A new initiative geared at increasing financial literacy among rural women has been launched by Equity Bank Group. 

The New Faces, New Voices initiative targets one million rural women countrywide.

"We believe that finance and entrepreneurship are the keys to development,” said James Mwangi, the Equity Bank chief executive officer, during the launch on Friday.

Mwangi said the bank is focusing on rural areas because it is "where the majority of women live”.

He added that the bank is also working with the Ministry of Agriculture and the International Finance Corporation (IFC) on projects, under which they expect to reach out to over six million rural farmers, especially women.

Mwangi said these initiatives will help equip farmers with skills to help them improve output and look at farming as a business.

"Initiatives, like mobile banking at the grassroots level, are aimed at easing access to financial services to support economic activities of rural women,” Mwangi explained.

Diana Ofwona, the UN women representative in Rwanda, said though women have achieved a lot as far as gender parity is concerned, more needs to done to "put money in women’s pockets”.

Ofwona urged African governments to put in place policies that support women’s economic empowerment to ensure gains made so far are not eroded.

She however challenged women to develop a savings culture, noting that it is essential for women to invest to make women’s economic empowerment a reality.

Speaking to The New Times in an interview on Monday, Jean Pierre Uwizeye, the capacity building and financial education senior officer at the Association of Microfinance Institutions in Rwanda (AMIR), said many women in rural areas still depend on their husbands for anything they need.

"A few years back, women were not encouraged to venture into business, but AMIR supports and encourages them to contribute to the economic wellbeing of their families, community and country generally,” Uwizeye said.

Uwizeye is optimistic that the National Financial Education Strategy launched by the government in 2013 will go a long way in increasing the rate of financial literacy in the country, especially among rural women.

Uwizeye explained that AMIR conducts financial literacy through voluntary savings and loans associations, where they sensitise clients and members on the importance of embracing a savings culture and how to use loans profitably.

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