Blogpost Live Talk 09: Theory to Practice: Institutional Policies for Women’s Financial Inclusion
The Centre of Excellence on Gender-smart-Solution in collaboration with FARM-D, Access to Insurance Initiative and Women’s World Banking organized a Live Talk to discuss women’s financial inclusion strategies and polices.
The Live Talk featured alumni of the Women’s World Banking Leadership and Diversity Program, who shared their experiences in developing and implementing gender-inclusive policies.
Alumni Experiences
Muna Shantui – Supervisory Authority of Insurance and Social Welfare (ACAPS), Morocco
Recognising the lack of sex-disaggregated data in Morocco, the Supervisory Authority of Insurance and Social Welfare (ACAPS) is developing a policy to collect sex-disaggregated data followed by a stakeholder engagement and awareness program for the insurance industry. The objective of the policy will be to foster an insurance industry that contributes to the resilience of vulnerable populations and enhances the collective well-being and resilience of society.
A three-step approach is designed to implement this policy:
- Establishing a Core Team: A multidisciplinary team was formed to conduct supply side analysis on 150 insurance contracts to identify barriers encountered by women
- Stakeholder Outreach and Engagement: Launch a stakeholder outreach and engagement plan that will offer training and advocacy session on the use of data to design insurance products.
- Data Collection and Future Initiatives: Analysis of collected data with the industry players to identify innovations and solutions that target women.
Muna highlighted the importance of networking and collaboration, stating that learning from peers and sharing experiences were crucial to the progress made by ACAPS.
Muna Shantui is Head of the International Relations Department ACAPS Morocco.
Stella Jonah – Ghana’s National Insurance Commission
Stella Jonah, head of prudential supervision at Ghana’s National Insurance Commission presented a policy to increase women’s representation on insurance company boards. The policy aims to mitigate the gender/diversity gap in Ghana’s board representation of (re)insurance companies by achieving at least 30% representation of women on the boards of (re)insurers in Ghana. The following steps were taken to implement this policy:
- Internal Management Consultation: Engaging with stakeholders to gather feedback and support.
- Drafting the Policy: Incorporating gender diversity into governance frameworks and securing buy-in from stakeholders and board members of insurance companies.
- Stakeholder Training: Conducting workshops to sensitise insurance companies about the added value of gender diversity at the board level.
Stella emphasised the importance of stakeholder engagement and the need for continuous support systems to ensure compliance and foster a culture of inclusivity.
Challenges and Solutions
Both alumni acknowledged the challenges faced in implementing their policies, including potential resistance from stakeholders and the need for innovative solutions to address gender-specific needs. They stressed the importance of collaboration, data collection, and continuous engagement with stakeholders to overcome these challenges.
Conclusion
The Live Talk underscored the significance of institutional policies in advancing women’s financial inclusion. By sharing their experiences, Muna and Stella highlighted the transformative potential of gender-responsive strategies in the financial sector.
Watch the recording of the Live Talk 9 Theory to Practice: Institutional Policies for Women’s Financial Inclusion HERE.