Liberia: WONGOSOL Strengthens Partnerships with Banking Sector To Empower Women Entrepreneurs - FrontPageAfrica
Source: Front Page Africa
MONROVIA -- The Women NGOs Secretariat of Liberia (WONGOSOL), along with its network organizations, has begun engaging with the banking sector to build stronger partnerships in a significant move towards fostering women's economic empowerment.
The initiative aims to address and mitigate the numerous challenges women face when accessing loans and other financial services, thereby enabling them to fully participate in economic activities and entrepreneurial ventures.
WONGOSIL said despite the existence of various loan products tailored to support women, such as SME loans that prioritize women entrepreneurs, the reality remains that obtaining these loans is clouded with challenges.
These obstacles according to the group are not just financial but also cultural and systemic, making it difficult for several women to benefit from the available financial opportunities.
"Many financial institutions require extensive documentation and collateral; which women often find challenging to provide. This is particularly true for women from marginalized communities who may not have access to the necessary paperwork or assets," Madam Esther D. Yango, Head of WONGOSOL said.
The women's NGO group observed that there is a significant gap in financial literacy among women, which hinders their ability to navigate the banking system and understand the loan application process.
They have also named cultural and societal biases against women and factors that can influence the attitudes of banking staff, leading to discrimination in the loan approval process.
This bias, WONGOSOL noted, often results in women being considered higher-risk borrowers despite evidence to the contrary.
"Another area that we have observed as a challenge is that women frequently lack access to information about the various financial products and services available to them, making it difficult to take advantage of existing support mechanisms," Madam Yango remarked.
However, she said WONGOSOL has been engaged with the banking sector and seeks to address these challenges through strategic partnerships and targeted interventions, by collaborating with banks.
This is accordingly to the group, geared at working with financial institutions to streamline loan application processes and reduce the documentation burden, making it easier for women to apply for and receive loans, enhance financial literacy as well as implement educational programs that will equip women with the knowledge and skills needed to understand and effectively utilize financial services.
Additionally, WONGOSOL said in its advocate for Gender Sensitivity: that it also intends to promote the training of banking staff to be more gender-sensitive and reduce the alleged discriminatory practices that hinder women's access to finance.
At the same time, WONGOSOL has recommitted itself to improving access to information by developing and disseminating comprehensive guides on available financial products and how to access them, ensuring women are well-informed about their options.
The group believes that empowering women through improved access to financial services is not only a matter of equity but also a critical component of economic development.
According to WONGOSOL, by addressing the barriers women face in accessing loans, they can unlock their potential to contribute significantly to the economy.
WONGOSOL affirmed: "Our partnerships with the banking sector are a crucial step towards creating an inclusive financial ecosystem that supports women entrepreneurs and fosters sustainable development."
"As we continue to engage with financial institutions, our goal remains clear: to create an enabling environment where women can thrive as entrepreneurs, supported by a banking sector that recognizes and champions their potential."
