Vritti July 2016 | Page 10

Changing Lives 10 Financial account ownership gender gap (percentahge points) 18 10 South Asia Middle East 9 SubSaharan Africa 9 Europe & Central Asia 5 Latin America & Caribbean 4 East Asia & Pacific Source: World Bank Global Findex It should hardly come as a surprise that the countries with the largest financial access gender gap are also the countries where the socio-economic conditions of women are the worst. Without any recourse to banking or any other mode of financial access, the women fail to exercise any degree of control over family budget. And without any control over household spending, these women are not in a position to take care of themselves or their families. On the other hand, a child whose mother controls the family budget is 20% more likely to survive – according to an estimate provided by FAO. With more control over the budget, there is more food on the table, more priority on health and education, which all leads to healthier and happier and more prosperous families in the long run. Moreover, with quick and easy access to capital, women can start their own business and thus take full ownership of their destinies and not leaving it to the fickle nature of the government or nature. Thus the single most important thread running through all women's poverty alleviation as well as socioeconomical-political empowerment initiatives is the closing of the financial access gender gap. This not only enables women to take control of their lives but also the lives of their children and families. In this context, Mobile money has massive potential especially when it comes to closing the financial access gender gap. Already, we are witnessing the financial access gender gap narrowing significantly in countries where mobile money has made inroads into the financial system. For example, in Kenya and Zimbabwe, where mobile money has overtaken formal banking system, financial access gender gap is lower than the regional average. In fact, for EcoCash, Zimbabwe's largest mobile money service, women constitute 52% of the customer base2. From tailored mobile money services for women and family-oriented marketing to deploying female agents, mobile money providers have played a huge role in creating gender parity. This article shows how the mobile money operators are transforming the lives of women in the developing world.