{"id":11378,"date":"2024-10-17T08:30:00","date_gmt":"2024-10-16T22:30:00","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=11378"},"modified":"2024-10-17T21:06:33","modified_gmt":"2024-10-17T11:06:33","slug":"bridging-continents-to-advance-womens-financial-inclusion-lessons-from-asia-pacific-and-latin-america","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/bridging-continents-to-advance-womens-financial-inclusion-lessons-from-asia-pacific-and-latin-america\/","title":{"rendered":"Bridging continents to advance women\u2019s financial inclusion: Lessons from Asia-Pacific and Latin America"},"content":{"rendered":"\n

SHAWN HUNTER<\/a> | <\/p>\n\n\n\n

Financial inclusion is a cornerstone of modern economic development, and it goes beyond just providing access to financial services. The true challenge lies in ensuring consistent usage and the quality of these services, particularly for vulnerable groups such as women, rural communities, and micro-, small-, and medium-sized enterprises (MSMEs). According to the G20 Financial Inclusion Indicators, these three dimensions\u2014access, usage, and quality\u2014are critical metrics that shape the global effort to bridge financial gaps.<\/p>\n\n\n\n

The concept of financial inclusion gained traction in the 1990s as it became clear that large segments of society lacked access to essential financial tools like banking, credit, and insurance. Since then, digital technologies have significantly lowered barriers, allowing more people to access formal financial services. However, millions of people across the world, particularly in the Asia-Pacific and Latin America regions, still face considerable obstacles. As noted by the World Bank and UN reports, limited digital literacy, high transaction costs, and infrastructure challenges hinder financial inclusion, especially for marginalised communities.<\/p>\n\n\n\n

In response, 2023 marked a milestone with the launch of the Community of Practice (CoP) for Women\u2019s Financial Inclusion, a collaboration between the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and policymakers from across Asia-Pacific and Latin America. The CoP was designed as a platform for policymakers to share knowledge, discuss challenges, and co-create solutions that foster greater financial inclusion in their respective regions, with a particular focus on bringing more women into the formal financial sector. This initiative highlights the growing emphasis on global cooperation as a critical factor for inclusive economic growth.<\/p>\n\n\n\n

The role of the CoP for women\u2019s financial inclusion<\/h2>\n\n\n\n

The CoP offered direct, practical support for countries aiming to implement successful financial inclusion policies targeting women. By facilitating collaboration between policymakers, government agencies, and financial institutions, the CoP fostered a unique exchange of knowledge and insights from across Latin America and Asia-Pacific to enhance capacity-building and policy innovation.<\/p>\n\n\n\n

Here are some of the key initiatives driven by the CoP:<\/p>\n\n\n\n

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  1. Knowledge creation<\/strong>:\n