A friend of mine in Kenya told me recently that it’s difficult for Kenyan female candidates to get a bank account. First, women must obtain their identification documents. This is made more difficult by the cultural attitude of some communities where men are not in favor of females seeking documents. Women may also be far away from the registration centers, lack the literacy needed to fill out the necessary forms, or not have the money to pay for the travel and documentation fees. In addition, some women do not have birth certificates or proof of address if living with a male family member. Also, processing delays occur, which often means that multiple visits are required to the registration center.
A bank account is essential to a person’s freedom. It allows them to store money and manage it independently. In many parts of the world it’s a requirement to get government services, to find a job, to register for voting, and to start your own business. It is important to note that it’s also needed for local elections, and thus being involved with local governance. It means that many women are restricted in their fundamental human rights, particularly in developing countries. This is because the legacy financial system, which has failed, does not meet 21st-century needs.
Pakistan only Men have 34% more formal accounts than women. In addition, opening a formal bank account can be more difficult for women, as they often need to provide more identification. evidence It is not uncommon for a relative to give permission. South Asia as a whole is no better, with 37% women holding bank accounts. accounts The men are 55% more likely to be women. There is a slight difference. better In the Middle East only 45.5% women and 59.6% men have bank accounts. In sub-Saharan Africa 37% of women own a bank. compared Men make up 48%.
Women in developing countries are often viewed as less credit worthy than men, even when they do hold bank accounts. In India, for example, women are less likely to be regarded as credit worthy than men. receive Credit is only equal to 27% of deposits, while men get credit of 52%. In India, women entrepreneurs are also a growing force. receive Only 5.2% of outstanding credit is granted by Indian banks to businesses, despite the fact that women have a higher repayment rate than men. Women’s perceived low creditworthiness can be attributed to their lack of property and hard assets that they could use as collateral. Again, this is related to lower banking rates.
It is clear from the foregoing that there is a desperate need to find an alternative financial system. The system in place reflects the attitudes and prejudgements of its managers. Therefore, women will not be able to achieve equality financially without a social revolution on a global scale that changes the way women are viewed. While such a revolutionary change is desired, it’s unlikely that this will happen within a few years. In some countries, like Afghanistan or Iran, there is a tendency to go in the opposite direction.
Bitcoin adoption could change the landscape of the economy in emerging markets. The time is now for a digital currency without gender restrictions that doesn’t require family permission and that isn’t tainted with local cultural practices or prejudices which limit the role of females in society. Bitcoin can empower not just women, but the entire society, as it gives 50% of its population equal access to money, and allows them to transact, store, or build their own without cultural or geographic restrictions.
Female entrepreneurs living in rural regions are frequently required to physically visit banks branches which may be located miles from their homes and can potentially be unsafe or expensive to reach. Bitcoin removes all of this. With just a mobile phone and internet connection, women can receive payments, save money, and participate in global commerce – all from the safety of their homes. Bitcoins’ borderless nature is beneficial for women working in informal economies. The digital payment option is available to street vendors, artisans and domestic workers without the requirement of a bank or identification. It is a revolutionary capability in areas where official documents are only available with male guardianship, or by navigating bureaucratic processes.
Bitcoin’s privacy functions also offer crucial protection for vulnerable women. The ability to control funds privately in societies with a high incidence of financial abuse can have a life-changing impact. The ability to build up savings for women, without having to worry about being found out or confiscated is a life-changing experience. Remittances are another important application. Women in developing nations depend heavily on the money that their family members who work abroad send them. Remittances are often expensive and recipients must travel during working hours to certain locations. Bitcoin enables women to securely and directly receive funds at a fraction the cost of traditional remittance services.
Bitcoin is revolutionary because of the self-custody concept. This means that individuals can access their own wealth without any involvement from third parties. The privacy of the user is also maintained, and wealth can be accessed from any location in the world. Bitcoin is a powerful tool when combined with global accessibility and a currency that holds value because it is limited.
Bitcoin will do what the Internet did for information: create a level-playing field, wherein immutable qualities have no bearing on access and usage. In this way, as barriers to money disappear, so do the social norms used to maintain them. By removing power from the hands of large, decrepit institutions who want to maintain stagnant financial status quos, we can achieve self-custody. Self-custody is about giving power back to women and to people who have fought for financial independence and equality. Self-custody is a way to make the world a better place for everyone.
Ghaffar Hassain has written a guest blog. The opinions are the author’s and may not reflect BTC Inc.
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Source: bitcoinmagazine.com
