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Fintech Platforms Are Playing A Key Role For Young Women-Led Businesses And Is Facilitating Positive Change For Women

The story of Megha isn’t unique, but that of countless women across India, who aspire to overcome cultural barriers and navigate paths historically dominated by men. But they have always risen to the occasion.

Even as a girl, Megha was a parent at heart. Every morning, she’d get dressed, prepare poha for herself and her three younger siblings, and begin the daily trek to school. When she returned, she’d help Ma in the tailoring shop, getting the embroidery just right. All remaining time went into studies, because that’s what Ma wanted. She couldn’t let Ma down.

Since 12th grade, Megha has been working two jobs while attending Government College. Inspired by Ma, she hopes to one day start her own boutique, bringing the latest Indo-Western trends to her community, her city, her country. But she’s been struggling to receive assistance from traditional financial institutions.

The story of Megha isn’t unique, but that of countless women across India, who aspire to overcome cultural barriers and navigate paths historically dominated by men. But they have always risen to the occasion. And they shall do so again.

There are miles to go. Even today, women inherit less than their brothers, demonstrating a deep-seated belief that finance must remain under male control. This view is detrimental to women, men, and society as a whole. But if Indian women are provided with equal opportunities and financial resources, they’ll start contributing to the economy, leading to a significant increase in the country’s GDP. According to a report by the World Bank – India could boost its growth by 1.5 percentage points to 9 percent per year if around 50% of women could join the workforce. So if Indian women are encouraged and provided with the right resources, they can change the course at which the Indian economy is growing.

According to a BCG study, ‘Why Women-Owned Startups Are a Better Bet’, women-owned businesses have managed to generate twice as much per dollar invested than their male-owned counterparts. Moreover, as innumerable examples have illustrated, when a woman enables and empowers herself, she creates a ripple effect of positivity and productivity for her entire family, and beyond.

This is where FinTech comes in.

The FinTech revolution is transforming how Indian women perceive finance. By using cutting-edge technology to assess creditworthiness, FinTechs can enable women to follow their dreams of becoming financially independent by starting their own businesses, thereby taking charge of their lives. Financial independence is the first step to social independence, and breaking down societal barriers.

The FinTech industry can reduce another major problem. Young girls almost never receive the opportunity to accompany a male family member to visit a bank. So it’s only natural that banks and finance in general remain mysterious, even alien. This is where the access, speed, and convenience of FinTechs can lend a hand.

From embarking on a journey to obtain gender equality through financial education, easy access to affordable credit, and various waves of social transformation, Indian women are now set to start a new chapter, driving India toward its goal to become a five-trillion dollar economy by 2024-25.

Source: Business World

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