They often feel that by default, they often do more (domestic) activities. Hence, in terms of access to financial services, it was necessary to provide something specifically (for them), so that they are not hindered from availing financial services
Jakarta (ANTARA) - Finance Minister Sri Mulyani Indrawati appealed to financial institutions to come up with a special product or service for women to expand their access to financial services.

This is especially important since most women are engaged in more domestic tasks or household chores as compared to men.

"They often feel that by default, they often do more (domestic) activities. Hence, in terms of access to financial services, it was necessary to provide something specifically (for them), so that they are not hindered from availing financial services," Minister Indrawati stated during a webinar titled "The Role of Indonesian Women in the Banking Sector," on Thursday.

Increasing women's access to financial services could improve their financial inclusion rate, which was 75.15 percent in 2019, lower than that of men, which was capped at 77.2 percent.

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Women were recorded to have a financial literacy rate of 36.13 percent, also lower than their male counterparts, with a rate of 39.94 percent.

Financial services should become more accessible to women, so that female entrepreneurs, who make up 21 percent of the total entrepreneurs, could develop their businesses and gain financial independence.

"MSMEs managed by women during the pandemic (are proven to be more) durable. Many female entrepreneurs have turned to online businesses. This shows how women are so (hardworking)," she pointed out.

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Women should also be encouraged to access the capital market, both as investors and business actors, who need additional capital.

"Should women's financial literacy and skills be improved, they will be able to develop their businesses and own investment assets," she concluded.

Data from the Cooperatives and Small and Medium Enterprises Ministry indicated that Indonesia had a total of 64.2 million MSME actors, who contributed 61.07 percent, or Rp8,573.89 trillion, to the gross domestic product (GDP). Of the 64.2 million MSME actors, as many as 64 percent are women. This emphasized the fact that women were vital to the state's economic conditions.


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Translator: Sanya D S, Mecca Yumna
Editor: Fardah Assegaf
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