The Alliance Hack will leverage the Alliance’s deep expertise to support fintechs in developing solutions to support women business-owners access and use financial products and supportive business development services to accelerate their business growth, as well as connect them with global financial services providers (FSPs) who also want to do same.
Moving up in business size, women owned/led formal SMEs (WSMEs) are registered as businesses, have bank accounts where transaction history can be assessed, pay taxes, and borrow from multiple sources—often using their credit card. Bank requirements are perceived to be and are onerous. The banks themselves find it difficult to identify these women whether they are their own customers (availing of consumer credit) or are prospect customers; find them costly to acquire once identified and costly to serve. Create solutions that would improve women business owners in the SME segment to access finance. (B2B, B2B2C or B2C)
Women-owned enterprises are an untapped growth opportunity for financial institutions; women are half of the population and own around a third of small businesses in developing countries. Better addressing their needs can unlock tremendous growth potential. Women-owned enterprises need more than just finance. Training, mentoring, networking, and other non-financial services can give entrepreneurs a vital leg up. Create solutions that would improve women business owners’ access to education and networks. (B2B, B2B2C or B2C)
Women’s relationship with wealth continues to be impaired. This is because of a focus on immediacy instead of long-term planning and a lack of connection with financial advisors. Mass market women are underserved by the asset management sector and lack confidence in long-term financial planning and investment skills. Create a solution that helps develop mass market women’s investment capabilities. (B2B, B2B2C or B2C)
Governments and private sectors are urgently being called upon to take action to reduce climate footprints, increase green investments and promote climate friendly initiatives with customers and the community they operate in. The financial sector has a unique opportunity to provide investment in climate focused initiatives, identify opportunities to reduce their own carbon footprint and also educate and support customers and communities alike on ways they can address climate change.
Recent findings by the Intergovernmental Panel on Climate Change (IPCC) suggests that the most vulnerable that will be impacted by climate change includes women, poor and low-income families and those who reside in environments likely to experience a natural disaster. Optimistically however, women are more inclined to make more climate conscious purchases in households, start green businesses and are two times more likely to invest in green or climate focused initiatives. With this in mind, design solutions for women entrepreneurs and women consumers to take proactive climate action. (B2B, B2B2C or B2C)