03/ 09/ 21
Women and the world of remittance
Gender inequality remains one of the most prevalent forms of inequality in the world. Despite noteworthy progress to change this over recent years, in no country have women achieved economic equality and are still more likely to live in poverty. Promoting women’s sense of self-worth, their ability to determine their own choices, and their right to influence social change for themselves and others is key to achieving a more peaceful and prosperous world socially, politically, and economically. Women are major contributors to agriculture and rural economies, yet have significantly less access than men to services, markets, and assets.
In the world of remittance, women have proved to play a vital role both as recipients and senders. According to the International Fund for Agricultural Development (IFAD), women constitute most remittance recipients globally and remittances have an impact on both women’s actual income as well as on social norms. Globally, women represent half of the 258 million migrants and back home in the countries of origin, women represent most remittance recipients. Therefore, it is evident that women have a strong impact in the remittance industry and an increase in financial inclusion for women means better standards of living for a larger part of the world. Financial inclusion at a basic level will help enhance the ability for women to manage their financial resources that are already accessible.
The increased penetration of Mobile Money within Africa has helped a lot of women increase their financial resilience, savings, food security, reduce extreme poverty and their ability to cope with shocks. There are an estimated 411 million mobile money accounts worldwide, allowing even the poor in remote areas to send and receive money at low costs. Since the launch of M-Pesa in Kenya, in areas where the service became more accessible, women were more likely to switch from farming to business occupations and to save more. In turn, many were lifted above the poverty line.
Upesi aims to be a catalyst in the journey towards achieving financial inclusion for all women across Africa and beyond. To deliver on our customers’ promises by providing the tools and resources for them to take care of those they love and provide them with upward mobility and the ability to improve their quality of life.