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The Rise of Women’s Equality Through Financial Inclusion

 

Much of world history is rife with stories of women fighting for their fundamental rights. Today, as we stand in the 21st century, living in a dynamic era, we see an upward curve towards women's equality and empowerment.

Although India attained freedom in the year 1947, women continue to battle the society for their rights, equal opportunities, and empowerment, especially women from economically backward classes. While the GOI has taken several commendable steps to financially secure and enable the women of India, the real change must ensue at the ground level!

Earlier, women were disregarded from a financial inclusion standpoint, but today, not only are women included, but they also strongly lead their household. With the world getting smaller and a person’s reach getting wider, male members often venture out of their villages for better source of income and opportunities, leaving the women in charge of financial and social decisions. This change has enabled women to come together, organize, and build a future in solidarity.

With FinTechs such as iServeU offering services like Direct Money Transfer (DMT), which allows money transfer to the remotest of areas, migrants can seamlessly transfer money to their households without the need of an intermediary. With financial independence comes decision-making power, and as per quote, women are better decision-makers than men in terms of household and livelihood. Financial independence gives them the power to make rational decisions that benefit the family, and have complete control on the overall aspects of finance and social decisions. The financial inclusion, decision-making power, and economic adaptability bestowed upon women have helped diminish economic, normative, and social barriers, empowering them to stand at par with men. It has reduced the gender gap and boosted gender equality.

The women of today are strong-willed and fierce enough to stand tall amongst a crowd of men. They have come a long way fighting patriarchy and defied all norms that held them back. Women are seen as a source of power today, equaling men and standing shoulder to shoulder!

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