Financial Inclusion Insights

In much of the world, digital financial tools are a daily reality—used to process paychecks, pay for dinner, buy groceries, and more. But 1.4 billion adults in low- and middle-income countries still lack access to these tools.    This isn’t just an inconvenience for them; it's a barrier to economic growth and empowerment. According to a 2023 UN analysis, digital public infrastructure—including digital ID, payments, and data exchange—could accelerate GDP growth in these countries by 20 to 33 percent.    That’s where Mojaloop Foundation comes in: Their open-source software makes it possible for countries to build inclusive digital payment systems that allow anyone with a mobile phone to send and receive money securely, instantly, and affordably. This has the potential to drive economic inclusion—and open the doors to financial freedom—for billions.

Black-owned banks and credit unions have long been critical pillars of economic empowerment for Black communities across the U.S. These institutions, known as Community Development Financial Institutions (#CDFIs) and Minority Deposit Institutions (#MDIs), emerged as safe havens for Black Americans when larger banks excluded or marginalized them. Today, they continue to play a pivotal role in closing the #racialwealthgap by providing access to capital and fostering financial inclusion. Through my work as a co-lead of Southern Communities Initiative (SCI), I’ve seen how CDFIs and MDIs help alleviate the economic inequities that persist in Black and other underrepresented communities. SCI is committed to modernizing these financial institutions by improving their access to technology and resources. We aim to boost their capacity to issue more capital, support small business owners and grow generational wealth in historically underrepresented areas. As we push for systemic change, I encourage everyone to explore and support Black-owned banks and credit unions, as highlighted by Business Insider. By choosing to bank with these institutions, we can collectively invest in the economic well-being of our communities and work toward a more equitable future. https://bit.ly/40kv2IV

When Moms First was starting out, a lot of people asked me: Why moms? Why not all parents? This is why: https://lnkd.in/eh3gqwPm ------ "This month, the U.S. Census Bureau published a bombshell finding: The gender wage gap just got wider for the first time in two decades ‒ with women now earning just 83 cents to a man’s dollar. That’s maddening. But, for moms at least, it’s hardly surprising. It’s next to impossible to balance work and family in this country ‒ and as this new data shows, women are taking the hit. As the cost of child care continues to soar, women will just keep falling further behind. On paper, there’s no reason to believe that women should be earning less than men. Girls are more likely to graduate from high school and more likely to hold a bachelor’s degree. More women than men go to law school and medical school, and women’s enrollment in MBA programs has reached record highs. In fact, women do earn nearly as much as men ‒ at least early in their careers. On average, women in their late 20s and early 30s are much closer to parity, taking home at least 90 cents on the dollar compared with the guys sitting next to them at graduation or new hire orientation. Then, when women hit their mid-30s, something changes. The pay gap gets wider. It’s no coincidence that that’s precisely when women are most likely to be raising kids. All of a sudden, women are forced to make very hard choices to manage the demands of work and family. As the founder of Moms First, I’ve heard versions of this story from more women than I can count. Maybe mom drops down to part-time so she can make it to school pickup. Or maybe she switches to a new job that pays less but offers more flexible hours. Or maybe she drops out of the workforce entirely, because the cost of day care would have outpaced her salary anyway. Make no mistake, we are talking about moms here. When women are paid less than men anyway (and, in the case of Black and Hispanic women, way less), deprioritizing their careers can feel like the only logical decision, even if it isn’t what they wanted. This creates a vicious cycle, where pay inequity begets more pay inequity ‒ and women are systematically excluded from economic opportunities. At the same time, while women experience a motherhood penalty, men experience a fatherhood premium ‒ working more hours and reaping bigger rewards than those without kids. As Nobel laureate Claudia Goldin put it, when describing her pioneering research on the pay gap, 'Women often step back, and the men in their lives step forward.' Because here’s the thing: The 'choice' to step back from the workforce isn’t much of a choice at all. If grandma isn’t around to pitch in and child care costs more than rent, what other option do you have?"

Indian women have done everything the financial system asked. Opened accounts. Saved diligently. Built credit histories. But. We receive credit equivalent to just 25%+ of the deposits we put into the banking system. Men receive 50%+ of that, double what we get. We are, in effect, subsidising credit for men. The credit system was built to read a specific kind of financial life - formal salary, titled property, guarantors from the right networks. Women’s income is often informal, seasonal and home-based. Our assets are rarely in our names. So, the traditional system writes us off rather than underwrite us. Consider this - Women constitute 20% of India’s MSMEs and hold just 7% of MSME credit. However, we have better data today than we had decades ago. Digital payments history, Aadhaar-linked identities, GST trails and much more. If you are building a lending product, whether you’re a bank or a fintech, the question is whether you’re reading the additional signals, in fact the signals that can make or break women’s credit. 45 crore of us are credit-eligible and waiting. Is the ecosystem ready for us? Source: NITI Aayog-TransUnion CIBIL-MicroSave Consulting 2025, Microsave 2020 #CreditAccess #WomenEntrepeneurs #FinancialInclusion #IndiaFintech

