Every yr, International Women’s Day celebrates the achievements of girls and requires continued progress in the direction of gender equality. This yr’s theme, “Invest in Women: Accelerate Progress,” highlights the important position of financial empowerment in reaching true equality. But how empowered are ladies in the event that they face vital boundaries to accessing an important instrument for monetary nicely-being: credit score? This International Women’s Day, let’s delve deeper and ask: Do ladies actually have equal entry to credit score, or are they nonetheless dealing with an invisible barrier that hinders their monetary potential? How fintech is enjoying a task in bridging this hole?
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According to the newest knowledge by CRIF on ladies debtors days earlier than International Women’s Day, it was highlighted that the very best YoY improve in portfolio excellent of girls debtors was witnessed in two-wheeler mortgage at 26% and private mortgage 26% as of Dec ’23.
The knowledge additionally highlighted that the very best YoY improve in lively loans of girls debtors was witnessed in private mortgage (52%) and property mortgage (39%) as of Dec ’23.
IndiaLends’ latest survey discovered whopping 76% of respondents expressed a need to start out their companies. This entrepreneurial spirit signifies a rising ambition and a dedication to take cost of their monetary futures.
Financial Inclusion
Pramod Kathuria, founder and CEO, Easiloan, says monetary inclusion is vital, enabling ladies to entry banking and credit score, fostering independence, and fuelling financial development.
Kathuria highlights that authorities initiatives selling monetary literacy are pivotal, narrowing the gender hole and driving improvement.
Underlining the fintech sector’s position within the credit score move in India, Kathuria says, “The fintech industry is revolutionising banking and finance, with India now the world’s fifth-largest economy, signalling progress in financial inclusion. Yet, empowering women remains a significant challenge.”
Kathuria provides tailor-made monetary merchandise and collaboration between fintech and conventional establishments can additional empower ladies, providing customised providers and complete options.
“With technology advancing and mobile accessibility increasing, collaborative efforts are essential for bridging the gender gap and driving financial inclusion,” Kathuria provides.
Digital Lending Solutions
Karan Desai, Founder, Interface Ventures, feels revolutionary options and consciousness are the important thing to closing India’s credit score hole.
“The industry needs to focus on tailoring digital lending solutions for women. With women owning 20% of MSMEs yet only 13% being active borrowers, addressing this disparity is critical. Apart from dedicated seminars, and workshops for women, our processes must aid women entrepreneurs. The effort is to empower women to achieve their entrepreneurial and personal finance goals, driving towards a financially inclusive future for every Indian woman,” Desai provides.
Financial Independence
Kunal Varma, co-founder and CEO, Freo, says, “At our core, we believe in making financial services accessible, affordable, and user-friendly, especially for women whom traditional banking systems have historically underserved.”
Varma provides that by leveraging expertise, we’re in a position to supply tailor-made monetary options that meet the distinctive wants of girls, enabling them to attain monetary independence and contribute meaningfully to the financial system.
Ekta, world head, company communications, BLS International, says empowering ladies in digital lending is not only about bridging India’s credit score hole; it’s a transformative journey in the direction of inclusivity and equality.
“When women are given the tools to succeed in the digital lending space, they gain financial independence and become catalysts for change in their communities. This is our opportunity to reshape the financial landscape, making it more equitable and inclusive for every Indian woman. By investing in their success, we are not just closing the credit gap; we are opening a gateway to a more prosperous and inclusive future,” Ekta provides.
