Financial inclusion isn’t just about banking or credit, it’s about unlocking potential, driving economic growth, and empowering communities. Yet, as we celebrate International Women’s Day and Women’s Month, millions of women worldwide remain excluded from formal financial systems, limiting their ability to build wealth, invest in their futures, and contribute fully to their economies. Bridging this gap is both a social responsibility and a strategic step toward advancing the United Nations’ Sustainable Development Goals (SDGs), especially those focused on poverty reduction, gender equality, and economic growth.

Financial technology focused businesses like JUMO and financial services providers like the Standard Bank Group recognise that empowering people financially is a strong driver for sustainable development. JUMO and the Standard Bank Group have partnered to combine technology and capital to build accessible financial systems in Africa. This helps women in underserved areas manage their money and supports the SDGs.

Because when women thrive, communities, economies, and entire nations thrive too

Here’s why I believe financial inclusion for women is not only important but transformative:

1. Economic growth and poverty reduction

When women gain access to financial services, they invest in businesses, education, and healthcare, creating a ripple effect that boosts economic growth and lifts families out of poverty. In Kenya, for instance, mobile money access led to a 9% reduction in poverty among women-headed households and increased daily consumption by 18.5%. Expanding financial access directly supports SDG 1 (No poverty) and SDG 8 (Decent work and economic growth).

2. Bridging the gender gap in financial access

Globally, 74% of women have an account with a financial institution compared to 78% of men, a gap that widens in developing economies. Lack of formal identification and low financial literacy keep millions of women excluded. Through our ongoing partnership with JUMO, the Standard Bank Group is able to provide women entrepreneurs with access to affordable credit. By leveraging AI-powered banking technology and structured financing, we’re helping women in underserved markets grow their businesses, create jobs, and achieve financial independence. Our collaboration directly supports gender equality (SDG 5) and reduces inequalities (SDG 10), ensuring women have equal access to economic opportunities.

3. Building financial resilience

Financial inclusion empowers women to navigate economic challenges and build long-term personal financial sustainability. In developing economies, just half of women say they could cover an unexpected expense, compared to 59% of men. Having access to suitable credit provides a financial safety net, whether for medical emergencies, investing in education or as a buffer from the growing impact of climate change, this ultimately contributes to better health and wellbeing outcomes (SDG 3) and resilience in uncertain times.

4. Driving innovation in financial services

Innovative fintech solutions are breaking down barriers to accessing finance, such as the lack of formal credit histories, limited access to traditional banking infrastructure, and the high cost of borrowing. JUMO leverages AI, advanced data science and machine learning to offer affordable credit and savings products to people without formal financial histories, while the Standard Bank Group partners with fintechs like JUMO to expand access to working capital, ensuring more women can participate in the digital economy. These initiatives contribute to Industry, Innovation, and Infrastructure (SDG 9) and Partnerships for the Goals (SDG 17).

5. Empowering women in decision-making

Financial independence enhances women’s decision-making power both at home and within their communities. For instance, a study in the Philippines found that women who accessed commitment savings accounts experienced increased influence over household spending, leading to improved family outcomes. Empowering women financially fosters more inclusive societies, advancing goals such as gender equality and the development of strong institutions.

In conclusion, financial inclusion for women is more than an economic initiative, it’s a catalyst for global change. It’s about building resilient communities, fostering gender equality, and driving sustainable growth. As organisations like JUMO and the Standard Bank Group work together to create more inclusive financial ecosystems, we’re not just empowering individuals, we’re helping the world get closer to achieving the SDGs.