Promoting Inclusive Markets and Financial Systems
How Regulators and Financial Institutions Can Bring Digital Financial Services to Women
In determining what needs to be done to close the gender gap in financial inclusion, there is a compelling argument for taking a closer look at what policymakers and central bankers are doing to create an enabling policy environment, particularly for supporting women’s access to digital financial services. For instance, with support from UNCDF, NBS Bank (Malawi) worked with Women’s World Banking to develop the Pafupi savings account, designed for unbanked, low-income rural women. Women can open accounts and make small deposits and withdrawals whenever they want at local shops with NBS Bank agents who transact with the bank via a mobile phone. Malawi’s enabling regulatory environment allowed for the introduction of Pafupi Savings, and NBS Bank continues to actively engage the regulator to improve and expand the product for low-income women.
- Mercus Chigoga, Head of Personal and Business Banking, NBS Bank, Malawi
- Yananga Alick Phiri, Principal Examiner, Policy & Regulation, Reserve Bank of Malawi
- Jennifer McDonald, Director, Product Development, Women’s World Banking