Digitalisation has the potential to be a powerful tool for reducing the gender gap in financial services in Mozambique, according to Esselina Macome, executive director of FSDMoç, during a seminar on digitalisation and microfinance held on Thursday (22) in Maputo.
Organised by the Mozambican Chamber of Commerce (CCM) in partnership with New Faces New Voices (NFNV), the Mozambican Association of Microfinance Operators (AMOMIF) and Gapi, the event brought together experts and players from the financial sector to discuss strategies and solutions for inclusive development.
Esselina Macome emphasised that financial inclusion, especially of women, is fundamental for the country’s sustainable economic development. According to her, the digitalisation of financial services can democratise access to them, allowing more women to participate in the formal economy and improve their living conditions. ‘Financial inclusion is an engine of development and, without it, no country can truly progress,’ she said.
Despite progress in the adoption of non-bank financial products such as e-money, Esselina Macome noted that there are still significant barriers preventing many women from fully accessing digital financial services.
These barriers include a lack of digital literacy, limited access to suitable mobile phones – with many women still using handsets with restricted capabilities – and social norms that restrict female financial autonomy.
‘There is a persistent belief in some communities that women should not have financial privacy from their husbands, which limits their access to financial services,’ she explained.
On the supply side, the FSDMoç executive director pointed to the need for a more robust and inclusive approach on the part of financial institutions and emphasised the importance of disaggregating data by gender in order to better identify and understand women’s specific needs. In addition, she emphasised that corporate strategies must integrate a gender perspective and guarantee adequate protection measures for female users of digital financial services.
‘Institutions need to develop products that are not only accessible, but also adapted to the realities and challenges that women face,’ she emphasised.
During her presentation, Macome introduced the Gender Toolkit developed by FSDMoç, a tool designed to guide financial institutions in creating digital financial products and services that meet women’s needs. This toolkit was developed with the collaboration of various institutions and aims to improve understanding of gender issues in the development of financial products.
‘The toolkit not only guides institutions in creating more inclusive products, but also reinforces the need for a cultural change within the institutions themselves, so that they adopt practices that promote gender equality,’ she explained.
Esselina Macome also stressed that digitalisation can have a transformative impact on the lives of women in Mozambique, but only if the existing barriers are tackled effectively. ‘We need to promote digital literacy to ensure that women can use these services safely and effectively.
Financial education, combined with digital literacy, is essential if women are to take full advantage of the opportunities offered by digitalisation,’ she said.
At the seminar, data was presented showing a significant reduction in the level of financial exclusion in Mozambique between 2014-19, with women playing a crucial role in this progress. However, Esselina Macome warned that continuing this progress depends on coordinated and sustained efforts to ensure that women continue to be included in new financial developments.
She also stressed that digitalisation alone is not enough. ‘It is necessary to create an enabling environment where partnerships and collective efforts are promoted. Collaboration between the private sector, government and civil society is crucial to the success of digital financial inclusion with a gender perspective,’ she concluded.
Closing her presentation, Esselina Macome called on financial institutions and regulators to take an active role in promoting more equitable and inclusive financial inclusion. ‘We need to act now to ensure that women in Mozambique are not left behind in the digital age,’ she emphasised.
The seminar in Maputo, which brought together various experts and players from the financial sector, marked an important step in the discussion about the role of digitalisation and microfinance in promoting more inclusive and equitable economic development, highlighting the importance of policies and practices that consider and tackle existing gender inequalities.
About FSDMoç
Financial Sector Deepening Mozambique (FSDMoç) is an organisation that develops the financial sector with a focus on inclusion. It invests and applies knowledge to overcome market limitations, diversifying the economy and promoting prosperity and economic resilience in the country.
Its strategy centres on women, young people, the low-income rural population and small businesses without access to adequate financial services. FSDMoç supports partners in the innovation and expansion of financial services, using technical expertise and targeted funding to strengthen the capacity of these partners and the people they serve.
Felisberto Ruco
