Fintech Helping to Lift Women Out of Poverty

Fintech solutions are helping to lower the barrier to entry for women in emerging markets and the tools are beginning to show how powerful access can be; there are more than 1 billion women who are unbanked and they also make up about 50 percent of migrant workers; women have proved better at spending money when on the receiving end of remittances and send a higher proportion of their paycheck back home even though they make less; there are still significant issues as many women find it hard to have the required documents to fulfill KYC requirements; Mehjabeen Poonawala, Head of India at Finastra, tells Forbes, “Governments, businesses, and the society must work together and increase the pace at which women become frequent users of technology to ensure access to the same information and services that men do.”; the barriers to entry are falling but they still favor men dramatically and some fintech firms are helping to even the playing field. Forbes

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