The UN Capital Development Fund (UNCDF) and the US-based nonprofit Women’s World Banking (WWB) recently launched a strategic partnership to increase “access to digital financial services for women and girls, specifically in emerging markets and least developed countries.” The goals include to boost gender equality in the job market as well as fomenting “sustainable development and economic resilience.” In particular, the partners will promote products specifically designed for women including enterprise loans and insurance.
During the upcoming year, UNCDF and WWB will work to identify ways in which they can improve “women’s access to financial services in light of the pandemic.” During the following year, the two organizations will assemble experts and partner organizations “aligned [with] these recommendations… to deliver concrete, impactful solutions.”
WWB President Mary Ellen Iskenderian said, “Our partnership with UNCDF presents an ideal platform from which to advocate to policymakers and financial service providers around the world to place even greater emphasis on putting the financial tools in women’s hands so they can participate and contribute economically as equal partners. Only then will our societies become fairer and our economies more stable.”
In partnership with 49 institutions in 31 countries in Africa, Eurasia, Latin America and the Caribbean, WWB “designs and invests in the financial solutions, institutions, and policy environments in emerging markets to create greater economic stability and prosperity for women, their families and their communities.” This work falls into the following themes: Women’s Market Strategy, Digital Product Introductions, Digital Product Optimizations, Non-financial Services, Women-centered Design, Leadership Development, Research, and Policy & Advocacy. As of 2018, the NGO reported total assets of USD 38 million and 12-month revenue of USD 15.6 million.
Established in 1966 by the UN General Assembly, UNCDF works closely with the UN Development Programme. UNCDF endeavors to create opportunities for poor people and their businesses by increasing access to microfinance and other forms of investment capital. The organization operates in 40 countries in Africa and Asia with a particular commitment to countries emerging from crises. During 2019, UNCDF had a budget of USD 63 million and supported initiatives providing financial services to 3 million unbanked and underbanked clients.
By Nathan Kiplagat, Research Associate
Sources and Additional Resources
WWB homepage
https://www.womensworldbanking.org/
WWB financials 2019
https://www.womensworldbanking.org/wp-content/uploads/2020/05/F_079175C-1A_19_WomensWorldBanking_FS-1.pdf
UNCDF homepage
https://www.uncdf.org/
UNCDF annual report 2019
https://www.uncdf.org/article/6126/2019-annual-report
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