Improving Financial Inclusion for Women Through Open Source Innovation

Financial inclusion is a cornerstone of global development, yet women remain disproportionately excluded from the formal financial system. According to the World Bank, more than 740 million women worldwide lack access to a bank account, hindering their ability to save, borrow, or invest. This gap has far-reaching implications, not just for women but for entire communities and economies.

Open source technology, such as Digital Public Goods (DPGs), is a transformative tool for addressing this challenge. By providing an interoperable payments solution that connects all financial service providers, a DPG can enable the creation of inclusive, scalable, and affordable financial ecosystems.

Breaking Barriers with Open Source

Women face unique barriers to financial inclusion, including limited access to identification documents, mobility restrictions, and societal norms that deprioritize their financial participation. Open source solutions, like a DPG, which is an instant payment platform, are designed with these barriers in mind.

1. Affordability: By reducing the cost of implementing financial infrastructure, a DPG can lower entry barriers for service providers. This cost-effectiveness is critical for reaching underserved populations, including women in low-income and rural areas.
2. Interoperability: The DPG's design ensures that diverse financial service providers can seamlessly connect. This promotes wider access to digital financial services, such as mobile wallets, which are often more accessible to women than traditional banking services.
3. Transparency and Collaboration: The open source nature of a DPG encourages collaboration among developers, governments, and financial institutions. This fosters innovation in creating gender-sensitive solutions, such as products tailored to women entrepreneurs or savings groups.

A Path to Empowerment

Empowering women financially has a ripple effect. When women have access to digital payments and savings tools, they can better manage household finances, invest in their businesses, and contribute to their communities. World Economic Forum research shows that closing the gender gap in financial inclusion could boost global GDP by $12 trillion.

From enabling last-mile connectivity to developing gender-focused user experiences, the DPG platform serves as a catalyst for innovation that bridges the gap.

Call to Action

Financial inclusion is not just about technology — it’s about impact. Governments, financial institutions, and development organizations must prioritize women in their strategies to expand financial access. By leveraging open source platforms like DPGs, we can build financial ecosystems that are inclusive, equitable, and transformative for all.

Together, we can close the financial gender gap and unlock the potential of millions of women, driving sustainable development and economic growth globally.