Increasing Women’s Access to Savings and Banking Services
Business Women Connect: Business Women Connect works to economically empower businesswomen in Mozambique by giving them the business skills they need to succeed. At the same time, it also aims to increase the supply of micro-savings products through empowering these successful businesswomen to become financial service agents for micro-savings products. Business Women Connect trains these businesswomen on how to promote the effective use of formal savings products through training on savings and financial literacy.
Business Women Connect was born out of research showing that micro-savings products are one of the most impactful tools for women entrepreneurs to access in order to grow their businesses. In a context where only 17% of adults access formal mechanisms to establish savings, mobile savings products offer women greater security, privacy, and control over their incomes, so they can re-invest in their businesses and gradually move to higher-margin activities.
Since 2017, Business Women Connect has partnered with various Mozambican financial service providers (such as Letshego bank and M-Pesa) and has been working with their women agents to provide services in their communities. In 2018 alone, Business Women Connect trained over 100 businesswomen to become more effective service providers and ambassadors of formal savings to thousands of other women in Mozambique. In 2019, the program will engage approximately 200 more businesswomen and agents.
For more information, please visit: www.businesswomenconnect.org