As small business owners in the Philippines, these women often do not qualify for traditional loans and other commercial banking services. They look to nonprofit financial institutions like Negros Women for Tomorrow Foundation (NWTF) for financial services that are specifically designed to help them build their businesses.
While Boston is rapidly becoming a hub of opportunity for some, the breadth of this financial instability exposes an inequality of opportunity that hurts both families and Boston's long-term economic prospects. If we want to begin to address inequality, we must ensure that families have the tools necessary to become economically resilient.
Financial inclusion helps lift people out of poverty and can help speed economic development. It can draw more women into the mainstream of economic activity, harnessing their contributions to society. And it will help governments provide more efficient delivery of services to their people by streamlining transfers and cutting administrative costs.
Why is it that despite new technologies and widespread innovation, today's financial sector provides such ill-fitting products and services to so many people and leaves so many more entirely unserved? We are missing a huge opportunity for business, policy and society alike - a missed opportunity with lasting negative effects