Tracks and Challenges

The Alliance Hack aims to support innovative and inclusive business solutions to unlock the full value of the female economy, in any of the following sectors: banking, wealth and asset management, insurance, and payments

Expanding access to finance for women SMEs'

Women owned/led very small businesses; often semi-formal, are a vast un-served and underserved segment when it comes to accessing finance for their business. FSPs lack sufficient information and documents to underwrite loans. Women also lack sufficient information/financial know-how to demand the appropriate finance for their businesses. 

Create a solution that would improve women business owners’ access to credit. (B2B or B2C).

Transforming women's investment capabilities

Women’s relationship with wealth continutes to be impaired. This is because of a focus on immediacy instead of long-term planning and a lack of connection with financial advisors. 

Create a solution that helps encourages women’s investment capabilities.

Building women-led SMEs' resilience

Women SMEs continue to be under-insured globally. This is because insurance providers have not developed appropriate products that meet women’s life cycle protection needs or that fully support building women’s resilience during times of crisis such as Covid-19. Women usually prioritize family well-being, are mistrustful of insurance products, and may lack the financial education to understand insurance products, or may not be aware of their benefits. 

Create a solution that would improve women business owners’ resilience.

Designing payment solutions for women

Women businesses in emerging markets have very limited access to digital infrastructure to transact and make/receive payments, especially in remote areas. The current solutions through money operators and FSPs is both expensive as well as cumbersome for them to access. 

Create a cost-effective digital payment solution requiring basic infrastructure setup granting women-owned VSEs and SMEs, especially in remote areas, payment solutions to build their financial capabilities.

Challenges within Banking

1. Women-owned informal SMEs face high barriers to financing.

2. Female business owners lack holistic solutions to help them grow.

Challenges within Wealth

 1. Many HNW women are underserved by the asset management sector.

2. Many women lack confidence in long-term financial planning and investment skills.

Challenges within Insurance

1. Women have particular insurance needs that are often unmet.

2. The women’s market represents an untapped opportunity for the insurance industry

Challenges within Payments

1. The gender gap in account ownership extends to digital payments, as well.

2. Women want strong advisory relationships and technologies – instead, they’ve gotten pink cards.