Dar es Salaam, Tanzania, April 11, 2019—
IFC, a member of the World Bank Group, today launched the Finance2Equal
Tanzania Initiative aimed at increasing women’s participation across
businesses by reducing gender gaps in leadership, employment, access to
financial products and services, and as entrepreneurs in corporate supply
IFC will host the program’s secretariat
building on existing tools, expertise and experience to implement the Finance2Equal
peer-learning platform involving10-15 local companies working to catalyze
the adoption of gender-smart solutions in their businesses.
Dan Kasirye, IFC’s Resident Representative
for Tanzania and Uganda, said “The financial services sector is the backbone
for economic growth and the inclusion of women is critical in ensuring
increased participation and reducing gender gaps in access to jobs and
assets. Our work with private sector companies has shown that reducing
gender gaps results in better outcomes for businesses, economies, and women.
Studies show only 12 percent of women in
Tanzania have a bank account or use banking services. While about 50 percent
of women use formal non-banking channels such as microfinance and mobile
money, leaving the rest of the women to rely on informal services or remain
financially excluded. Similarly, persistent gaps remain at the corporate
leadership level, with only 35 percent of women in managerial positions
and only 13 percent on boards.
Participating companies will commit to implement
at least two gender-smart strategies on recruitment, retention and promotion
of women, rolling out women-centric products and services, diversification
of supply chains and sex-disaggregating portfolio data while communicating
about these initiatives. Progress on these commitments will be tracked
throughout the time-bound 18 months program and published in an end-of-project
best practice public report.
The Government of Tanzania is working towards
increasing access to financial products and services under the second National
Financial Inclusion Framework 2018-2022. The Framework puts emphasis
on addressing the needs of marginalized groups, including women. Advancing
gender equality and financial inclusion will allow the country to capture
the economic and social benefits when women are full participants in the
“The government encourages partnerships
between public and private sector to advance equality. The two should work
together to make access and usage of formal financial service a reality
for all women in Tanzania,” said Nangi Massawe, Chair of the National
Financial Inclusion Secretariat, Tanzania.
IFC—a sister organization of the World Bank
and member of the World Bank Group—is the largest global development institution
focused on the private sector in emerging markets. We work with more than
2,000 businesses worldwide, using our capital, expertise, and influence
to create markets and opportunities in the toughest areas of the world.
In fiscal year 2018, we delivered more than $23 billion in long-term financing
for developing countries, leveraging the power of the private sector to
end extreme poverty and boost shared prosperity. For more information,