Women’s World Banking will use funds to create economic opportunities for women and girls amidst COVID-19 recovery
New York, NY, November 8, 2021: Women’s World Banking has been named one of 34 selected organizations to receive funds from the Google.org Impact Challenge for Women and Girls out of nearly 8,000 applications globally. The $25 million philanthropy challenge was launched in March for the global nonprofit community to submit their boldest and most innovative ideas to create a more equitable economic reality for women and girls.
In partnership with its global Network of 60 financial service provider partners, Women’s World Banking will provide low-income women in developing countries with access to digital financial services, specifically mobile wallets and digital credit, and empower them with the digital and financial capabilities they need to build their security, prosperity, and financial resilience. Two distinct solutions will enable women entrepreneurs to effectively use digital credit to grow their businesses and help low-income women build confidence to use mobile wallets to transact independently, with an aim of reaching 2,000,000 low-income women.
“Close to 1 billion women worldwide lack access to formal financial services and are disproportionally underserved compared to men. While the rapid rise of digital financial services holds promise for increasing financial inclusion, women also risk being left behind as they often lack the knowledge, skills and confidence to take advantage of these services, says Mary Ellen Iskenderian, President & CEO, Women’s World Banking. “With the support of the Google.org Impact Challenge for Women & Girls, we look forward to further empowering low-income women with the digital and financial capabilities needed to build an economic future for themselves and their communities.”
“Globally, women have been nearly twice as likely to lose their jobs during COVID-19 as men[1]. It’s vital that we elevate and support work that empowers women and girls to reach their full economic potential, especially in marginalized communities,” says Jacquelline Fuller, President of Google.org. “The pandemic recovery must be an inclusive one, and we know that when we invest in women and girls, we all benefit.”
Google.org partnered with a women-led panel of experts, and gender equity-focused organizations Vital Voices and Project Everyone to evaluate proposals based on four key criteria: innovation, impact, feasibility, and scalability. The selected nonprofits have outlined projects that will help women and girls, especially those in geographically, economically, or socially marginalized populations, reach their full economic potential.
For more information about our project, other Google.org Impact Challenge for Women and Girls recipients, please follow this website link. To access media assets, please respond to the contacts listed above.
[1]https://www.mckinsey.com/featured-insights/future-of-work/covid-19-and-gender-equality-countering-the-regressive-effects
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About
Under the Google.org Impact Challenge for Women and Girls, Women’s World Banking, in partnership with its global Network of 60 financial service provider partners, will provide low-income women in developing countries with access to digital financial services, specifically mobile wallets and digital credit. Women’s World Banking will deliver two distinct solutions, enabling women entrepreneurs to effectively use digital credit to grow their businesses and help low-income women build confidence to use mobile wallets to transact independently, with an aim of reaching 2,000,000 low-income women.
About Google.org
Google.org, Google’s philanthropy, supports nonprofits that address humanitarian issues and apply scalable, data-driven innovation to solving the world’s biggest challenges. We accelerate their progress by connecting them with a unique blend of support that includes funding, products, and technical expertise from Google volunteers. We engage with these believers-turned-doers who make a significant impact on the communities they represent, and whose work has the potential to produce meaningful change. We want a world that works for everyone—and we believe technology and innovation can move the needle.
About Women’s World Banking
Women’s World Banking designs and invests in financial solutions, institutions, and policy environments in emerging markets to create greater economic stability and prosperity for women, their families, and their communities. With a global reach of 60 partners in 34 countries serving more than 85 million women clients, Women’s World Banking drives impact through its scalable, market-driven solutions; gender lens private equity fund; and leadership and diversity programs. To learn more visit womensworldbanking.org.
Women’s World Banking media contact: Chelsea Bennington, cb@womensworldbanking.org
For Google inquiries: press@google.com
