By Frank Kamuntu
In a groundbreaking high-level session, esteemed leaders Hon. Rebecca Kadaga, Speaker of the Parliament of Uganda and Minister of East African Affairs, and Mrs. Graca Machel, founder of The Graca Machel Trust, convened to accelerate women’s financial inclusion in East Africa through digital finance. The session, hosted by The Graca Machel Trust in partnership with Afrishela, brought together key stakeholders from government, private sector, and civil society to strategize and commit to actionable steps.
The session emphasized the critical role of digital infrastructure and training in unlocking women’s potential. Hon. Kadaga stressed the need for increased investment in digital infrastructure, while Mrs. Machel called for collaborative efforts between digital companies and governments to support women’s financial inclusion. “We must work together to ensure that women are not left behind in the digital economy,” Mrs. Machel emphasized.
Shiphra Chisha, Director of Programs at The Graca Machel Trust, presented startling statistics on women’s financial exclusion in Sub-Saharan Africa, highlighting the need for urgent action. “In 2022, only 32% of the 220 million women in Sub-Saharan Africa using mobile phones had mobile internet access. Additionally, only 34% of women in the region own bank accounts compared to 48% of men,” she noted.
Dr. Theopista Ntale Sekito from New Faces New Voices Uganda emphasized the importance of policy frameworks in enhancing women’s financial inclusion. “We need policies that promote gender-sensitive digital financial services and address the barriers that prevent women from accessing financial services,” she said.
The session also featured success stories of women who have benefited from financial inclusion initiatives, inspiring hope and determination. Ms. Nakafeero Angella, Commissioner of Gender and Women Affairs, shared stories of women who have accessed finance and started businesses, contributing to better livelihoods.
This high-level session marked a significant milestone in the journey towards women’s financial empowerment in East Africa, with a clear call to action for stakeholders to work together to address existing gaps and barriers. The leaders committed to implementing actionable steps, including increasing investment in digital infrastructure, promoting policy frameworks, and supporting innovative digital finance solutions.
As a result of this convening, a new initiative, “Women’s Digital Finance Initiative” was launched, aimed at providing digital financial services to 1 million women in East Africa by 2025. This initiative is a testament to the power of collaboration and commitment to women’s financial empowerment.
The session was a healing moment for women who have been financially excluded, and a beacon of hope for a brighter financial future. As Hon. Kadaga noted, “This is a momentous occasion, and we must ensure that we translate this momentum into tangible actions that benefit women.”
Key takeaways from the session include:
– Increased investment in digital infrastructure to bridge the gender gap in mobile internet access
– Development of policy frameworks to promote gender-sensitive digital financial services
– Support for innovative digital finance solutions to reach underserved women
– Commitment to providing digital financial services to 1 million women in East Africa by 2025
The Women’s Digital Finance Initiative is a significant step towards achieving the United Nations’ Sustainable Development Goal 5, which aims to achieve gender equality and empower all women and girls.
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