We at WorldRemit value the immeasurable contributions made by women to society.
International Women's Day allows us to highlight the many achievements of women while appreciating the essential roles they play in our communities. Not only are they often primary caregivers, but they are also increasingly entrepreneurs and the breadwinners in many households.
As an international money transfer company, we recognise the vital contributions made by women. In this article, we share interesting statistics about women and remittances and share how we support women working abroad.
Little known facts about female migrants sending money abroad
- Remittances sent and received by women are usually spent on household provisions and healthcare, which have indirect societal benefits.
- Women tend to remit smaller amounts more often as compared to men, and so, they might be paying higher transaction costs. According to the Global Migration Group, women have paid remittance fees of up to 20% more than men.
- Research by the UN & EU Women Migrant Project suggests that female senders could be paying more than male counterparts to transfer the same amount of money.
- Women are overrepresented among the over one billion people across the world who do not have proof of identity documents and are therefore excluded from obtaining financial services.
The financial inclusion of female migrants
Women have historically been underrepresented in the financial and technology sectors. Many organisations are already working on boosting representation by providing mentoring and training to young women or preparing them for roles in the technology sector.
How is WorldRemit contributing to the financial inclusion of women?
We do that through our mobile-first approach! We are now the leading provider of remittances to mobile money wallets across the world. There are now over one hundred and twenty-two million users of mobile money services in Africa!
Mobile money is transforming today's households, providing a path to greater financial security and prosperity. Mobile money is especially important for female-led households, as it gives a chance to move from agricultural jobs to higher-income careers, or to set up their businesses.
Supporting women in FinTech
Here at WorldRemit, we are proud to highlight the notable contributions made to fintech by our colleagues, Sharon Kinyanjui and Cynthia Ponera.
Sharon's story: Our powerhouse behind operations in East & Central Africa
Sharon is the Head of East & Central Africa. She is responsible for our development and expansion across over ten markets in these regions. Sharon is a team leader, with the extensive technical expertise gained through more than fifteen decades of international business development. Sharon has extensive knowledge and experience of remittances as she previously held key management roles across the EMEA region at Western Union.
"Inclusion of women in the tech space needs to become standard practice. We need to build an enabling environment which allows girls to flourish in the fintech space. Women are frequent consumers of tech and therefore need to be included in the conversation. Qualified women should continue to take more leadership positions within organisations in the tech ecosystem."
Cynthia's story: Accelerating WorldRemit's growth in Tanzania
Cynthia is our country manager for Tanzania. She is responsible for generating new business in Tanzania through building relationships with partners and identifying areas for growth.
Cynthia has extensive experience in the banking industry, specialising in digital and alternative channels. It is here that she became chairperson of the Women Network Forum, which was created to empower women to take leadership roles.
She championed the #SheforShe and #HeforShe campaigns, where she challenged men and women in leadership positions to provide mentoring to upcoming female talent. Cynthia's master's thesis was on the effect of mobile money on female financial inclusion in Tanzania. Away from work, Cynthia is a daughter, sister, aunt and mother.
Her hobbies include photography, basketball, swimming, and advising female artisans on how to use social media to network and develop their businesses.
Through delivering a fast, secure and convenient money transfer service, WorldRemit is making a lasting contribution to the sustainable development of inclusive fintech in Africa.
Whether you are a mother, sister, wife, daughter or an auntie, we would like to take this opportunity to extend our best wishes this International Women’s Day.