The alliance consists of MiBank Limited, People’s Microbank and Women’s Microbank in partnership with the Centre for Excellence in Financial Inclusion (CEFI) under the theme ‘Promoting financial Inclusion for all Women.’
Three national microfinance intuitions commemorated international women’s day by launching joint initiatives to highlight contributions of microbanks to improve inclusive finance for women in country.
The Financial Inclusion training saw 30 women account holders from the microbanks received budgeting and savings training with special certificates of participation. The training reinforced the microfinance industry commitment to acceleration of gender to the formal financial sectors and greater economic empowerment for women across different sectors in the economy.
The all women products offering include MiBank’s only women product, Hibiscus card that has over 18 000 in the market with K4million in deposits. The Hibiscus card is affordable to open with no service fees charged. People’s Microbank will be launching a fee-free account to all women across branches until April 2020. This is in addition to its wise women savings product that have reached over 42 000 active accounts. The nation’s only women microbank has 40 000 active women’s account across its seven branches. A recent launch of a biometric identification system for Women’s Microbank has further increased the uptake of loan and savings product across the country.
The program took effect on 06 to 09 March, included a setup of dedicated lines within the branches offering women fee-free account opening; a series of publicity products highlighting pioneering work of women working in Microbanks; a special video feature by heads of the microbanks; a Financial Inclusion training facilitated by Centre for Excellence in Financial Inclusion (CEFI) for 30 women microbank account holders.
“The Micro finance institutions are forerunners in enabling achievement for economic growth by offering financial products that enable access to savings, financial stability and economic security for many women across sectors, particularly those in rural locations,” says CEFI Director, Saliya Ranasinghe.
The joint initiative is part of Microfinance Institutions Gender Equity and Social Inclusion Policy and National Financial Inclusion Strategy to improve access of financial services and products to 50 per cent of women in the country.