Women’s World Bank is one of the leading development agencies of Women, Human Rights, and Gender. Its mission is to empower women and girls so they can benefit from economic growth, political empowerment, and social welfare. In its effort to build a better world for women and girls, the organization has been able to dramatically scale the success of the Single Mother Program, which was initiated in 2021. The program was designed to help single mothers financially and build their families. The financial assistance that is provided through the institution helps to educate women and girl children about finance and other aspects of life.
This article will discuss some of the activities that are carried out by the Women’s World Bank that aim at achieving the goal of “Womenomics.” We will look into the following areas: microfinance, financing for business and development, training, and microfinancing. The goal of Women’s World Bank is to contribute actively towards building a stronger global network of partner microfinance organizations.
Microfinance – this term was coined to represent the micro-loan facility that the organization provides to women, especially those from the lower-income brackets. Microfinance is very important for empowering women as it provides a platform for small businesses start-ups to seek capital to grow and establish. Microfinance can be provided by any of the following sources: Government, private lenders, institutions such as the YMCA, or non-profit organizations such as the EDTA. In order to gain access to micro-lending, a potential borrower needs to be affiliated with an existing or eligible microlender. For new and low-income borrowers, there are also some organizations that provide guaranteed loans to women, called MIFIs ( MO Supplementary Feedings for Indigent Women).
Minimizing gender disparity in earnings and promoting financial inclusion and financial growth: The International Finance institute has identified nine areas of difference in earnings between men and women globally. Among these nine unequal aspects, two-thirds are due to gender discrimination, including pay gaps, recruitment and promotion, and the absence of women in top management teams at the company level.
The desire to be seen as competitive in the world economy prompted the introduction of MIFI. Microfinance has the potential to overcome many barriers, such as gender diversity in finance. Through the MIFI, women have the opportunity to be included in the microfinance industry network through proven lending practices such as unidirectional borrowing and other forms of secondary market financing. Moreover, a member of the mess can benefit by gaining access to other important sources such as government, private resources, and expert networks.
As organizations strive to build a more diversified workforce, they must also expand opportunities for low-income women to join and participate in the finance industry. Through the development of the MIFI, women can access loans even from low-income families. With the help of a trusted lending source such as a member of the mess, women can leverage the monetary benefits of their position in the microfinance industry, gain access to other sources of funding through the secondary market, and pursue professional and investment opportunities.
To encourage more women from low-income families to become active participants in the global economy, several financial institutions have implemented policies and programs that aim to make it easier for these women to join and participate actively in the microfinance sector. The most prominent among these measures is the availability of low-cost loans. The goal is to ensure that these low-income women do not miss out on their opportunities to enter the financial industry. Microfinance policies aim to increase participation rates of women at the executive level through policies such as direct credit and deposit policies, training programs, and scholarships and grants. These measures encourage female executives to take a leadership role and contribute to the growth of the microfinance industry.
Another important effort aimed at encouraging women’s financial inclusion is providing access to financial inclusion programs for the global poor. As is evident from the below table, there are many instances where women form a major socio-economic group within the global poor. The below-mentioned interventions aim at ensuring financial inclusion for women by building upon the existing structure of the global network of low-income women financial services such as the World Wide Web and the inclusion of women in the World Wide Web. This approach also provides access to online financial services for those who previously did not have easy access to such services.
The development of this global network can only be successful if there are sufficient numbers of women participating in the financial services industry. To build upon this success, several non-profit organizations have come up with different ways of engaging women and teaching them the basic skills required for financial empowerment. These organizations include the International Finance Women’s Training Program (WTP), the Association of Personal Financial Advisors (APFA), and the International Association of Businesswomen (IACAW). These organizations provide various training sessions, workshops, seminars, and other forms of assistance to help women become successful businesswomen. Many women then find it easy to access the various low-income sectors of society.