India has over 63 million micro and small businesses, half of which are in rural areas. Nearly 20 percent of those rural enterprises are owned by women. Adopting digital channels can enable these rural women entrepreneurs to access critical financial services that can help them build resilient enterprises. However, lack of access to smartphones, insufficient knowledge about digital transactions, and fear of fraud hold back rural women from embracing digital financial services.
Digital repayments can be a pathway for these women to overcome structural barriers and access a broader range of responsible financial services at reduced costs. Accion, in collaboration with HSBC India, worked with Fincare Small Finance Bank and Satin Creditcare Network, to address these challenges and drive digital payment adoption among low-income women in rural India. With support from the project, more than 126,000 women have started making digital payments, accessing financial services that can help them build financial independence, thriving businesses and resilient futures.
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Today, after decades of improvement, global poverty and inequality are on the rise, making our mission more urgent than ever.