In Sub-Saharan Africa, one of the biggest obstacles to gender equality is money. Current financial practices can pit men against women, wherein men are the inheritors and managers of wealth and women have little influence over financial decision-making. This prevailing dynamic means that financial literacy is predominantly passed down to boys and men, resulting in a gendered wealth gap.
Sadly, mirroring global metrics, in Sub-Saharan Africa women are more likely than men to be poor.
According to the World Bank, 37% of women in the region have a bank account versus 48% of men. Innovative solutions to addressing poverty across the board must include investments in financial inclusion as well as literacy programming for women. AWB recognizes that you’re only as strong as your weakest link. Studies show that when financial empowerment targets women, it results in the disintegration of social marginalization and the overall improvement of wellbeing for the whole family.
Harnessing the power of smart technology and tools to grant African women control of their finances is key to the success and stability of the region as a whole. AWB strongly supports this effort to level the playing field for African women and increase the earning power for women in generations to come.