moderated #ediscussionday3 #ediscussionday3
Good morning/good afternoon everyone and welcome to Day 3 of this e-discussion series!
My name is Saskia Vossenberg, Senior Gender Finance Advisor for FMO (the Dutch Development Bank) and researcher on gender, enterprise development and institutions. I look forward to moderating the next hours.
Today we’ll talk more about challenges in addressing norms and the way forward. What is the biggest challenge you face in addressing social norms in your work? A way forward could be to promote more gender transformative approaches to financial inclusion.
Some questions to start the discussion.
FMO has started an R&D initiative in which we are exploring how to apply a gender transformative approach in our financial inclusion work. In a recent research article I developed with IDRC, Mastercard Foundation and KIT, we developed the concept of a gender transformative as a way of doing financial inclusion explicitly directed towards creating gender equal financial systems that enable all entrepreneurs, regardless of their gender, to overcome supply- and demand-side constraints and improve their livelihoods on equal terms. Gender-transformative financial inclusion values and pursues three main outcomes: (1) women’s empowerment; (2) strengthened relationships and improved negotiation dynamics between people at home, in networks, and markets, and between financial institutions and clients; (3) enabling policies and regulatory frameworks and socio-cultural norms.
Simply said: gender-transformative financial inclusion is about making financial systems ‘women-able’ rather than making women ‘bankable.
If you like to read more about this approach you can access the article via this link: https://www.idrc.ca/en/research-in-action/transforming-gender-relations-achieve-financial-inclusion
What I love about our work in this R&D initiative is that it starts with the financial sector, engaging senior management in a discussion on how we can do things differently and reflect on which actions (like product design, credit scoring, outreach and non-financial service delivery) can be taken to improve the full customer journey and ensure that more women can access and use financing in a way that it matches their needs and ambitions.