Millions of women around the world have a story like Morzina Begum’s, especially if they live in a low- or middle-income country. They have little or no access to financial tools and services, which are crucial for saving, investing, and controlling their money and ultimately being able to build long-term financial stability.
Despite incredible progress over the past decade, 1.4 billion adults worldwide remain excluded from formal financial services and 54% of them are women. This perpetuates cycles of poverty because it limits investment in education, health care, and entrepreneurship, which are essential building blocks of women’s economic power.
Greater Than the Sum: Morzina Begum
Digital financial tools and services like online bank accounts and loan applications are behind the recent gains in financial inclusion, as we saw in Begum’s story. But many women face major barriers to using them—including cultural norms that restrict women’s autonomy, poor internet connectivity, limited access to smartphones, and low digital literacy.
One of the most promising developments to help address these barriers has emerged at the national level, with governments establishing countrywide digital public infrastructure (DPI), which includes digital IDs, digital payments, and data exchange systems that work together to accelerate broad socioeconomic progress.
Just like physical roads that connect people and goods, digital infrastructure supports the delivery of essential services and the creation of economic opportunities across many sectors, including finance, agriculture, and health. Begum’s ability to open a bank account quickly and easily wasn’t just luck—it was enabled by specific investments that Bangladesh made over the past two decades to develop DPI. As a result, Begum can now control her own money and access other essential services.
DPI expansion across Africa
Countries across Africa are making the same kind of progress. For example, Morocco and Ethiopia have rolled out national digital ID systems that allow people to prove who they are so they can access government services and health care and open bank accounts—without having to fill out extensive paperwork or make in-person visits, which are hurdles that disproportionately affect women.
Many other countries, like Cameroon, Ghana, Rwanda, and Zambia, have rolled out national interoperable and inclusive digital payment systems that allow people to receive and manage money securely and efficiently. This reduces their dependence on cash and allows them to build a reliable credit record so they can get loans and insurance to support their families or businesses.
We must ensure that these systems work for women. That means having women at the decision-making table, helping to design and implement systems in a way that meets women’s needs and boosts economic growth.
As deputy chairperson of the African Union Commission, I am particularly proud of our Women and Youth Financial & Economic Inclusion (WYFEI 2030) initiative, which seeks to unlock US$100 billion to expand economic opportunity for at least 10 million women and young people across the continent by 2030, including by advancing digital financial inclusion built on DPI.
For example, WYFEI 2030 is partnering with the African Continental Free Trade Area (AfCFTA) Hub to increase women’s economic power by supporting micro, small, and medium enterprises (MSMEs) that are mostly run by young women.
The AfCFTA Hub aims to provide MSMEs with a unique, continentwide digital ID—separate from national IDs—to facilitate doing business across borders, based on a trusted, central business profile. This ID will serve as an entry point to a range of digital goods and services that support cross-border business, including digital submission of government paperwork, connection to customers in different countries, cross-border digital payments, and access to market and business development data.
MSMEs are vital to Africa’s economic growth: They make up 90% of the private sector, provide 80% of the jobs, and produce 40% of the continent’s GDP. More than 90% of MSMEs are informal and rely heavily on cross-border trade. In fact, the United Nations Economic Commission for Africa estimates that informal cross-border trade in Africa moves between US$13 billion and US$30 billion annually.
Currently, 70% of informal cross-border traders are women. However, inadequate border management and standardized systems hamper women’s ability to truly benefit from regional markets and value chains.
Investing in DPI is not just about building technology—it’s about creating inclusive, secure, and responsive systems that meet women’s needs and give them opportunities to build financial stability and economic power.
The future of women’s economic progress depends on our commitment to supporting innovations that address longstanding gender disparities. By embracing and investing in transformative digital systems, we can unlock women’s full potential and create a more inclusive and equitable world.
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