- The growing use of financial services by women is shaping a more inclusive economy
- This transformation is contributing to gender equality, reducing the financial dependence of women, and helping prevent gender-based violence
By Aurélio Muianga
Maputo (MOZTIMES) – In 2023, Mozambican women achieved a historic landmark in access to bank credit. Of the 97.9 billion meticais granted in loans to individual clients, 34% went to women – a significant increase when compared with the 2022 figure of 27%. This change is a growth of seven percentage points (pp) in credit for women and a reduction of nine pp in credit for men over the same period.
This data, taken from the Bank of Mozambique’s 2023 Report on Financial Inclusion, also shows that the number of bank deposits held by women has increased. Women were responsible for 32% of deposits in 2023, an increase of 1pp in comparison with 2022, while deposits held by men registered a slight decline.
The stories behind the numbers
Ana Joaquim, a businesswoman based in Maputo, is an example of how access to credit can transform lives. In 2022, Ana opened a small shop selling agricultural products with a loan from a micro-bank. Today, thanks to additional financing obtained in 2023, she has expanded her business, hired two staff and doubled her income. “This credit has changed my life and that of my family. Now I can invest in the education of my children, and improve our quality of life”, says Ana.
Stories like that of Ana show the benefit of an economy where women have greater access to financial services. Economists argue that greater use of banking services by women not only promotes gender equality but also has far-reaching social impacts, such as a reduction in gender-based violence.
More women are seeking credit
According to the economist Kátia Agostinho, several factors explain the increase in credit granted to women, including:
Expansion of the credit institutions: Currently, Mozambique has 38 financial institutions, including microbanks, which are generally focused on supporting women and small businesses.
Financial integration: The integration of financial systems, such as the SIMO platform, has facilitated transactions between banks and mobile wallets, expanding access in remote regions.
Financial Education: Educational campaigns and programmes have helped women understand formal financial products and gain access to them.
Partnerships with Fintechs: Microcredit products, developed in collaboration with Fintechs, have been essential in attending to the needs of women entrepreneurs.
These factors were fundamental for a leap in the credit granted to women and reflect an effort to integrate women into the formal economy since 80% of women still operate in the informal sector.
Economic and Social Impacts
Kátia Agostinho stresses that access to credit allows women to invest in key sectors, such as education, health, and housing, benefiting not only their families, but also their communities. Furthermore, the growth in businesses led by women is crucial for reducing historic inequalities in access to financial services.
“The economic independence of women transforms household dynamics, by promoting more balanced partnerships and reducing financial dependency”, says Katia. Studies have shown that economically independent women tend to invest more in their children, generating long term impacts for social development.
A further significant impact is the reduction in gender-based violence. The data shows that financial dependence is one of the main causes of domestic violence in Mozambique. By offering economic alternatives, credit for women can reduce these risks, strengthening their protection and autonomy.
The increase in credit granted to women in 2023 is not just a number: it is a sign of structural change in Mozambique. With greater financial inclusion, women are becoming protagonists in their own stories and indispensable contributors to the economic growth of the country. (AM)
