Societe Generale MD advocates for women’s financial inclusion to drive economic growth

The Managing Director of Societe Generale, Hakim Ouzzani, has stressed the negative impact of women’s exclusion from essential financial services on the growth of the economy in the country.

This comes on the back of the launch of the Societe Generale Women’s Club on Thursday, April 25, 2024.

The programme’s goal is to provide more entrepreneurial opportunities for women to promote women’s equality in the country.

During his address, Mr Ouzzani that measures are being put in place to increase women’s inclusion in businesses, such as investing in women entrepreneurs to bridge the financial exclusion gap, which is crucial for the industry’s growth.

“As a society, women represent not just half of the population but they form the cornerstone of our families, communities and economy. However, despite their invaluable contributions, a stark reality persists – many women are excluded from accessing essential financial services. This exclusion not only stifles individual potential but hampers the growth and prosperity of our nation as a whole.

“The 2021 Mastercard Index of Women Entrepreneurs (MIWE) ranked Ghana third behind Swazi and Uganda as the countries with the most women business owners globally as a percentage of total business owners. In the same 2021 report, Nigeria, Angola and Ghana are ranked joint first globally in Women’s Entrepreneurial Activity Rate.

“Despite their agency and industriousness, the financial facilities available do not cater to the unique needs of women and in many cases may even be detrimental to their growth. 

“This is where Societe Generale Ghana steps in. Having operated in Ghana for several decades now, we are attuned to the needs of not only our female customers but also the working female populace as a whole. This covers the corporate woman engaged in a secondary stream of income, the Entrepreneur woman dedicated to forging a path in the business world, the young woman innovator looking to provide new solutions to problems in our society etc”

Meanwhile, Osei Gyasi, the head of banking supervision at the Bank of Ghana, commended Societe Generale for its continuous support for women in the financial sector. He encouraged the institution to leverage sustainability efforts to attract green funds to support its lending activities for women.

“While applauding SG, I would like to encourage the bank to explore the possibility of developing other products which serve other vulnerable segments of the market. It is worthy of note that beyond the SG Woman product being launched today, SG continues to embark on other initiatives which reinforce their commitment to being a sustainable bank including organising women-focused clinics and embarking on financial literacy programs for tertiary institutions and other market segments.

“I would like to encourage SG to leverage their sustainability efforts to attract green funds to support their lending activities. For example, the Green Climate Fund (GCF) has allocated $1.26 billion for climate action in developing countries and I would like to encourage SG to get accredited by the C F to take advantage of the funding opportunities it offers. 

My understanding is that the Ministry of Finance has set up a whole division to focus on climate and is ready to assist financial institutions in this regard to access this global fund.”

Finally, The Board Chair for Societe Generale, Margaret Boateng called on individuals and stakeholders to invite more young women to the club to empower them to financial prosperity

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