The Global Women’s Forum Dubai 2024 featured a panel discussion titled ‘Fintech for All: Harnessing Innovation to Benefit Women and Beyond’, which focused on how financial technology is reshaping opportunities for women and communities worldwide.
The panellists in the session included Hela Cheikhrouhou, Regional Vice President at the International Finance Corporation (IFC) for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan; Amnah Ajmal, Executive Vice President of Market Development at Mastercard for EEMEA; Mohammed Albalooshi, CEO of DIFC Innovation Hub in the UAE; Noor Sweid, Founder & Managing Director of Global Ventures in the UAE; and Neha Mehta, Founder of FemTech Partners in Singapore. The session was moderated by Dan Murphy from CNBC.
There was a consensus among the panellists that fintech solutions are a key enabler for women’s empowerment. The discussion highlighted how fintech is transforming industries, increasing financial inclusion, and providing women greater access to essential financial services. Cheikhrouhou underscored the vital role of fintech solutions in advancing financial inclusion, especially in underserved communities. She highlighted how these solutions can empower women by providing them with better access to essential financial services, thus driving gender equality and economic empowerment.
Ajmal shared an early career lesson where her boss encouraged her to embrace challenges and focus on the potential outcomes, rather than fear of failure. She emphasised the importance of measuring impact and discussed how fintech, particularly cash digitisation, helps women in Africa protect their earnings and grow their businesses. She also urged women to be confident in applying for jobs, noting that women often don’t apply unless fully qualified, unlike men who apply even when only partially qualified. For his part, Albalooshi highlighted the Hub’s initiatives to empower women in the financial sector. He spoke about programs like ‘AccelerateHER’, which support women’s career growth and encourage the development of women-led startups.
The AccelerateHER programme was launched in 2019 by the DIFC Innovation Hub to equip the next generation of women financial services professionals with meaningful advisory as they embark on their career journey, supported by Dubai’s top talent and industry leaders. He emphasised that women entrepreneurs shape the impact they aim for.
Sweid, in turn, highlighted the disparity in venture capital management, noting that women lead only a small percentage of venture capital funds in the region. She also emphasized the rapid growth of the regional ecosystem and the expanding opportunities for women in the sector. Mehta emphasized the global funding gap for women-led fintech startups and how digital solutions can empower women financially. She highlighted that these solutions provide women with greater access to financial tools, enabling them to manage their finances more effectively and grow their businesses.
