ACCOUNTABILITY REPORT 2021: G7 Partnership for Women’s Digital Financial Inclusion in Africa
Written by TReNDS’ Director, Grant Cameron, and Program Manager, Hayden Dahmm
An estimated 400 million people in Sub-Saharan Africa lack a financial account, and 60% of these individuals are women. And while the rise of the digital financial services (DFS) sector has the potential to disrupt old gender divides, a number of barriers still need to be overcome. In 2019, the G7 recognized the potential of DFS for promoting its mission of social equality. This commitment resulted in the creation of The G7 Partnership for Women’s Digital Financial Inclusion in Africa (G7P) which draws financial contributions from France, the UK, and the Gates Foundation and implementation strength from the World Bank, UNCDF, AFDB, Oxford School, AfDB, and J-PAL. This report offers reflections on the progress of the collaborative as a whole.
Looking ahead, several practical steps could be taken to strengthen the effectiveness of the partnership. To maintain the engagement of G7 countries, we recommend that a midterm review report be prepared for the G7 Foreign and Development Ministers Meeting in 2023. Also, we suggest that more active incentives be created to encourage joint operations between partners, such as funding to develop cross-partner activities, bringing in a facilitator, or encouraging bilateral discussions. Additionally, we recognize the importance of formalizing the G7P brand, as well as building partner relations within country missions and fostering local consortiums in the Global South.
After a full year of implementation, the G7P’s mandate is even more timely and relevant, and the partners have demonstrated their ability to overcome challenges and an openness to genuine collaboration. Building on the initial progress, practical steps can be taken to maximize the effectiveness of the G7P over the next four years of implementation, addressing the increasingly urgent need for thoughtful digital financial interventions and the promotion of gender inclusion.