On 8 March the world marks International Women’s Day, a celebration of the achievements of women globally. In 2024, it’s also a rally behind the call to 'Invest in women: Accelerate progress.'

Since Opportunity’s origins in the 1970s, financially including women has been key to breaking the cycle of poverty – and today, 95 per cent of Opportunity’s loan clients are women.

To achieve gender equality, an investment in women and girls is vital at all levels – whether it’s providing decent work and economic growth, to supporting health, women’s safety and education. Women work tirelessly for their families and communities, and it’s important to remove any barriers to give women the tools they need to invest in their futures.

_{Soni is one of millions of women using small loans, investing in a power loom to weave fabrics to sell rugs.}

Empowered women create healthy economies that thrive

Investing in women is also a human rights issue. Beyond profits and savings, economically empowered women play a more active role in their communities. In earning an independent income, and not being reliant on insecure work or household duties, women are able to save for their own futures, as well as their families, and invest more in education costs, healthcare expenses and expansions to their businesses, ultimately helping to alleviate poverty in communities.

UN Women’s The gender snapshot 2023 warns that, if current trends continue, more than 340 million women and girls — an estimated 8 per cent of the world’s female population — will live in extreme poverty by 2030, and close to one in four will experience moderate or severe food insecurity.

But what’s the solution? Putting financial tools in the hands of women and helping them take control of their finances – whether it’s health, education, or household expenses. Investing in the next generation of girls can also help turn these stark statistics around.

_{Not only does microfinance empower women with financial tools, microfinance institutions create jobs for women in the community too!}

What women say about microfinance

Women have been central to microfinance since its beginnings. With lower access to credit, female business owners benefit more from small loans and usually spend more of their earnings on their children and families, injecting money back into communities. According to 60 Decibels’ data, lending to women also pays higher dividends – giving women greater financial acumen, more prosperous households, and better resourced businesses.

A 60 Decibels study conducted in 2023, which included Opportunity’s clients, interviewed 32,713 women. Sixty-six per cent of the global sample for the survey were women.

Key insights from the study included:

• Women use their loan for business purposes and are achieving their goals – 85 per cent of women use at least part of their loan for productive uses (eg. investing in a new or existing business) compared to 77 per cent of men.
• Women say their households are better off – 71 per cent of women, compared to 65 per cent of men, report increased savings with their loan. Women are more likely than men to report increased spending on home improvements and education, as well as increasing their health visits and number of quality meals.
• Women understand their credit and have improved skills – Two thirds of women 60 Decibels surveyed 'strongly agree' that their loan's fees, penalties, and interest rates are easy to understand and clear. They also report better skills in financial management, decision-making, and confidence because of their financial service provider.

_{Darmshila is an entrepreneur in India, selling bangles with the help of a small loan.}

Investing in women like Darmshila

Quality of life changes for women like Darmshila, a mother-of-four living in India, are more than just outcomes from having credit. It’s meant real tangible changes for Darmshila and her family.

“I love my business and it makes me happy. I feel like my business gives me a purpose," Darmshila says of the INR50,000 loan ($922 AUD) which helped her stock her shop and set up her own business.

Darmshila’s access to a loan means she’s now a small business owner, with a more active role in her assets and savings. She’s also spending more on better education, health and household expenses compared to other women in her community experiencing poverty.

"I’m so proud that I’m a woman and I can earn to support my family," says Darmshila as she stands outside her small business selling bangles and costume jewellery, clothes, toiletries and beauty products. The state of Bihar, where she lives and runs her business, is one of the poorest states in India.

_{Darmshila hopes to be a good example for her four children, who are all currently in school.} 

Her daughters Anjali and Kushi see how hard she works selling bangles and are proud of what their mother has achieved since taking out a loan. Darmshila’s business has grown considerably.

“Mum’s business has made life a little comfortable,” said Anjal, Darmshila’s daughter. “My mum (Darmshila) got the loan a year ago and life was difficult previously, but life is getting better now. I’m proud of my mum and dad.”

If you’d like to invest in women this International Women’s Day, please consider giving today. Any gift – big or small – helps reach more women with the tools they need to break the cycle of poverty.