Extreme Investor Network Blog: Financial Advicement in Times of Crisis
In times of crisis, such as Russia’s invasion of Ukraine in 2022, the financial system can quickly show signs of strain, leading to economic turmoil and civilian displacement. It is during these challenging times that organizations like Women’s World Banking step in to provide aid and support to those in need.
Mary Ellen Iskenderian, president and CEO of Women’s World Banking, has been at the forefront of efforts to help refugees and immigrant populations, particularly focusing on Ukrainian refugees who are predominantly women and their dependents. In facing the financial challenges brought on by conflict, Iskenderian sees a tremendous opportunity in utilizing blockchain technology, finance, and digital ID to provide assistance to those in need.
The World Bank estimates that 850 million people globally lack proof of legal identity, which can restrict their access to essential services like banking. Women are disproportionately affected by this lack of identification, with 44% of women in low-income countries not having an ID compared to 28% of men. By providing digital identities on a blockchain, individuals can access services and participate in the digital economy more effectively.
Companies like Block, led by Jack Dorsey, are exploring decentralized identities that could revolutionize online payment networks. With the increasing access to mobile phones and the internet among women, there is a growing opportunity to onboard the unbanked into the digital economy. However, cultural barriers still exist in some markets, hindering women’s access to financial services.
In Pakistan, for example, family disapproval has been cited as a significant obstacle to women owning smartphones and accessing formal financial institutions. To address this issue, Women’s World Banking partnered with Jazz, a major mobile phone operator in Pakistan, to provide digital financial services through a mobile money offering. By leveraging an established network of female-owned shops through the Guddi Baji program, Jazz was able to significantly increase its female customer base and transaction volume.
Through innovative solutions and strategic partnerships, organizations like Women’s World Banking are making a tangible impact on financial inclusion and empowerment, especially in times of crisis. By harnessing the power of technology and collaboration, we can create a more inclusive and resilient financial system for all. Stay tuned to Extreme Investor Network for more insights and updates on financial advicement in times of crisis.