Banking on women

Having an account does not equate to financial autonomy.

- Babalwa Nonkenge

Financial independence is a cornerstone of women's empowerment, offering the freedom to make choices that enhance their quality of life.

Despite widespread awareness of the importance of female economic inclusion, The World Bank reports that women in developing countries are 20% less likely than men to have a bank account, and many do not have access to financial services such as savings.

While the decision by SA's government to pay social grants into bank accounts is believed to have helped this country buck this global trend in terms of female access to accounts, true financial independence remains elusive for most South African women.

Simply having a bank account does not equate to financial autonomy or security. In fact, the discrepancy between bank account ownership and female financial independence emphasises the systemic economic barriers that women still face and the urgency with which these barriers must be addressed.