Financial inclusion is seen as a major driver of economic development in Africa. However, access to financial services by individuals and enterprises is still limited across the continent. Gender plays a particularly important role, as women are much more financially excluded than men. The various challenges differ from country to country. In some countries women have only limited access to credit or insurance products, while in other countries women have more difficulties opening a savings account or face access barriers to any financial product. These diverse constraints offer many opportunities for improving women’s financial inclusion and are often linked to reaching overall development goals. In the past, financial institutions have undertaken efforts that primarily focus on women but with limited broader regional or national outreach. In order to reach a wide range of financial institutions and have an impact on the supply side, while improving women’s access to financial services on the demand side, framework conditions need to be adjusted. This issue has been recognized by African policy makers and regulatory authorities such as the central bank governors of Zambia, South Africa and Mozambique.
