To celebrate Women’s World Banking’s 45th anniversary, we are showcasing the voices of individuals from around the world who have shaped and touched Women’s World Banking journey since its inception in 1979 at Commission on the Status of Women to today!
These are stories from across Women’s World Banking’s reach from the women we serve and our customers, to allies and women in leadership who have contributed to women’s economic empowerment and financial inclusion.
As Women’s World Banking celebrates 45 years of groundbreaking work in financial inclusion for women, one name stands out among the key allies in this mission: Payal Pathak, Senior Director at Visa Foundation. Her visionary leadership and dedication to empowering women through financial services have been instrumental in shaping the transformative partnership between Visa Foundation and Women’s World Banking. Together, we have redefined what’s possible for women’s economic empowerment on a global scale.
Shaping Financial Inclusion: Payal Pathak’s Journey from India to Visa Foundation
Payal’s journey toward championing financial inclusion began nearly 20 years ago in Mumbai, India, where her career intersected with the aspirations of women entrepreneurs. While consulting for a financial institution rolling out a microloan product, she met a snack vendor determined to expand her business despite persistent setbacks. “She had dreams to grow her business, but every time she got close, something happened—flooding, health emergencies, restocking losses,” Payal recalls. The resilience of this entrepreneur left an indelible mark on Payal, igniting a passion for finding solutions to systemic barriers holding women back.
This commitment to financial empowerment was also deeply personal. Payal draws inspiration from her grandmother, who was a teacher in Mumbai and defied societal norms by prioritizing education for all her children, especially her daughters. “My grandmother ensured all her children pursued a college education and careers of their own,” Payal reflects. This legacy of resilience and empowerment shaped her understanding of the transformative power of financial independence.
These early experiences laid the foundation for a career dedicated to advancing women’s financial inclusion, eventually leading Payal to her role at Visa Foundation.
Leading with Purpose at Visa Foundation
At Visa Foundation, Payal has played a pivotal role in advancing financial inclusion initiatives. In 2017, Visa Foundation launched with a mission to prioritize the growth of gender-diverse and inclusive small and micro businesses (SMBs). That same year, a groundbreaking moment in their partnership with Women’s World Banking took place.
“October 24, 2017, was a significant date in the history of both Women’s World Banking and Visa Foundation,” Payal shares. “At the Women’s World Banking Making Finance Work for Women Summit in Tanzania, the newly launched Visa Foundation committed $20 million over five years to Women’s World Banking—kicking off the next phase of a partnership that began with support from Visa Inc.’s corporate philanthropy in 2011. To date, it’s the largest grant awarded by the Foundation and the largest received by Women’s World Banking.”
The partnership had a shared mission: empowering women globally by helping women-led businesses to thrive. This collaboration exceeded all expectations. “We are delighted to share that we surpassed our original goals and are grateful to our teams for making this progress possible,” Payal says.
Following the grant to Women’s World Banking, Visa Foundation embarked on a journey to incorporate a gender lens across our portfolio. “Today, we are using the full spectrum of capital, both grants and investments, to advance our mission of supporting gender diverse and inclusive small businesses. We’re proud that Women’s World Banking was our first partner along that journey and have learned so much through our partnership,” says Payal.
Adapting Through Unprecedented Challenges
The flexibility and trust built between Visa Foundation and Women’s World Banking proved invaluable during the COVID-19 pandemic. “When the pandemic hit, we worked together to make the grant funding as flexible as possible. Because we had built trust over many years and had confidence in our shared objectives, this was a prompt and relatively simple change,” Payal explains.
This adaptability allowed Women’s World Banking to focus immediately on the needs of low-income women disproportionately affected by the crisis. With the freedom to innovate and pivot strategies, the partnership achieved extraordinary results. By the end of 2022, the collaboration had already delivered unparalleled impact.
“The number of women we reached grew from 1.2 million to 13.8 million,” Payal shares proudly. Additionally, 2.8 million women actively utilized innovative financial products co-created during the partnership. From traditional banks to fintechs, the collaboration worked across sectors to design accessible and scalable financial solutions that meet women’s unique needs.
A Vision for the Future
Payal emphasizes that empowering women isn’t just about equity—it’s an economic imperative. “When women succeed, communities thrive,” she says. Visa Foundation’s approach, which includes unrestricted funding and trust-based partnerships, continues to set a precedent for how philanthropy can drive meaningful, lasting change.
As Payal reflects, “Our ongoing philanthropic partnership with Women’s World Banking remains trust-based, with unrestricted funding as a key component. When I look back at my work with Visa Foundation and my legacy in making finance work for women, I’d like to say that we approached our partnerships with humility and a recognition that while collaboration is hard, it’s only through our collective resources, expertise and networks that we’ll be able to bridge the gaps that exist in gender equality.”
Women’s World Banking’s collaboration with allies like Payal Pathak and Visa Foundation showcases the power of partnerships in advancing financial inclusion. Together, we are proving that when women have access to financial tools and resources, they can overcome barriers, grow their businesses, and uplift entire communities.
Women’s World Banking is dedicated to economic empowerment through financial inclusion for the nearly one billion women in the world with no or limited access to formal financial services. Using our sophisticated market and consumer research, we turn insights into real action to design and advocate for policy engagement, digital financial solutions, workplace leadership programs, and gender lens investing.
As part of our current strategy, we’ve helped provide over 83 million women in emerging markets – targeting 100 million by 2027 – access and use of financial products and services that are transforming women’s lives, households, businesses and communities, and driving inclusive growth globally.
Help us reach the nearly billion women still excluded from the formal financial system. Donate now.
