Leading global nonprofit unlocks women’s financial power and announces the winners of the 2023 Fintech Innovation Challenge
Women’s World Banking, a global leader in advancing financial inclusion for low-income women across the world, is bringing the Making Finance Work for Women Summit to Mumbai, India on 24-25 May 2023. Convening for the first time in person since 2019, the Making Finance Work for Women Summit will provide a space for over 300 leaders in the financial services, investor, philanthropy, policy, and technology communities to come together and discuss innovative ways to economically empower all women through financial inclusion.
“From climate change to the ongoing effects of the COVID-19 pandemic, we continue to face an unprecedented number of events negatively impacting the global economy – often with particularly damaging consequences for women,” said Mary Ellen Iskenderian, President and CEO of Women’s World Banking. “Nearly one billion women across the world still lack access to the formal financial services that would allow them to be resilient in the face of these challenges. The Making Finance Work for Women Summit is one of the ways Women’s World Banking is trying to close the gender gap in financial services. We will showcase proven solutions that can be adapted by financial services providers and policymakers around the globe.”
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At this year’s Making Finance Work for Women Summit, attendees will have the opportunity to hear from leaders such as Stephanie Copus Campbell, Australia’s Ambassador for Gender Equality; Soraya Hakuziyaremye, Deputy Governor, National Bank of Rwanda; and Rajesh Bansal, CEO, Reserve Bank Innovation Hub. Panel discussions will touch on everything from finance for displaced women, to gender lens investing, to the role of the ‘S’ in ESG, providing attendees with a space to both better understand why financial power is vital to economic resilience and see what they can do to unshackle women’s financial power.
“We are lucky to have so many thought leaders gathered with us in India, which is where Women’s World Banking’s story began more than 40 years ago and where we continue to do some of our most impactful work,” continued Iskenderian. “With India holding the Presidency for the G20 this year, we could think of no better location for creating innovative pathways to women’s financial inclusion.”
Women’s World Banking is excited to bring back the Fintech Innovation Challenge as a part of this year’s Making Finance Work for Women Summit programming. The Fintech Innovation Challenge is a global competition to showcase solutions that tackle the persistent challenges in serving low-income women. The Challenge will culminate on the final day of the Summit where the four finalists – GajiGesa, IndiaP2P, MeraBills, and Paycode, selected from a field of 98 applications from 34 countries – will deliver their pitches to a judging panel comprised of experts from financial services, technology, innovation, and regulatory bodies. The winner will receive a priority pitch slot at the Inclusive FinTech Forum in Rwanda, powered by Elevandi. The Challenge is sponsored by the Bill & Melinda Gates Foundation and Ernst & Young LLP (EY US).
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“Fintechs have a unique advantage in addressing the digital financial services inclusion gap for women. This year’s applicant pool was full of innovative companies with exciting business models for addressing the biggest obstacles to women’s financial inclusion,” said Iskenderian. “All four of our finalists, three of which are led by female founders, hold enormous potential to promote women’s economic security and prosperity.”
Women’s World Banking is committed to promoting financial inclusion and bolstering economic empowerment for women. To date, the global organization has increased access and/or usage of financial products and services to more than thirteen million women in emerging markets. In the last year alone, Women’s World Banking invested eighty-eight million dollars in inclusive finance institutions, reaching over six million women.
The Making Finance Work for Women Summit is presented by Women’s World Banking with support from Leading Sponsor, the Bill & Melinda Gates Foundation and Scaling Sponsor Ernst & Young (EY US). The event is made possible with additional sponsorship from MetLife Foundation, European Investment Bank, The Sasakawa Peace Foundation, International Finance Corporation (IFC), and The United Nations Capital Development Fund. Women’s World Banking is grateful for the ongoing support of its core funders: Australia’s Department of Foreign Affairs and Trade (DFAT), the Swedish International Development Cooperation Agency (Sida), and Visa Foundation.
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