In the Philippines, a lot of work is still needed to expand financial inclusion among women. According to the Global Findex Database in 2014, only 31% of Filipinos have a bank account; of this number, only 38% are women. It’s a timely issue for the world’s 2016 International Women’s Month: Planet 50-50 by 2030: Step it Up for Gender Equality”.
Studies show that when people participate in a financial system, they are able to manage their finances better—pay bills on time, make and receive payments easily, and have safer places to store or deposit their money. Many, especially women, however, are not able to embrace these rights because of lack of enough money—the number one reason of individuals around the world as to why they do not own formal financial accounts.
The report calls on the private sectors to “design appropriate financial products that meet the needs of the unbanked and make using an account at least as easy, convenient, and affordable as the alternatives.”
Such alternative is Maya which enables women to be in personal control of the financial aspect of their lives. We’ve made the app free for everyone to make it more accessible. Applying for an account is free, and there’s absolutely 0 maintaining balance so there’s no need to worry if you don’t have enough money. All that matters is that you can feel secure having your own account. Being able to handle your own finances is in fact, one of the most important skills you could ever learn in life. So if we can help women gain confidence, financial freedom, and empowerment through Maya, our team will surely work harder to make it even better.
To sign this post off, we’re happy to reveal that today, 50% of Maya users are women. Many of the leaders who have made Maya possible for women, are women as well. It’s a great time to celebrate progress and acts of determination by women who have played an extraordinary role in their work, home, school, or community. So here’s to all women everywhere, stepping it up for 50-50 equality this 2016—for financial empowerment, for a better life ahead!
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