In 2021, I became the first woman to head a unicorn in Israel, AKA Startup Nation. In many parts of the world, women are excluded from even the most basic financial services, so leading a fintech company is far from their reality. United Nations data estimates that 3.8 billion women live in the world, 50% of which are adults. According to the World Bank’s Global Findex Database, 1.4 billion of those 1.9 billion adult women, are unbanked. That’s 73.65%. Visit that statistic again. It represents a disturbing gender gap in financial access, with women being far less likely than men to have bank accounts or access formal financial services. This financial exclusion has personal impact. It diminishes women’s economic empowerment by restricting access to education and limiting their potential for personal growth and independence. It makes women more financially dependent, and therefore, more vulnerable. There's economic impact, too. Research by McKinsey highlights the economic loss due to financial exclusion of women, noting that closing the gender gap in labor force participation could add trillions to global GDP. Financial inclusion isn’t just a matter of equality – ensuring the same opportunities for all. It’s a matter of equity - ensuring women have the tools and access they need to fully participate in the global economy. That’s where technology enters the picture to level the field. The rise of mobile banking is a great example of innovation enhancing financial inclusion. According to a report by the International Finance Corporation, mobile money accounts are more popular among women in regions like Sub-Saharan Africa, where access to traditional banking is limited. Various fintechs provide financial literacy resources, helping women understand financial products, budgeting, and saving strategies. Other solutions include AI-driven platforms that offer personalized recommendations and advice, empowering women to make informed financial decisions. Aside from personal apps and solutions, fintechs can facilitate community-based lending and saving initiatives, allowing women to support each other through group savings or microfinance schemes, fostering a sense of solidarity and shared purpose. This International Women’s Day’s theme is "accelerate action". In my mind, nothing accelerates action like innovation. As we mark International Women's Day, let’s advocate and innovate to enhance financial inclusion for women worldwide. #IWD2025 #financialInclusion Papaya Global

Why Local Development Needs Local Capital Small developers are doing some of the most important work in our cities, bringing life back to vacant lots, rehabbing main streets, and creating new housing at a human scale. But while their projects are often the most responsive to community needs, they’re also the hardest to fund. Because the truth is: our capital systems aren’t built for small-scale development. The Funding Gap Traditional banks and investors like predictability and scale. They want projects that fit a formula, big enough to absorb risk, backed by deep equity, and secured by institutional guarantees. That might work for large developers with national portfolios. But for local builders trying to transform a single block, that system is a dead end. A duplex, a mixed-use corner building, or a 10-unit infill project might mean everything for a neighborhood, but it often can’t get financed under conventional terms. And without capital, even the best ideas never leave the sketchbook. What’s Missing Local developers don’t lack skill or vision. They lack patient capital, funding that understands context, timing, and community value. We need financial tools that see beyond spreadsheets: -CDFIs (Community Development Financial Institutions) that invest in people, not just projects. -Credit unions that know the neighborhoods they serve. -Local investment cooperatives that allow residents to become stakeholders in development. -Public-private funds that reduce barriers for emerging and BIPOC developers. These institutions create an ecosystem where capital works with community, not against it. The Power of Proximity When capital is local, it behaves differently. It’s more flexible because it’s invested in shared outcomes. It’s more forgiving because it understands the long game. It’s more equitable because it values who’s at the table, not just what’s on the pro forma. Local capital can bridge the trust gap between developers and neighborhoods, because it keeps wealth circulating close to where it’s created. Why It Matters Cities that want equitable development can’t rely solely on policy reform. They need to reimagine finance. Because without access to capital, local developers can’t build. And if they can’t build, communities lose the ability to shape their own future. Capital isn’t neutral. It decides what gets built, who builds it, and who benefits. If we want to see more neighborhood-rooted, community-driven projects, we have to fund them the same way, locally, patiently, and with purpose. What’s one example you’ve seen of local capital helping small-scale or community developers succeed?

