Financial Inclusion: Key To Unlocking The Untapped Potential Of Women

In rural Indian households, women frequently face exclusion from pivotal financial decision-making processes. They often find themselves distanced from routine household financial matters, primarily due to a lack of fundamental financial knowledge, including activities like opening a bank account, budgeting, and savings, amongst others.

In a concerted effort to assess and recognise the significance of financial literacy in advancing financial inclusion for women, Visa, in partnership with United Way Mumbai, has been taking proactive measures aimed at imparting financial literacy to numerous women across India. Together, they have also equipped women in rural India with essential entrepreneurial development skills, providing financial literacy to more than 8000 women and facilitating over 4000 financial linkages to date. These efforts have empowered women to bolster their financial acumen, enabling them to plan their earnings better, actively participate in crucial household financial decision-making, and building their own businesses.

"Shankutala, a 36-year-old tailor from Chandrawa, is driven by her passion to make her entrepreneurial aspirations a reality. Her journey was fraught with numerous obstacles, but the 'Empowering Women Entrepreneurs (EWE)' program by Visa and United Way Mumbai played a pivotal role in facilitating her path to success. Despite encountering initial resistance from her husband, Shankutala pursued her passion. Her goal was to maximise her skills, but she lacked the means to purchase a sewing machine aligned with her aspirations. Visa and United Way Mumbai stepped in, providing her with the necessary resources such as a sewing machine, financial literacy training, access to banking facilities, and many more. With their support, Shankutala has now become financially independent and is able to provide her children with the education they need.

In a parallel narrative, Apurva, a 36-year-old owner of a beauty parlor in Chembur, Mumbai, was facing challenges as she worked to sustain her business and achieve financial independence. Before receiving valuable support from Visa and United Way Mumbai, Apurva grappled with financial instability while passionately striving to meet her family's needs and expand her business. Today, she has achieved financial autonomy, skillfully managing her family’s needs while successfully growing her business, which now enjoys a thriving customer base.

Examining the narratives of these women, it becomes clear that many of them endured challenges of societal pressure, discrimination, and numerous obstacles in their journey. Apurva faced criticism for her business pursuits, simultaneously juggling the demands of entrepreneurship and shouldering expectations tied to her gender-assigned household responsibilities. Likewise, Shankutala had no support from her husband and handled the weight of domestic duties along with her own ambitions.

However, through unwavering determination, access to financial literacy, and a wealth of knowledge, these women have emerged as empowered individuals on their journey toward achieving financial independence. They have succeeded in growing their businesses and have gained insights into prudent savings practices. Shankutala has honed her skills in using digital wallets and her husband now recognises and values her abilities. She is proficient in savings for emergencies through various avenues, such as savings accounts, recurring deposit accounts, and time deposit accounts. Reflecting on her journey, Shankutala says, “Through the use of financial resources, we have gained a deeper understanding of how to plan, earn, spend, and save money to reach our objective in advance. Therefore, having financial resources enables us to handle unexpected financial challenges.”

Both Shankutala and Apurva emphasise that Visa and UWM’s initiative has equipped them with the knowledge necessary to streamline their business operations and access a wide range of financial services. Armed with these newfound capabilities, they are committed to sustaining their upward trajectory while actively advocating for breaking down barriers and sharing the knowledge they once lacked.

Visa’s sustained efforts are undeniably playing a pivotal role in providing women with the essential resources required to establish their businesses, achieve financial self-sufficiency, and actively participate in household financial matters. Through their partnership with United Way Mumbai, Visa is not just nurturing micro-entrepreneurs but ensuring the continued progress of financial inclusion, eliminating any obstacles in the process.