In Latin America (AL), 52% of women over the age of 15 are sent to banks in developed regions such as Europe and Central Asia, 79%. However, there is encouraging evidence suggesting that the financial technology ecosystem (fintech) can be a great help in advancing the financial inclusion problem for women in the region.
According to a report by the American Development Bank (Fintech América Latina 2018), if the financial technology ecosystem created new alternatives in this region to overcome supply and demand barriers, especially those faced by women, It can be effective to have a big impact.
"Customized services to our customers, streamlining through digital channels, and understanding of fintech's user needs can potentially enhance women's financial support by potentially using these alternatives effectively." Read in a recent published study.
The study recognizes that there is no data yet to measure the use of fintech solutions among women in the region. Nonetheless, we have a lot of new information that is encouraging about the impact of this ecosystem on women.
According to the study, according to Paraguayan statistics, four out of every ten people using digital payments are women and they are trading at noon from 10 am
"This clearly reflects the importance of women with digital channels that address mobility and time constraints," the report explains.
Likewise, according to the same statistics for the Paraguayan ecosystem, women in their countries pay more for their digital purchases.
Regarding alternative financing, such as collective financing, the report states that women in the region are more likely to participate in co-like mechanisms in large, mature markets such as the United States.
"In the United States, only 19% of investors (or donors) were women and 25% in the Asia-Pacific region, an estimate of 35% in Latin America and the Caribbean."
The latter, which relies on the PwC report, reports that women are more successful in achieving funding campaigns and financing goals compared to men.
"In Latin America on average, 7% of women's projects were successfully funded compared to 2% for men, while 13% for women-led projects and 6% for men in Central America," he explained.
They are part of the ecosystem.
In this study, the role of women as founders of fintech was analyzed. Of the 1,166 platforms found in Latin America, 35% are founding women, representing a global average of 7%.
He explained that Mexico concentrated most of the women founded by Latin American women in order of Colombia (31%), Colombia (14%) and Brazil (12%).