Phil Gates, Founder of Microsoft, discusses “Innovation Ability in Africa” in Berlin, Germany.
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Billionaire philanthropist Bill Gates said women are essential in ensuring financial and financial education – going to other parts of society.
Governments and businesses that are active in providing financial services to all members of the community should give their resources to women, Microsoft co-founder said at the Singapore FinTech event on Tuesday.
“This is absolutely important,” Gates noted, adding that women are generally responsible for the funds that support the family.
“The benefits of getting money under his control are that it is more likely to be used for nutrition and education and things that lift that family out of poverty,” he said at this year’s Virtual Conference.
Financial content, which means accessing financial services to more people, is a major challenge for communities around the world.
Only 35% of people in low-income countries have access to a bank account. This compares with 58% to 73% in upper-lower-middle-income countries, and 94% in high-income countries, According to the World Economic Forum. Among women, that amount is lower.
The epidemic only exemplifies this shortage as governments struggle to provide financial assistance to those most in need amid nationwide locks.
“You know, it’s important to remember how far we are from global fundraising,” Gates said.
Through his Bill & Melinda Gates Foundation, a non-profit organization, Gates has been working with governments and central banks for many years to promote fundraising in developing countries.
In particular, it includes the introduction of digital solutions that could help countries like this – or perhaps LeapFrog – catch up with developed countries with existing legacy systems, Gates said.
“We spend our time with central bankers and they make sure what the pioneers did,” Gates said.
To that end, the Foundation funds India-based digital identity solutions OSIP, Transparently accessible software that enables governments to distribute resources to their citizens to create digital identities. So far, Gates says, such technologies have been widely welcomed in countries ranging from Nigeria and Ethiopia to Indonesia.
“In the next five years, most central banks will say yes, they can do this because most construction blocks are accessible and they have a direct way of connecting all citizens,” he said.
Gates said his foundation aims to raise funds for two-thirds of the world’s population within a decade.