Mumbai (Maharashtra) [India], October 9 : Access to credit tailored for women can transform financial inclusion in India, but for that to happen, fintechs must step up to bridge the gap, said Kalpana Ajayan, Regional Head, South Asia at Women's World Banking.
Speaking toon the sidelines of the Global Fintech Fest 2025, Ajayan highlighted the crucial role of "gender-smart credit" in empowering women to participate in the formal economy.
"Today's conversation was about credit, and the whole idea was about gender-smart credit," Ajayan said.
She noted that while the government has taken several steps to make affordable credit available, the challenge lies in ensuring it reaches the last mile, particularly to women in rural India. "That's where fintechs can really solve problems, by using digital means to reach credit to the end consumer," she explained.
However, Ajayan emphasised that a purely digital approach may not work in rural areas. "In rural areas, women need trusted intermediaries. So it has to be a phygital model," she said, referring to a combination of physical and digital systems.
She added that organisations like Women's World Banking play an important role in facilitating collaboration between community leaders, civil society organisations, and financial service providers to ensure women can access and understand financial products.
"Along with credit, it is also very important to educate women," she said, adding that the organisation works closely with the Reserve Bank of India on consumer education and awareness. "People should know how to complain and where to raise issues. If you want Viksit Bharat to be achieved, we need to take everybody along," she said.
Citing the example of Women's World Banking's report with NPCI, Ajayan pointed out that nearly 200 million women in India own smartphones but do not use them for digital financial transactions. "Women are very comfortable using smartphones. The problem is, what are they using it for? Are they using it for financial transactions? There we are finding a gap," she said.
Ajayan suggested that "snackable content" which means short, simple videos, can help women learn about safe digital usage and financial services. "Content is crucial. How can I leverage that platform to deliver information where she will consume it?" she added.
She also credited the Indian government's investment in digital public infrastructure, such as Aadhaar and Jan Dhan accounts, as a major enabler of financial inclusion. "The biggest investment from the government is the digital public infrastructure. These are not easy things to build with a population like ours," she said.
"If rural India is left behind, we cannot achieve true development. The Global Fintech Fest helps in facilitating these kinds of meetings and partnerships," she noted.
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