I&M ON ESTABLISHING THE IMPORTANCE OF WOMEN INCLUSION IN THE FINANCIAL ZONE

I&M ON ESTABLISHING THE IMPORTANCE OF WOMEN INCLUSION IN THE FINANCIAL ZONE  

BY Brenda Asugu.

The I&M bankgroup led by Janet Maiyoo(CEO galvanising Africa Consult)   has established the role and the importance of women inclusion in the financial sector through creating a foundation to support women.
Through the Beijing Conference which  has incessantly advocated for  women empowerment worldwide, including those from Kenya,since1995 which buckles down to economic empowerment.
The conference focuses on  advancing of the global agenda for gender equality by adopting strategic initiatives aimed at promoting women's economic rights and independence and the importance of inclusion in the society.
These initiatives agitated for access to employment, appropriate working conditions, and empowering women with control over economic resources.
According  to the Africa Development bank report in  the year 2013 rhighlighted on the importance of inclusions   focused on the need of involving the population from the formal financial sector such as income levels , volatility,gender ,geographic location and level of literacy .
It was  recognised how Kenya has witnessed significant progress, marked by the implementation of diverse measures aimed at alleviating and ultimately eradicating poverty among women and girls through chama groups and social networks that has extended financial support 
This aspect has impacted the society positively by contributing to the achievement  of sustainable development goal 1 and 5  in the community which concentrates on poverty eradication,gender Equity and women empowerment.
To begin with, the growth  of Chama among women and young girls has intergated forms of financial investments through table banking and revolving funds which has led to women financial capability of trade of goods and services across the society that is contributing to a strong economic growth in the Country.  
among establishment of financial mechanisms designed to facilitate access to funding. Examples include the Women’s Enterprise Fund and the Uwezo Fund, which received allocations amounting to Kes. 182.9 million and Kes. 10 billion, respectively, as disclosed in the 2023/2024 budget announcement by National Treasury Cabinet Secretary Njuguna Ndung’u.

According to the 2021 FinAccess Household Survey, a report released in 2022 by Financial Sector Deepening (FSD), 83.7% of Kenyans have access to formal financial services. Notably, the gender gap in financial access has shown improvement, decreasing from 8.5% in 2016 to 5.2% in 2019, further narrowing to 4.2% in 2021. Despite advancements in formal financial inclusion driven by increased access to mobile money, women still resort to informal channels for financing, irrespective of their income or educational levels.

"As the curtains come down on this year’s International Women’s Day whose theme 'Inspire Inclusion’ underscored the significance of diversity and empowerment across all facets of society, it compels us to acknowledge and appreciate the distinctive perspectives and contributions of women hailing from diverse backgrounds, including those within marginalized communities".it was said 
However,as we forge forward, it is clear that is isn’t about merely about uplifting individual lives but a collective investment in a future where no woman is left behind and the potential of the next generation is unbounded. 
The journey towards true financial inclusion is ongoing, requiring sustained commitment, innovation and a collective societal drive to dismantle the remaining barriers. 

By establishing pathways for women through the prioritisation of education, skills development and technological access, we unlock avenues for women to progress and contribute to a more inclusive financial sector.establishing pathways for women through the prioritisation of education, skills development and technological access, we unlock avenues for women to progress and contribute to a more inclusive financial sector.

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