In its mission to boost financial inclusion in the Philippines, leading finance app GCash is paving the way to create a digital ecosystem where women, along with their businesses and families, can thrive.
According to a Policy Note published by the Philippine Institute for Development Studies (PIDS), 43.62% of women-led micro, small, and medium enterprises (MSMEs) were established in 2020 as the world was compelled to embrace digitalization due to mobility restrictions caused by the pandemic.
“GCash is at the forefront of providing financial services to all Filipinos, especially the underserved sectors. With this mission, we see our financial solutions benefiting Filipinas wherever they are, with women comprising 55% of the 94 million individuals who have tried GCash. We’re also proud to say that over half of the social sellers we empower with cashless payment solutions are women,” said Martha Sazon, the trailblazing woman president and CEO who’s been leading GCash towards its financial inclusion goals.
“GCash believes in empowering women as they thrive in managing businesses in this digital age. In line with our advocacy of increasing the participation of women in the tech-industry, women comprise almost half of GCash employees, and nearly half of our leadership team are women changemakers. These women are all part of the company’s mission of championing financial inclusion for all Filipinos,” added Sazon.
GCash Pera Outlet (GCash PO) has been an invaluable ally for enterprising women across the country. 66% of GCash PO owners are women who use the service to further expand their small businesses, like sari-sari stories, while helping provide additional income for their families. Aside from providing digital tools to better manage women-led enterprises, GCash has also been providing starting capital and a lifeline for women through its suite of digital lending products. 2 in 3 of the more than 3.9 million unique borrowers empowered by GCash credit affiliate FUSE Lending are women. These are done through innovative lending solutions like GCredit, GLoan, and GGives.
With the help of the Bangko Sentral ng Pilipinas’ (BSP) and the Department of the Interior and Local Government’s (DILG) Paleng-QR Ph program, GCash can provide thousands of women market vendors across the country with access to cashless payment solutions, fair lending, and ways on how they can grow their funds.
Through the digitization of payments, GCash contributes to building a financially inclusive Philippines in collaboration with its like-minded partners from both the government and the private sector. Its partners recognize the role of GCash in creating an efficient, inclusive, and secure digital payments ecosystem that supports the diverse needs of individuals and companies.
Aside from fund transfers and real-time payments, millions of registered GCash users benefit from digital financial products and services like savings accounts, investments, cash loans, and insurance, as well as affordable and accessible remittance services for Filipinos abroad.
GCash, through GForest, also supports women farmers in line with its commitment to leverage technology for the betterment of women’s lives. In partnership with organizations like the HOPE Foundation and Philippine Coffee Board Inc. (PCBI), GCash has provided livelihood to about 2,500 women farmers, representing an impressive 33% out of all local farmers supported by GCash, surpassing the 23% national gender ratio average.
“We believe that women play an important role in driving sustainable economic growth, especially as we continue to shift to a more digital society. As we continue to pursue our mission of Finance for All, we will make sure nobody gets left behind in reaping the benefits of a digital economy,” noted Sazon.
