Financial inclusion of women entails transformation of women lives by giving them necessary  tools that  makes them equal to their male counterparts and empowering them with a view to increase their financial status.

For a long time , women have been  discriminated and wield less economic power than men breeding negative consequences that affect their lives;

Healthwise

Sources shows that there is  a direct relationship between mental health and gender inequality.  Women lead with high rates of mental health conditions like stress,anxiety,depression due to inequality i.e work discrimination.

Choices

Empowered  women have voices to shun negative and outdated societal norms imposed on them by virtue of being women like arranged marriages.

Job prospects.

With financial inclusion in place, women will have variety of stable wage jobs options, preventing their socioeconomic exploitation. This allows women to live a dignified life as well as be able to participate in household decisions.

So what is the need of women finacial inclusion? Why should every country work towards empowering women? Women empowerment gears towards ;

Poverty eradication.

 Other than other reasons for high rates of poverty in developing countries,studies over the years has also  associated poverty with inequality.Developed countries which have fought to eradicate this  and giving women more power and  voice on key matters have depicted  more economic growth in comparison to the developing  and other countries which still face  the gender inequality battle.

Solution to social crisis.

A recent study from Forbes magazine  revealed that countries that responded  positively with reduction in COVID 19 cases and lowest death rates, were countries under female governance. This study confirmed that women are better at handling crisis and hence should be entrusted to more responsibilities.  Well, who knows, maybe the cure of  COVID 19, is right in front of us; Having female governance in all member states.

Positively affects the labour market.

Women participation in the labour market makes them resourceful to their families as well as the economy at large( by providing labour force to the economy). Various studies shows that companies with majority of women in the senior management positions score high across all dimensions of organisational performance.

Despite the fact that  financial inclusion/women empowerment  plays a major role towards economic growth , there is still need for changes in societal norms that may hinder the financial inclusion progress.

          “What good is a mobile phone if a woman can not own a mobile phone or leave the house” Melinda gates.  

It is also important to take step forward towards eradicating some of societal norms that aims towards creating economic inequality by :

1. Establishing  mechanisms for equal representation of women in political and public processes. For example approving laws that allows for equal representation  of both men and women in the parliament among other sectors.
2. Elimination of practices that discriminate against women. For example the outdated customs and  practices like planned marriages, women inheritance and female genital mutilation.
3. Elimination of discrimination practices of employees against women;study shows there is still cases of gender gap wages between men and women.
4. Making it possible through laws and regulation for women to combine education,child bearing plus workforce without fear of being judged