Big News - Sharing A Personal Milestone Announcing The Publication of Our New White Paper "Ushering into the New Era of Financial Inclusion: Enabling Women and Women-Led Organisations." Collaborating with my co-authors, Ayush Tripathi and Soham Jagtap , from The Dialogue, on our shared goal and unwavering commitment to championing the financial empowerment of women has led to this latest research. This project means a lot to me, and I feel incredibly proud of what we've achieved. Together, we've delved deep into the challenges and opportunities that define the financial landscape for women in our country. Current State of Financial Inclusion for Women in India >In India, women make up only about 32.8% of the labour workforce, which is considerably lower than the global average of 47%. >Despite constituting nearly half of the population, women contribute significantly less to India’s GDP, accounting for just 17% compared to the global average of 37% > Only 10% of women in India are borrowers compared to 15% in men >  Women receive credit equal to just 27% of their deposits, whereas men receive 52%. > Despite 51% of women being aware of microcredit, only 11% have availed such loans. Here are three powerful insights from our research that we believe can spark real change: 1/ Harnessing Digital Financial Infrastructure: By leveraging platforms like UPI and the JAM Trinity, we can open up financial access for women, especially in rural areas. Tailoring these models to be more gender-inclusive is key to bridging the financial inclusion gap. 2/ Empowering Through Community: Strengthening Self-Help Groups (SHGs) and utilizing on-ground networks like Bank Sakhis can empower women at the grassroots level. These networks provide essential financial literacy and access to credit, making a tangible difference in their lives. 3/ Innovative Public-Private Partnerships (PPPs): Collaborations between the government and private sector can drive innovative financial solutions. From digital banking ecosystems to customized credit products, these partnerships can support and uplift women entrepreneurs. However, Our work is not done yet. Together, let's champion initiatives that empower women, break down barriers, and pave the way for a more equitable - There IS a business case for empowering women financially. Here are some key stats that highlight this immense potential- > Accelerating women's entrepreneurship in India could generate over 30 million women-owned enterprises, creating 150-170 million jobs. > Increased adoption of digital financial services could raise India’s GDP per capita by 3 to 4 percentage points. > Women-led startups deliver a 35% higher ROI compared to those led by men. This journey has been deeply personal. And, I am honored to have worked alongside Ayush and Soham, Thank you for the collaboration. I look forward to the positive impact our work will have on promoting financial empowerment for women.

It’s nearly 2025, please stop telling me there’s no gender bias in investment. Here are the facts from 2024: → Firms founded by women received only 1.8% (£145m) of all equity investments in the first half of the year. → That’s a decline of 2.5% compared to the same period last year, so things are getting worse, not better! → The root cause of this is a systemic bias and money not being in the hands of enough women, with only 12% of fund managers in the UK being female. Multiple studies show female-powered businesses generate 35% higher returns than male-led businesses. Not investing in women isn’t just costing investors greater returns but also creating a £250bn hole for the UK plc. If we don’t invest in women, we all lose!

Did you know that Black women working full-time, year-round are paid only 66 cents for every dollar earned by white, non-Hispanic men? According to the U.S. Census Bureau, that adds up to nearly $1 million in lost earnings over a 40-year career. This #BlackWomensEqualPayDay, it’s important to look at how this gap impacts the tech industry — a field where women, especially Black and brown women, remain significantly underrepresented. While the wage gap is smaller in STEM careers, it still persists. According to Vox, Black women in tech earned $0.90 for every $1 earned by White men in the same roles in 2022. Why does this happen? 📉 Lower salary expectations: Black women often enter negotiations expecting about 10% less than White men, which impacts both initial and long-term earnings (Urban Institute). Imposter syndrome can also make it harder to advocate for fair compensation. 💼 Underrepresentation in leadership: Black women make up about 3% of all women in tech, and less than 1% of executives (AnitaB.org). 💜 Intersectional bias: Racial and gender stereotypes can influence performance reviews, promotions, and retention. 💻 Lack of access to resources: Limited mentorship, sponsorship, and economic mobility create long-term barriers to advancement. It's not just about the numbers, it’s about advocating for an equitable world for our students to thrive in tech. #BlackWomensEqualPayDay #PayEquity #EqualPayDay #BlackWomenInTech #Leadership #WomenInTech Learn more: https://lnkd.in/gxSfqNfJ

We’re closing out Women’s History Month by highlighting insights from our 9th annual report on the state of gender parity. This year, we looked ahead to emerging challenges—closing the wealth accumulation gap, the impact of declining fertility on the working-age population, and the implications of broader AI adoption. Thank you to Tynnetta McIntosh, Global Head, Office of Women’s Affairs at JPMorganChase , for moderating the podcast—and to George Eckerd , Amy Ho , Alexander Wise, and Hannah Lee for joining the conversation. 10 key themes from the podcast: 1️⃣The gender pay gap is stuck, 19.1% in the U.S., and women retire with ~74% of men’s wealth. 2️⃣The “Great Wealth Transfer” could shift up to $40trn horizontally to women over the next 20 years. 3️⃣Women’s wealth is rising faster, up ~50% since 2018 vs. ~43% overall financial wealth. 4️⃣Crypto shows a bigger gender divide, about 1 in 3 men have moved money into crypto vs ~12–14% of women. 5️⃣Women’s investing behavior appears steadier and less fad-driven. 6️⃣Fertility rates are declining faster than expected, with long-term workforce implications. 7️⃣Family support policies are accelerating in Asia, influencing participation and productivity. 8️⃣Gen AI adoption gap is emerging, ~50% of men vs. ~37% of women report frequent use. 9️⃣Bias in AI systems and evaluations can widen disparities if unaddressed. 🔟AI can reinforce gender stereotypes in employment roles, shaping opportunities and outcomes. Listen to the full podcast here: https://lnkd.in/e2GdhZm4 This communication is for informational purposes only. Institutional clients, please visit https://lnkd.in/gaMGFhFt for important disclosures. © 2026 JPMorgan Chase & Co.