored fintech's transformative potential for women's empowerment worldwide. By enhancing access to financial services, fintech is helping bridge gender gaps and foster economic growth across communities.

With inputs from WAM