Build a partnership model

Develop a partnership model to ensure stakeholder collaboration and cross-pollination

In most countries, there is an array of institutions whose remit and mandate are relevant to national financial inclusion objectives and women’s empowerment. These institutions include financial-sector authorities, FSPs, industry associations, women’s advocacy groups, nongovernmental organizations, consumer associations, research and statistical entities, other government institutions, and international organizations.

To advance the agenda of women’s financial inclusion effectively, it is crucial to identify these stakeholders through a landscape assessment and to structure engagements with them in a collaborative manner. Each stakeholder should have the opportunity to contribute to the advancement of women’s financial inclusion objectives.

Once the relevant stakeholders have been identified, they can be categorized into three groups: lead stakeholders, implementing stakeholders, and consultation stakeholders. They can be drawn from the public or private sectors. It is important to note that the mix of stakeholders will vary depending on the specific initiatives.

  • Lead stakeholders take the lead in implementing initiatives for women’s digital financial inclusion and act as advocates and champions for gender equality in the financial sector. They will be responsible for convening and engaging other stakeholders, as well as ensuring accountability for their agreed-upon contributions.
  • Implementing stakeholders, as the name suggests, will be key in implementing and contributing to relevant programs and policies and include such organizations as FSPs (being the suppliers of the financial services), ministries of social development (often involved in government-to-person transfers), education ministries (which play a key role in financial education), or national statistics agencies (whose technical capacity and data resources should be leveraged to develop and strengthen a sex-disaggregated M&E system).
  • Consultation stakeholders may not have a direct role in implementation but provide a voice and perspectives on the ensuing program. Examples of consultation stakeholders include women’s advocacy groups, nongovernmental organizations focusing on women’s empowerment, ministries of women’s affairs or community development, consumer associations, and women’s entrepreneur associations. Seeking the feedback of these stakeholders during regular consultation is essential when designing interventions to advance women’s financial inclusion.

Overall, by identifying and engaging the relevant stakeholders and categorizing them into lead, implementing, and consultation stakeholders, it becomes possible to foster collaboration and collective efforts toward achieving women’s financial inclusion goals.