Imagine this: Three friends Jane, Martha and Mary all dealing with different societal norms and financial challenges. Jane has her family depend on her, Mary struggles to find employment and Martha has a struggling business in town.
Such is the story of many women today in Kenya and according to WHO, 1 in every 10 women worldwide, most of whom reside in Sub-Saharan Africa, are living in extreme poverty. In addition, although the gender gap in bank account ownership dropped in 2021, the current gap in Africa stands at 6 percent meaning fewer women in Africa have access to financial institutions which in turn translates to lower financial inclusion and empowerment. ( https://shorturl.at/aqrY7 ) Women’s journey to financial freedom is fraught with obstacles like wage disparities, limited access to resources, and societal expectations.
Each 8th March, the world celebrates International Women’s Day, a powerful reminder of the progress made towards gender equality with this year’s theme being ‘Inspire inclusion’. With the celebrations in high gear, ABC Bank took to the golf course to commemorate the day and stand in support of FIDA Kenya, an organization which advocates for a more inclusive society through provision of legal services.
The tournament which brought together golf enthusiasts and supporters of women’s rights provided a chance to reflect on the importance of championing for women’s rights and celebrated FIDA’s acquisition of FIDA-House. With all the efforts put in worldwide in support of women, one may wonder why women’s financial inclusivity is important. This is why:
1 Financial freedom allows women to make choices aligned with their goals and values.
2 When women are financially empowered, the benefits extend to all generations and the community at large.
3 By empowering women, we can mitigate disparities in income, savings, and investments, fostering a more equitable society.
Did you know that 9 in every 100 women living in Kenya’s rural areas are unemployed compared to 7 in every 100 men? (IJRP: https://rb.gy/bntwzw)
As we continue to strive towards a more equitable society, ABC Bank is dedicated to supporting inclusivity in its representation with a significant number of its employees being women who occupy different roles within the bank. Beyond this representation, the bank engages with organizations and initiatives that champion women’s rights, education and economic empowerment, in this journey towards a more inclusive and equitable society as ABC Bank’s Relations Manager Mishel Mirithu explains.