Poverty knows gender: there are more women suffering poverty and greater social exclusion. In fact, more than 1 billion women in the world don’t have access to financial services, according to the World Bank. Oftentimes, they are the only ones providing for their children. According to the FAO, women reinvest up to 90% of their income in their homes, in nutrition, health, education and in activities that result to higher income, to keep on improving their lives. This is why empowering them economically is a sure bet for the future.
Laura Fernández Lord, head of Women’s Economic Empowerment at the BBVA Microfinance Foundation, assures that “women undertake business activities because of and for the sake of their families, they are essential cornerstones in a country’s development and poverty reduction. That is why, fostering their economic empowerment is fundamental to achieve the United Nations 2030 Agenda”.
For instance, the million plus women supported by the Foundation progress overtime thanks to specialized financial services. Almost 8 out of 10 poor entrepreneurs that it has served in the last 3 years, are women. They are able to grow in spite of their scarce resources and the amount of domestic tasks in their charge (82% of these women have dependents under their care).
“Women should dare to set up a business and be independent. If we want to fight for ourselves and our children, it’s important to have financial support”, calls out Leila Pena, a Chilean female entrepreneur from the Foundation’s local MFI, and who weaves a better life for her family through her workshop.
