Financial inclusion is a key component to the economic success of a country. With access to financial services, individuals can feel empowered to make decisions that will improve their quality of life. But still, financial education remains a challenge around the world. According to the S&P Global Financially Literacy Survey, 77% of the global adult population—roughly 3.5 billion people—lack an understanding of basic financial concepts. And for the women of developing countries, the problem is far greater.
In Africa, approximately 70% of women are financially excluded. Given the large number of female business owners across the continent, the lack of access to financial education among women limits their ability to maximize their full potential. Specifically, in both Nigeria and Ghana, the number of female entrepreneurs exceeds that of men. By bridging the financial gap, women can make better decisions that will not only affect their own livelihood, but that of the overall economy.
Knowing the positive economic outcomes of driving financial literacy, Paxful, the global peer-to-peer fintech platform, has committed to investing in initiatives that support financial inclusion and education. Recently, Paxful hosted a “Women and The Future of Finance” event in Ilorin. For one attendee, the event was an opportunity to take her business selling fabrics and customized cloths to the next level. Eager to learn, Ologbonsaiye says, “Women should be financially independent. I saw it as a privilege to build myself and improve my knowledge and business.” And Ologbonsaiye wasn’t alone. Over 100 women registered for the event to learn about global trends in the finance space and the technology needed to advance their skills and careers.
Other notable highlights of the event included a speech on ‘Women inclusion in the tech space for Business and Entrepreneurship’ by Oluwadara Aderoju and a keynote speech by Jean Ng, Vice President of Growth at Paxful. As a woman in tech and a mother of 2, Jean mentions that women have long been disadvantaged when it comes to financial inclusion. She adds, “At Paxful, our mission is to bring financial inclusion to the unbanked and build a fair marketplace that gives equal opportunity. Hosting educational initiatives like ‘Women and the Future of Finance’ provides us with the opportunity to help women overcome traditional financial barriers and put the power back into their own hands.”