Only 4.2% of Women Have Access to Formal Financial Accounts, Highlights Minister at WPS Symposium

During the recent National Symposium on Women, Peace, and Security (WPS), Hon. Aya Benjamin Warile, Minister of Gender, Child, and Social Welfare, revealed alarming statistics showing that merely 4.2% of women in the country currently have access to formal financial accounts. This stark figure underscores the many challenges women face in achieving financial independence.

Minister Warile emphasized the critical importance of financial access as a pathway to empowerment. “When women flourish, society as a whole benefit,” she asserted, highlighting how financial independence enhances women’s decision-making power and confidence. She noted that gender equality plays a fundamental role in fostering economic growth, peace, and resilience in communities.

Despite progress in recent years, Warile warned that many women still grapple with systemic barriers, economic obstacles, and prevailing social norms that impede their access to crucial financial resources.

Abel Whande, the Country Director of CARE International, echoed the Minister’s concerns, stating that the lack of access to financial accounts constrains women’s ability to transform their lives and communities. Whande pointed out, “In countries that have undergone significant transformation, it is often because they have placed women at the center, ensuring their access to financial resources.”

CARE International’s Village Savings and Loans program was highlighted as a key initiative designed to bring women together to save money and launch income-generating projects. However, Whande raised alarms over the impact of hyperinflation, noting, “If you invest money today, its value may decrease drastically in just a month due to market inflation.”

The symposium also addressed the financial security challenges faced by individuals with disabilities. Mr. Dominic Michael Genge, Chief Registrar for NGOs, discussed the threats involved in providing cash assistance to persons with disabilities, emphasizing the need for proper safety and management strategies.

He remarked, “Women in South Sudan have endured significant challenges. While empowering women is vital, we must also prioritize training them in financial literacy to ensure their long-term security and success.”

As discussions continue surrounding women’s empowerment and financial independence, the symposium served as a critical platform for addressing the urgent need for more inclusive financial systems that allow all women to thrive.