CGAP

#India is pioneering open finance among developing economies, with over 64 million accounts linked through its Account Aggregator (AA) ecosystem as of March 2024. While AAs are yielding positive results, there are still barriers to expanding #OpenFinance and boosting consumer trust. Building trust and awareness around the AA system will be essential to catalyse an inclusive open finance ecosystem in India. Learn more ??

While #FATF’s revised Financial inclusion guidance makes important strides toward promoting #FinancialInclusion — such as expanding its definition and emphasizing proportionality— it still lacks clarity on key issues. Specifically, the guidance needs to better address financial exclusion risks, de-risking, and supervisory oversight to ensure that AML/CFT measures do not unintentionally restrict access to #FinancialServices for vulnerable populations. The public consultation presents an opportunity for stakeholders to provide feedback and shape a more balanced final version.

At today's Atlantic Council Global Prosperity Forum, Sophie Sirtaine, CEO of CGAP, underscores all that is at stake in failing to close the gap for women's financial inclusion. ? "Access to capital between men and women is ... strikingly abysmal ... you have more than 700 million women in the world that have access to no financial services at all, not even a mobile account. $7 trillion could be generated in wealth and prosperity for the world with women's economic empowerment, that's twice what is needed to close the SDG gaps." ? #Path2Prosperity

Relying on aggregate financial data for insights provides only a general idea of reality – granular supply-side gender-disaggregated data (SGDD) can sharpen the picture, exposing financial behaviors and disparities that would otherwise remain hidden. Particularly when collected and analyzed with the right granularity, #SGDD is a crucial tool for financial supervisors to enable more inclusive, stable financial systems. Read more in this blog by CGAP's Tatiana Alonso and Yasmin Bin-Humam: https://cgap.pub/4iKYoWw

?? Small-scale farmers like Kapilaben face the brunt of climate change in #India. She spent 15 years as a floriculture farmer, but climate change forced her to switch crops. Faced with poor soil, pest infestations, and declining harvests, she had to find a new way forward as the sole income earner for herself and her two daughters. CGAP partner the Self Employed Women's Association (SEWA) provided training and early warning systems, helping Kapilaben improve her farming methods, protect her new crops, and secure her family’s livelihood. ?? Knowledge, tools, and financial solutions can help build #ClimateResilience and adapt to #ClimateChange. Watch Kapilaben’s story now ??

Young women represent one of the most untapped markets for #FinancialServices, yet many face barriers to entry due to a lack of tailored solutions and financial support. For young women across #Africa, savings often take priority over credit as they look to build financial security. But financial service providers, or #FSPs, struggle to serve this market, leaving a gap where donors can play a key role. By building alternative on-ramps into the financial system for young women and helping them build agency, savings, and financial capability through cross-sector partnerships, donors can help unlock the potential of #YoungWomen, boosting economic growth in Africa by $287 billion by 2030. More in this blog by CGAP's Antonique Koning & Rani Deshpande and Mastercard Foundation's Marieme-Esther Dassanou: https://cgap.pub/4iwsFss

?? Join us at the Global Prosperity Forum!? ? On March 19th, we bring together distinguished experts Nicole Goldin, PhD of the United Nations University Centre for Policy Research (UNU-CPR) and the Atlantic Council, Ann Hudock of Counterpart International, and Sophie Sirtaine of CGAP for a discussion on “Advancing global development by empowering women,” which will examine the pivotal role of women's inclusion in driving sustainable growth and global development. This discussion will be moderated by Kate Warren of Devex. ? To see the complete schedule and to register to attend, click here ?? https://t.ly/0wSBD #Path2Prosperity

How could gender-blind approaches hinder #FinancialInclusion? Regulators may assume that a gender-neutral approach to financial policy will benefit everyone. In reality, ignoring gender can exclude women from accessing essential services like credit and unintentionally leave women behind. Gender-intentional financial regulations can ensure policies consider the unique constraints women face. That’s why CGAP is mapping how regulations impact women’s financial inclusion—and working to equip regulators with tools for change. ?? Want to see how we can close the gender gap in finance? Watch the video to find out more! ????

The #FinancialInclusion community must pay attention to #FATF revisions. The Financial Action Task Force (FATF), the body responsible for setting global anti-money laundering and counter-terrorism and proliferation financing (AML/CFT/CPF) standards, is launching a consultation process on Guidance on AML/CFT and Financial Inclusion. The Guidance, which has been critical in helping national regulators craft policies that reconcile integrity with financial inclusion, is about to undergo an important update. Wondering how to join the conversation? Here are 3 steps that we recommend. Click the link in our comments to read the full blog. ??

AI is everywhere. But can it boost rural women’s agricultural income? While not a silver bullet, AI holds real potential to create value for rural women in agriculture. However, if we want technology to improve rural women’s lives, before AI, we need to increase women’s digital inclusion. Our latest blog discusses four key areas where there is action and opportunity around AI for women in ag. Read it here: https://cgap.pub/4iKMvQm #AIforWomen #AIAgriculture #FinancialInclusion