Ecobank Foundation and United Nations (UN) Women have joined efforts to strengthen their respective agendas for promoting Women Empowerment in Africa.
A statement released by Ecobank indicated that, this year’s Ecobank Day focused on financial literacy and inclusion as a key factor in reducing poverty and promoting shared prosperity for women and youth, mostly in marginalised communities, with the theme “Leave no one behind, Financial Inclusion for all.”
According to both agencies, the economic empowerment of Africa’s youth and women is probably the main enabler of achieving most of the sustainable development goals, especially the targets for zero poverty, zero hunger, gender equality, decent work, economic growth and reduced inequalities.
“Giving back to the communities in which the Bank operates is embedded in the DNA of the Group. For the past nine years, through the Ecobank Foundation, Ecobank’s employees have participated in ‘Ecobank Day’, an annual event where they serve the wellbeing of their communities.”
Ecobank Foundation
The statement further stipulated that, Ecobank Foundation and UN Women will also jointly carry out a series of awareness raising, advocacy and action activities to combat violence against women and girls in several African countries, in conjunction with the international 16 Days of Activism Against Gender-Based Violence.
“Through this partnership with UN Women, particular attention will be paid to the specific needs and challenges faced by women and women entrepreneurs in both rural and urban areas.”
Ecobank Foundation
Both agencies recommended that, women participation in the economy identically to men would add up to $8trn or 26%, of the annual African GDP in 2025 compared with a business-as-usual scenario.
“When more women work, economies grow. Women’s economic empowerment boosts productivity, increases economic diversification and income equality in addition to other positive development outcomes,” the statement noted.
Financial Literacy Is Essential
UN Women elaborated on the fact that, granting education and training opportunities to more than 60% of Africa’s population under the age of 25, including the most marginalized and disadvantaged, can unlock their potential for decent jobs which in a long run tend to boost the economy.
“It is particularly relevant for Africa where the Fourth Industrial Revolution and the rise of the digital economy offer unprecedented development opportunities,” they noted.
Microfinancing and the development of different financial products tailored for women and youth have to some extent improved the access to finance of many people across the continent, allowing many of them to start or improve their businesses.
Ecobank’s statement specified that, women are more inclined to invest in the wellbeing of their children and family hence it was crucial they gained the financial knowledge needed to do so.
Financial literacy is therefore central to reducing poverty and boosting prosperity. It would be very advisable to find creative ways to make financial literacy more inclusive and accessible to women while also removing the stigma attached to discussing personal finance, they stated.
“That is the reason why we strongly believe that financial literacy should be the cornerstone of financial inclusion program. By doing so, women and youth, mostly in marginalized communities, can be empowered to make sound financial decisions that will change their lives and those of their families in the long run.
“Through this approach of financial inclusion, no one is left behind.”
Ecobank Foundation and UN Women.
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