In today's world, women entrepreneurs are not only reshaping economies and uplifting communities but also hold immense potential to fuel India's growth. Studies suggest that by simply providing equal opportunities to women, India's GDP could grow by a staggering $770 billion by 2025! Despite the progress made, many aspiring female business owners still face significant challenges, particularly in accessing the financial resources and tools they need. This blog explores how women entrepreneurs are empowering our economy and BANKIT supports women entrepreneurs, showcasing our initiatives and support aimed at promoting economic empowerment and financial inclusion for women entrepreneurs.
The Importance of Women Entrepreneurs
Women entrepreneurs are essential for the economic growth of their communities. They create jobs, support their families, and contribute to the local economy. However, they often face significant challenges, such as limited access to financial resources and business support. World Bank projects supported by over $3 billion in the past 15 years have empowered millions of poor rural women through self-help groups, demonstrating their crucial role in economic development.
Policies like the 50% reservation for women in the panchayat system (local village councils) and programs like the National Rural Livelihood Mission are creating leadership opportunities for women at the grassroots level.
The Government has also introduced various schemes and loan programs to support women entrepreneurs and business owners like Pradhan Mantri Mudra Yojana (PMMY), Stree Shakti Yojana, Mahila Udyam Nidhi Yojana, Mahila Samarth (formerly known as DDU-GJY), Niti Aayog Women Entrepreneurship Platform (WEP). There are several other schemes as well which provide aid to the society.
Making Financial Resources Accessible for Women
BANKIT aims to empower women entrepreneurs by providing accessible financial resources, including digital banking services, training sessions, and networking opportunities.
BANKIT provides a pool of opportunities to expand income sources with minimum investment.
Utilizing technology, BANKIT simplifies customer management, financial handling, and business expansion for female business owners. Tailored to the unique needs of women, especially in rural areas, BANKIT's easy-to-use digital portals offer services such as Aadhar-enabled Payment System, money transfers, prepaid recharges, bill payments, cash management, and train ticket and hotel booking services, thereby enhancing the effectiveness and growth potential of their businesses.
Supporting Female Business Owners: The Story of Pooja Jadhav
Let's have a look at the inspiring story of Pooja Jadhav from the Jalna district in Maharashtra. Four years ago, Pooja was a homemaker who wanted to help support her family but didn’t know how. Her life changed dramatically when she became a BANKIT agent.
Pooja: Shining Star of BANKIT
Pooja started her journey with a simple registration process. She learned how to use digital financial tools and began offering banking services to her community. With BANKIT’s support, she set up a small financial services hub in her neighborhood where she provided services such as cash withdrawals, money transfers, bill payments, and Insurance services.
These small steps have proven to be a game-changing turn in the lives of her villagers. She has become a reliable and trustworthy financial hub in her neighborhood. Her shop has become a center of economic activity in the village, and Pooja’s income has steadily increased.
A Role Model for Women
Pooja’s success did not go unnoticed. She became a role model for other women in her village, showing them that they too could be successful entrepreneurs with the right support and resources. Pooja started mentoring other women, sharing her knowledge, and encouraging them to pursue their business ventures. She also makes them aware of various other services like Insurance and their importance. Today, several women in her village have followed in her footsteps, starting their own businesses, and contributing to the local economy.
Pooja’s transformation from a homemaker to a successful entrepreneur is a powerful example of the impact of financial inclusion and women empowerment. Her story shows how BANKIT’s support for female business owners can lead to profound and lasting changes for individuals and communities.
BANKIT's Broader Impact
The benefits of financial inclusion for women entrepreneurs go beyond individual success stories. When women have access to financial resources and support, they can create thriving businesses that drive economic growth and development. This leads to improved living standards for their families and communities.
Economic Growth and Job Creation
Women-owned businesses significantly contribute to economic growth and job creation. By supporting female entrepreneurs, BANKIT helps stimulate local economies and create employment opportunities. This is especially important in rural and semi-rural areas, where job opportunities may be limited.
Did you know?
India boasts the 3rd largest startup ecosystem globally, and women are increasingly part of it. There's immense potential for women's contribution to grow even further!
Paving the Way for Women's Empowerment
BANKIT’s commitment to financial inclusion for women entrepreneurs is paving the way for a brighter and more equitable future. By providing accessible financial resources, supporting female business owners, and promoting women’s economic empowerment, BANKIT is making a lasting impact on individuals and communities.
The story of Pooja Jadhav is just one example of the transformative power of financial inclusion. Her journey from a homemaker to a successful entrepreneur and role model is a testament to what women can achieve with the right support and resources. Pooja’s success is not an isolated case; it is a glimpse of the potential that lies within countless women across India.
Pooja is not the only single lady who has transformed her life, hundreds of women have transformed their lives with BANKIT’s phydigital services and are working in the same direction.
Join the Transformative Journey
BANKIT invites you to join this transformative journey. Whether you are a woman aspiring to start your own business, a community leader looking to support local entrepreneurs, or an organization seeking to partner in promoting women’s empowerment, there is a place for you in this movement.
Together, we can break down barriers, create opportunities, and empower women to achieve their dreams. Contact Us to learn more about how you can be a part of this change. Let’s work together to build a future where every woman has the tools and support, she needs to succeed.
