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This presentation discusses the strategies and challenges related to women's empowerment in the Pacific, with a specific focus on the informal economy, financial inclusion, entering the formal economy, and growing a business. It also highlights the role of development banks in creating pathways for women's empowerment.
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Contributions to Women’s Empowerment Vijaya Nagarajan, ADB ADFIP 30th Annual Meeting Nadi, 21 November 2016 Vij.n@adbpsdi.org
Women in the Pacific • Greater recognition of WEE • Bigger focus on business and MSMEs • Regional strategies are possible
Different challenges need different solutions • Women in the informal economy • Women starting off business • Women expanding their businesses
Informal economy • Involves over $16 million per year in Solomon Islands • Engages 75% of the population in Vanuatu • Often ignored
Solution: mobile banking • Banking the unbanked • Reaching out to rural areas through technology • Assisting with depositing earnings at markets and avoiding harassment • Transfers, payment to utilities, cash, phone top ups
Financial inclusion • Financial products and services • 12 products rolled out, and 9 products targeting Women • Financial education Training • Over 120,000 people trained covering all the regions of PNG (48% women) • Savings and Loans • 151,163 savings accounts (34%W) & 4214 loan accounts opened (39%)
Going forward – wide open road • Protections from the unexpected - insurance • Credit histories • Networks
Entering the Formal economy – challenges Challenges • Cultural norms • Discriminatory laws • Entrepreneurship • Markets • Credit • Institutional practice • Awareness of process
Encourage women to set up formal businesses • Make it easy to start a business • Give something back for taxes and fees paid • Improve awareness of access to finance • Promote women friendly institutions
Secured Transactions – use in global north Source : World Bank Enterprise Surveys
Creating supportive institutions Institutional response – mixed • Social norms - embedded in institutions • Smaller financial institutions - more innovative • Still - reluctance to lend to women/SMEs • Role for Development Institutions to take the lead in creating pathways for women’s empowerment
Conclusions • Changing nature of economies • Pivotal role for Development Banks
Email:Vij.n@adbpsdi.org PSDI website http://www.adbpsdi.org