Unlocking the Power of Female Entrepreneurial Spirit in the Global South, One App User at a Time

The stats about women’s financial inclusion are stark: 742 million women around the world are excluded from the formal financial system by not having a bank account[1]. In some countries it will take over 100 years to reach parity with men without intervention[2].

In spite of this gloomy picture, there is some hope on the horizon. An entrepreneurial spirit is alive and well among women in developing countries, where there are 8 to 10 million formal small and medium enterprises (SMEs) with at least one female owner[3].

Advancing women’s entrepreneurship and financial inclusion is primarily a matter of justice and equity; at the same time, it also represents a huge economic opportunity, which is more pertinent than ever as the global economy recovers from the devastating social, human, and economic impacts of COVID-19. Supporting women entrepreneurs is one of the fastest ways to drive inclusive growth for sustainable economic recovery and transformational economic impact, and it benefits the financial sector, too – If the financial services industry included women at the same rate as men, they would unlock $700 billion in yearly revenue[4].

We launched the Women’s Digital Financial Inclusion Advocacy Hub earlier this year to shine a light on the power of digital in closing the financial inclusion gender gap, harnessing the power of the collective to advocate for women’s digital financial inclusion and take advantage of this huge opportunity. One of our global partners is the Cherie Blair Foundation for Women, whose pioneering business skills app, HerVenture, is a case study in what can happen when you empower women to use digital to their advantage.

The award-winning app offers women entrepreneurs essential business training and support on the go. The app – which can be used on or offline – generates a personalized learning journey for each entrepreneur based on their individual business needs. HerVenture not only builds women’s business skills and knowledge but also their confidence – a crucial element in the recipe for entrepreneurial success that women all too often lack, due to the far-reaching gender bias and stereotypes they encounter throughout their lives. The app content can be translated and rolled out in any low- and middle-income country as a standalone training or to supplement other programs or services for women entrepreneurs.

To date, over 65,000 women have benefitted from this innovative training across Africa, Asia Pacific and LAC, and the impact is vast: 94% of HerVenture users apply their new learnings to their business, a third of HerVenture users in 2021 reported an increase in profits, and in Vietnam, 76% of users increased in their number of clients. The app is so popular in Guyana that one in 50 women across the country use it. Earlier this year, HerVenture expanded its offering in Guyana to include a new learning track, Mobile Money, to help women create, implement, and monitor mobile money strategy as a core part of their business.?

We know that women’s entrepreneurship lifts communities out of poverty, so it’s crucial that we empower women with the tools they need to take their businesses to the next level. This mission is recognized by the Foundation’s network of private and public sector partners like DHL Express and USAID, whose funding enables HerVenture to be delivered to women globally. I would highly recommend you reach out to the Cherie Blair Foundation for Women if you too would be interested in partnering with them to help this app reach even more women.

When we launched the Women’s Digital Financial Inclusion Hub this year, we included access to skills as one of our four calls to action. We’re imploring policymakers to implement digital skills and financial literacy programs targeted at women who lead and own micro-businesses. We want the private sector to integrate digital and financial capabilities trainings into products and services for women MSMEs. And we want Civil Society Organizations to facilitate digital financial literacy trainings for women, leveraging trusted local community and peer networks to deliver them.

Working together, we believe we can lift women up to take full advantage of the technology, skills, and financial services they need to thrive – just imagine the possibilities if they do.

[1] Global Findex Database 2021

[2] https://www.weforum.org/reports/global-gender-gap-report-2022/digest/

[3] https://www.worldbank.org/en/topic/gender/publication/female-entrepreneurship-resource-point-introduction-and-module-1-why-gender-matters

[4] https://www.oliverwyman.com/our-expertise/insights/2019/nov/women-as-financial-services-customers.html