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.
Rosmarie Michel was born into an established family of Swiss entrepreneurs in which the women not only participated but led and shaped the various family businesses. Zurich, with its conservative and closely knit community, was her home and materially shaped her strong sense of duty and commitment. It was an environment grounded in respect and community contribution—values that deeply influenced her path.
From a young age, Rosmarie was actively involved in the family business. At just six years old, she welcomed customers to the family’s bakery with the grace and professionalism of a seasoned businessperson. This early exposure instilled in her a profound sense of commitment to personalized, hands on leadership – characteristics that Rosmarie Michel has displayed throughout her life.
Her mother, a considerable influence in her life, encouraged her to embrace adult responsibilities early on – hers was no sheltered childhood. Instead, it was one of combining empathy with a deep sense of duty and responsibility within the family business as well as nurturing relationships within the business community. This upbringing laid the foundation for what she calls the “courage gene” that she believes all women possess.
Fast forward 35 years to 1971—a pivotal moment in Swiss history when women were finally granted the right to vote. This milestone brought new perspectives to the business landscape. As male executives began recognizing the value of diverse leadership, Rosmarie broke new ground by becoming the first woman appointed to the board of Valora, the European retailer, in 1975. Over the next three decades, she continued to shatter glass ceilings, including serving on the board of Credit Suisse.
It was at the 1985 UN Conference on Women in Nairobi that Rosmarie’s passion women’s empowerment on a global scale took shape There, she encountered a young Kenyan woman who had traveled over 200 miles with a dream: to uplift her community by starting a shoe factory in her town. Despite lacking formal business training or resources, her vision and determination were evident. This encounter permanently altered Rosmarie’s perspective.
“I learned quickly that poor women do not need charity; they need access to financial products, services and knowledge,” she reflects. “They are far more entrepreneurial than we often acknowledge. They simply need to have the financial tools and knowledge to thrive.”
At the time, Rosmarie was representing the International Federation of Business and Professional Women (IFBPW), where she had served as president from 1983 to 1985. Through her association with IFBPW she had become well known and highly respected across business, policy and international development circles and was a guiding light for many women looking to grow and become change makers themselves. It was at this conference that she met Michaela Walsh, the founding president of Women’s World Banking. Recognizing Rosmarie’s blend of entrepreneurial expertise and advocacy, Michaela invited her to a board luncheon—a moment that would shape Rosmarie’s future relationship with Women’s World Banking.
“I admired how Women’s World Banking was reviving the idea of small loans for entrepreneurs, particularly women,” Rosmarie recalls. “They understood that women bear significant responsibilities toward their families, businesses, and communities. They need access to financial resources that can help them build sustainable futures.” Rosmarie’s commitment to empowering low-income women remained unwavering. As Vice Chair of Women’s World Banking for over a decade, she navigated the organization through critical phases of the women’s financial inclusion movement. Notably, during the 1995 Fourth UN Conference on Women in Beijing, she played a vital role in advancing global commitments to women’s economic empowerment.
One of her most memorable experiences was in the Dominican Republic, where she met a business woman who made mattress covers – a customer of Women’s World Banking’s Global Network Member, Banco ADOPEM, Visiting the woman’s home—a stark, unfurnished space with no electricity or heating—Rosmarie was struck by the woman’s determination. Through a translator, Rosmarie learned that this woman’s business had been born out of a desire to create something meaningful for her family.
With support from Women’s World Banking, the woman expanded her business from mattress covers to children’s clothing. Rosmarie facilitated connections with an Italian factory specializing in baby clothes that further transformed the business. This woman’s journey from humble beginnings to successful entrepreneurship underscores Rosmarie’s belief in the power of access and opportunity. What began modestly soon expanded into a thriving business, inspiring other family members to join.
Throughout her career, Rosmarie worked closely with influential figures like Ela Bhatt, founder of the Self-Employed Women’s Association, pioneer in microfinance, and a founding member of Women’s World Banking. Reflecting on their partnership, Rosmarie says, “Ela brought intellectual rigor, while I offered a pragmatic perspective. She taught me the realities of being a poor woman in the developing world.”
The connection to Ela Bhatt led to another profound encounter during a Women’s World Banking meeting in India. Rosmarie befriended a woman who earned a living as a paper picker. Invited into the woman’s home, devoid of basic amenities, Rosmarie was moved by the warm welcome she received. “I’ve never felt so at home as I did there,” she recalls. “This woman was working tirelessly to provide for her family, including sending her daughter to school with the help of a microloan. Two women from completely different worlds, who did not even share a language, understood each other perfectly.”
These experiences deepened Rosmarie’s passion for championing women entrepreneurs. “These women share their dreams and challenges with me. I resonate with their determination. They are the ones we need to uplift,” she emphasizes.
“The clients of Women’s World Banking represent a wise investment. Financial inclusion provides the means for women to secure a brighter future for themselves, their families and their communities.”
Looking back on her career, Rosmarie acknowledges the privilege of her journey as an independent entrepreneur. She remains committed to mentoring young women, particularly in the financial sector, and champions the importance of quality work and independent thought. “Women offer a unique perspective on humanity,” she asserts. “Perhaps if more women had been in leadership roles during recent financial crises, we could have avoided some of those pitfalls.”
Today, at 93, Rosmarie remains active and is spearheading an initiative at Zurich University focused on gender-specific medicine. The project aims to address critical differences in how men and women experience health and illness. “We need to persuade medical professors to acknowledge these distinctions,” she explains. Recognizing these biological and physiological differences is essential for developing more precise treatments and improving outcomes for both genders.
Her role in driving these changes is not one of direct innovation, but of advocacy. “What I personally can do, as always, is publicity,” she says Through her efforts, the project has gained traction, with new centers emerging in Zurich, Geneva, and Bern.
Rosmarie’s life and work exemplify the quiet power of persuasion and the transformative impact of access and opportunity. Her steadfast commitment to empowering women continues to inspire a more inclusive, equitable world—one where women’s dreams are recognized and supported.
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 80 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.
