Empowering Women in Finance: Bridging Insurance Literacy and Financial Inclusion

Kenyan Wallstreet

This episode focuses on the role of member-based organizations, like the Organization of Eastern and Southern Africa Insurance (OESAI), in promoting financial inclusion, particularly for women in the financial sector.

Key Takeaways:

1. Financial Education: Financial education plays a crucial role in boosting public understanding of insurance products. Initiatives such as radio shows and social media campaigns by insurance associations in Kenya and South Africa have effectively increased insurance literacy.
2. Manifesto for African Women in Finance: The manifesto outlines three primary objectives:

• Collaborating with strategic partners to foster inclusive financial services.
• Leveraging the influence of women in leadership positions to enhance financial inclusion and resilience.
• Prioritizing the development of women's leadership capabilities within the financial sector.

1. Intersectionality of Issues: Climate change and other issues disproportionately affect women, particularly in low-income groups. The lack of access to financial resources and information further deepens these challenges.
2. Insurance Industry and Women's Needs: Developing insurance products that cater specifically to women's needs, such as maternity and health insurance, can be more effectively driven by having more women in leadership positions.
3. Empowerment of Women: Empowering women through financial resources and leadership opportunities is key to achieving financial inclusion. Placing more women in financially rewarding positions helps address broader social issues and enhances economic empowerment.
4. Role of Data: An insurance industry truly focused on women will demonstrate this through its data, with a significant portion of its clientele consisting of women.

This episode features:

Rose Wanda - Secretary General, Organisation of Eastern and Southern Africa Insurers (OESAI)

Ally Mwakaneno Gakweli - Podcast Host and Producer.