Women in some parts of the world don’t have real-time access to financial services and products. Thus, it’s quite hard for them to save money, request a loan, pay digitally, or buy digital assets.
In a panel session titled “The Report of G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparation and Response,” the WTO Director-General among other panelists discussed how women can have better financial inclusion post Covid-19.
Okonjo Iweala was the former Nigerian finance minister and doubles as the current Director-General of the World Trade Organization. She talked about how lack of access to financial services is serving as a disadvantage to some women – especially in the developing countries.
“Blockchain brings transparency… and I think in the finance area, the ability to introduce this into transactions can be beneficial to women who are often excluded from access to finance. I think this is a good thing, something we should look forward to,” said the WTO Director-General.
Furthermore, she remarked that one of the aims of the WTO this year is to enhance financial independence and alleviate poverty through efficient economic empowerment programs for women. Therefore, blockchain technology will be instrumental to achieving that.
Indeed blockchain will go a long way to bridge the financial gap that most women in the developing countries face. As they can seamlessly receive funds, settle bills, and buy digital assets without going through the technicalities or inadequacies of the traditional banking system.