New analysis from Paysend reveals the countries where more women have access to a bank or mobile money account than men.
Research by Paysend, the global fintech business, reveals the emerging markets where more women have access to an account than men.
These countries are bucking the global trend where 9% more men have access to a bank or mobile money account than women globally, on average.
Paysend analysed the latest data from the World Bank. It shows that despite the global trend for more men to have an account then women, in some low- and middle-income markets the opposite is true.
The Philippines is the most ‘female-friendly’ low- and middle-income country with 38.9% of women having access to an account, compared with just 30% for men. In those European countries that are defined as low- or middle-income, more women in Bulgaria, Cyprus and Poland have access to an account than men.
The World Bank believes that money transfers are encouraging the development of greater financial skills in developing countries with recipients more likely to own a bank account. Funds may provide the seed money for small enterprises and family business. They generate economic opportunities for women, which would not otherwise exist.
Alberto Macciani, CMO of Paysend, said: “New technology and growth of global transfers are driving access to a bank or mobile money account for women in emerging markets. Some 270m foreign workers will send $689bn back home this year, according to the World Bank. This figure is a landmark moment.
“Global money transfers will now overtake foreign direct investment as the biggest inflow of foreign capital into emerging economies. Expanding financial inclusion for women is vital so they can access this important source of funds. Research shows when women are in control of the finances they invest in the health, nutrition, and education of their family.”
Launched two years ago, Paysend’s card-to-card money transfer service, Global Transfers, already serves over 1.2m users across 70 countries, providing a reliable, fast and cost-effective service.
The growth stems from the emergence of increasingly mobile segments of the work force and the continued growth of international students. These are people who live and work in one country while financially providing for, or relying on, others in another country.
Alberto Macciani continued: “Moving money changes lives. This is why it’s so important that we do all we can to increase financial inclusion for everyone worldwide. Paysend has made what was once a laborious, slow and expensive process to pay, hold and spend money across borders now simple, quick and low cost. The business will launch new services soon to make paying, holding and sending money globally even easier and cheaper.”