While India has experienced rapid growth in financial inclusion, with 80 percent of all adults now in possession of a bank account, ownership does not necessarily translate to use. While 77 percent of women now own a bank account, only 17 percent keep their savings in a bank. This suggests a fundamental disconnect between the needs of a large segment of women in India and the products offered to them.

BSR, as part of the HERfinance Digital Wages program and with support from the Bill & Melinda Gates Foundation, commissioned MSC to conduct a quantitative study of the behavior of female garment workers. This quantitative research analyzed financial inclusion from three aspects:

  1. Opportunities and challenges to the women garment workers’ access and use of financial products and services;
  2. Intended and unintended consequences of increased financial inclusion;
  3. Women’s adoption and usage of Digital Financial Services (DFS) products.

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Posted on 2019 October 15. #herfinance, #india, #report

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