Financial Inclusion and Women Empowerment in BRICS Countries: Perspectives on India and South Africa

Abstract

In spite of universal recognition of financial inclusion as one of the nine key pillars of the development agenda, yet the problem still remains unabated and efforts at expanding financial inclusion for the marginalised remain feeble, especially with regard to enabling women and girls to have access to finance as their constitutional rights. As the emerging economies in the world, Brazil, Russia, India, China, and South Africa occupy a strategic position of political power to influence global trends in development including in relation to financial inclusion, especially for women and girls. BRICS countries are consistently increasing in economic growth, demographic transitions, and in the size of their share of global wealth and development, enabling them to influence global development. The BRICS countries are strong economies contributing to international trade and commerce and providing financial stability to emerging economies. In successive statements and declarations, the BRICS countries have made inclusive and sustainable economic growth a central pillar of their agenda. They are also all influential members of the group of 20 significant economies (G20) in the world, a body charged with managing the strengthening of international economic governance. Therefore, the direction that BRICS countries take in relation to global development as a paradigm of progress could make them catalysts for improved financial inclusion. The chapter examines the subject of financial inclusion and women empowerment amongst BRICS countries with a special focus on India and South Africa. Apart from the technicalities and micro-issues affecting gender financial inclusion, the paper analyses the existing government measures on financial inclusion in India and South Africa in order to determine if there are different approaches or shared approaches on the issue of socio-economic empowerment of women entrepreneurs in both countries.KeywordsBRICSFinancial inclusionPolitical economyWomen empowermentSouth AfricaIndia