Women from various corners of Africa and beyond have discussed ways of building capacities among themselves as a way of fostering their access to financial opportunities and reduce from the number of women who do not transact with banks from a staggering 70%.
This was discussed during the meeting held yesterday under the auspices New Faces New Voices, attended by delegates participating in the World Economic Forum on Africa held in Rwanda.
The founder of New Faces New Voices, Graca Machel said that insufficient involvement in financial services demonstrates that women have inadequate information on maximizing opportunities from financial institutions.
One of the female entrepreneurs, Elizabeth Swai Elizabeth Swai who is the leader of Glitters Company Limited, said that women face challenges of high interest rates when they request for bank loan while others completely lack knowledge on how to work with banks.
“I request financial institutions to explain to women all about bank products and services to get rid of the information vacuum. I am used to hearing some people who requested loans consulting whether it was necessary or not,” she said.
Dr Monique Nsanzabaganwa, the deputy governor of the National Bank of Rwanda and the leader of New Faces New Voices in Rwanda said that they will keep mobilizing financial institutions to increasingly inform customers on available services which will attract women and get them in the loop of financial inclusion.
“In Rwanda, we want to bring together thousands of women to launch an investment fund, use the money from the fund to increase capacities of and avail various financial services to women,” she said.
Dr Nsanzabaganwa said that women need to be supported beyond accessing loans but build their capacity and entrepreneurship skills as well.
Graca Machel, the founder of New Faces New Voices highlighted that everyone’s participation is needed to remove exclusion of women in financial services.
The organization New Faces New Voices was launched in 2010 and targets to promote women’ participation in decision making and accessing financial services.
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