As global digitalisation continues at a rapid pace, it’s never been more important that we endeavour to ensure no one is left  behind and everyone can benefit from this movement. ‘A rising tide lifts all boats’ as the phrase goes. When there is overall growth or progress, everyone can experience positive effects.

Digitisation drives efficiency and minimises costs, stimulating gains in financial inclusion, fostering economic growth, and reducing income disparity, especially for women. There are too many barriers to entry for women in developing countries wishing to access formal financial services and this is something Xprizo deeply cares about rectifying.

In many developing countries, women bear a significant burden of housework – cooking over an open fire, washing dishes and clothes by hand, are just some of the time-consuming tasks taken on by women. This leaves women with little opportunity to travel long distances to banks or financial institutions, even if they are relatively close. For women who manage households in slum areas or rural villages, a financial app becomes not only convenient but also a necessity.

An easy-to-use financial app helps with real-life challenges such as the need for formal IDs, complex Know Your Customer (KYC) procedures and, in some cases, spousal consent to access financial services adds an important layer to your ambitions.

With this foundation in place it sets a platform for women to become entrepreneurs. A digital wallet allows them to make payments and could also be used to sell their home-made products – be it food, clothes or handicrafts. Economic empowerment is particularly important in low-income areas, where women are often at the forefront of running informal businesses. By providing a seamless, easy-to-use payment tool, your technology empowers them to become micro-entrepreneurs selling products in their communities and beyond. In this way, they can generate income, achieve financial independence and contribute to the well-being of their families. Connectivity to a financial app also reduces women’s need to spend hours commuting to markets or banks, and instead they can run businesses from home. 

Xprizo’s proprietary platform has been designed from the ground up by understanding these real needs from societies. Most of the modern day financial products have been created with the Western world in mind, without considering the unique circumstances of women in these developing countries. The Xprizo wallet solution facilitates peer-to-peer transfers, merchant payments, and currency conversions – all within a single, user-friendly interface. Many finance solutions also share prohibitive fees, whereas Xprizo charges as low as one cent per transaction – providing a much-needed alternative.

There are also top-down barriers facing women in these communities from regulatory hurdles and discriminatory laws impeding women’s access to financial services. Globally, on average, women enjoy only 77 percent of the legal rights that men do.

Empowering women for long-term success through access to suitable financial apps should be a collaborative effort involving regulators and policymakers. Together, we can break down the barriers that restrict women’s financial inclusion and pave the way for a more equitable future.

Excited about Xprizo’s potential to revolutionise access to financial services in underserved communities? Contact us to learn more about our innovative fintech platform. Click here to contact Business Development. & click here to contact strategic alliances.