As part of the World Women’s Forum – Dubai 2024, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, a key session on the first day of the event focused on the role of financial technology in promoting financial inclusion and supporting women entrepreneurs.
The main session, titled "Financial Technology for All: Investing in Innovation to Support Communities," featured a panel of experts, including Hala Sheikh Rouhou, Vice President for the International Finance Corporation (IFC) in the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan, Noor Sweid, Founder and Managing Partner at Global Venture, Mohammed Al-Blooshi, CEO of Innovation Hub at the Dubai International Financial Centre (DIFC), Amina Ajmal, Executive Vice President of Market Development for Eastern Europe, the Middle East, and Africa at Mastercard, and Niha Mehta, Founder of Femtech Partners in Singapore. The session was moderated by Dan Murphy, a CNBC anchor.
Financial Technology: A Tool for Empowering Women and Financial Inclusion
The panelists emphasized the importance of financial technology in promoting financial inclusion, especially for women. They discussed the value of offering digital financial solutions that help protect and secure women’s wealth, particularly during times of crisis or natural disasters. They highlighted the role of digital wallets supported by digital identities, which enable women to manage their finances safely and efficiently.
IFC’s Role in Supporting Women through Financial Technology
Hala Sheikh Rouhou discussed the role of the International Finance Corporation (IFC) in promoting financial inclusion for women by supporting fintech companies. She highlighted that half of the institution’s funding has gone toward encouraging women to adopt financial technology, expanding their access to essential services. Rouhou also pointed out the significant role of fintech innovations in regions experiencing internal crises, where access to financial services is limited, underscoring the need for an integrated approach that includes enhancing telecommunication infrastructure to enable better internet connectivity.
Mastercard’s Focus on Financial Inclusion for Women Entrepreneurs in Africa
Amina Ajmal from Mastercard shared how the company is focused on promoting financial inclusion for women entrepreneurs in African countries. Through initiatives like offering financial cards and providing payment devices, Mastercard enables women to secure their earnings and mitigate financial risks. She also emphasized the importance of raising awareness about financial apps and providing the necessary infrastructure for secure financial transactions, advocating for stronger women’s representation in the workforce.
DIFC’s Innovation Hub: Supporting Women Entrepreneurs
Mohammed Al-Blooshi presented the experience of the DIFC Innovation Hub in supporting women entrepreneurs. The hub provides entrepreneurial programs that connect businesses with government sectors and investors, helping companies grow and expand efficiently. Al-Blooshi stressed that while the number of women-led companies remains modest, it needs more support to match the role of women in society. He emphasized the importance of raising awareness and empowering women to take on leadership positions across various fields.
Enhancing Women’s Role in Entrepreneurship in the Middle East
Noor Sweid pointed out that women’s entrepreneurship in the Middle East currently receives only 2.5% of global venture capital. She stressed the need for more effort to enhance the role of women in entrepreneurship and to build investors’ trust in their ability to lead successful ventures. She also celebrated the progress made by women entrepreneurs in fields like artificial intelligence, mentioning that three of the most recent global startup launches were founded by Arab women, demonstrating the ability of Arab women to drive positive global change.
Niha Mehta’s Experience in Financial Technology
Niha Mehta, founder of Femtech Partners, shared her experience in the financial technology sector, which has taken her from Singapore to various countries around the world. She highlighted that financial inclusion requires several key elements for success, including strong infrastructure, access to the right talent to lead the sector, and the availability of capital. She emphasized that her company is focused on supporting women in digital financial transactions, and has launched several innovations aimed at protecting funds and enhancing the financial security of women-led businesses. She also stressed the importance of awareness campaigns to educate women entrepreneurs about fintech tools and ensure access to the necessary internet and communication services to foster business growth.
Financial Technology as a Path to Empowering Women
Financial technology plays a crucial role in empowering women and enhancing their participation in the digital economy. By offering innovative financial solutions, it promotes financial inclusion and provides women with the tools to protect and manage their wealth securely. As these technologies continue to evolve, they will contribute to sustainable economic growth and further empower women across industries.
