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