Closing the gender gap in financial inclusion would promote economic growth and resilience, reduce gender inequalities, enable more autonomy for women, and contribute positively to sustainable development.
Collecting gender data is the first step toward expanding women’s access to and use of financial services. Two types of gender data are necessary to close this gap: demand-side data (data from clients) and supply-side data (data from financial service providers). This data can show whether women can access financial services; challenges to access or usage; if they are using existing financial products and services; which products and services they are most frequently using; and, the potential business opportunity for targeting women as clients.
Our WFID Partnership is working to improve the production and use of sex-disaggregated data on access to and use of financial services to close the gender gap in financial inclusion. It includes the Alliance for Financial Inclusion (AFI), Data2X, the European Bank for Reconstruction and Development (EBRD), the Financial Alliance for Women, the Inter- American Development Bank (IDB), IDB Invest, the International Finance Corporation (IFC), the International Monetary Fund (IMF), the World Bank Group (WBG), the Organisation for Economic Cooperation and Development (OECD), and the United Nations Capital Development Fund (UNCDF). The partnership is coordinated by Data2X. The Financial Alliance for Women is its technical lead.
WFID’s current efforts include mapping gender data in financial services ecosystems; showcasing best practices in gender data collection and use and country experiences; developing knowledge products and case studies; designing and implementing gender data in partnership with the public and private sectors to increase women’s financial inclusion; working to harmonize priority supply-side data definitions and indicators on women’s financial inclusion; and promoting global advocacy and awareness on the important role gender data plays in increasing financial inclusion.