Financial inclusion in the Middle East and North Africa (MENA) remains limited, with women disproportionately affected by the lack of access.

World Bank’s Global Findex 2021 reveals that only 48% of adults in the region—excluding high-income countries—own a financial account, falling well short of the developing world average. The issue is further exacerbated by unemployment, as just 39% of adults outside the labor force have an account.

The gender gap is particularly stark. In developing MENA economies, only 42% of women have access to a financial account, compared to 54% of men—marking the widest disparity in the world and twice the average gap seen in other developing regions.

WHAT’S DRIVING THE DISPARITY?

Several intertwined factors contribute to the low levels of financial inclusion among women in the MENA region. A key issue is the gender pay gap—one of the widest globally—which directly affects women’s ability to access formal financial services. Limited income reduces the likelihood of opening and maintaining accounts, making financial independence harder to achieve.

In Saudi Arabia, research points to a combination of sociological, cultural, and legal barriers that hinder women’s access to credit. Without sufficient collateral, many women are unable to secure loans, further reinforcing their underrepresentation in the financial system. Broader systemic biases within financial markets continue to exacerbate the gap.

Low financial literacy also plays a significant role. OECD data shows that women globally—and especially in the MENA region—tend to score lower on financial literacy assessments, limiting their confidence and engagement with formal financial systems.

Trust and privacy concerns add another layer of complexity. In communities where financial interactions are often handled by male staff, many women feel uncomfortable or discouraged from participating, further widening the gap in access.

Moreover, financial services across the region often overlook women’s specific needs. The Consultative Group to Assist the Poor (CGAP), highlights a lack of flexible credit options for women-led small businesses, as well as limited savings products tied to priorities like family care or education. This mismatch between available services and real-world needs continues to reinforce the financial inclusion gap.

THE BENEFITS OF WOMEN’S FINANCIAL INCLUSION

Financial independence gives women the tools to “shape their futures with autonomy and confidence,” says Shereen Tawfiq, Founder and CEO of Balinca, a business and financial training company.

Tawfiq notes that this empowerment extends beyond the individual, strengthening families and communities. “As financial inclusion expands, so too does the potential for women to engage meaningfully in economic life—whether through entrepreneurship, investment, or household financial management,” she adds.

Highlighting the growing financial influence of women worldwide, Tawfiq pointed to projections showing that women are expected to manage around 35% of global wealth within the next three to five years—signaling “a major shift in financial decision-making dynamics.”

Patrycja Oselkowska, Deloitte Middle East Growth Leader, emphasizes that women’s financial independence has a direct impact on household spending power. Referencing UN research, she notes that women reinvest up to 90% of their income back into their families—compared to just 35% for men—driving improvements in education, healthcare, and overall well-being.

“Socially, as women climb financial and professional ladders, they become role models and mentors for younger generations, fostering a cultural shift towards gender equity.”

Marketa Simkova, Head of People, Performance and Culture at KPMG Lower Gulf, cites a World Bank report estimating that increasing female labor participation in the GCC could boost Saudi Arabia’s GDP by up to 47%. She adds that women-led businesses are strong engines of employment and innovation, particularly in the UAE, where women own more than half of all small and medium enterprises.

“Socially, empowered women invest more in their families’ health and education, leading to better outcomes. Financial access also strengthens women’s independence and decision-making power, contributing to long-term gender equality,” Simkova states. “Financial access and knowledge also offer women potential pathways for other industries, particularly in times of difficulty or single-income situations.”

THE ROLE OF FINANCIAL INSTITUTIONS

When it comes to designing financial products and services that meet the unique needs of women in MENA, Tawfiq believes a more effective strategy is not creating separate offerings for women, but tailoring communication and education around existing ones.

“Women value clear, balanced information on risks and rewards. Financial institutions can boost inclusion by promoting financial literacy and offering accessible education that builds confidence. As understanding grows, so does risk appetite, leading to more informed, engaged participation.”

Oselkowska highlights the importance of financial institutions adapting their products to meet women’s evolving needs. She points to a Deloitte study revealing that Saudi Gen Z women see financial independence as a key marker of success.

“Compared to the previous generations, Gen Z women have more options and feel empowered to explore opportunities in the workplace. They don’t feel they need to actively pursue traditional life goals in the same way as goals like further education, career progression, or starting their own company.”

Oselkowska advocates for banks to adopt inclusive, personalized communication strategies to better engage female Gen Z customers. “Banks must offer financial products and tools tailored to various segments and their needs—such as investment accounts with low-risk options that promote long-term financial stability. This can help women prepare for retirement, a subject that has historically been underserved in the region.”

She also stresses the importance of financial literacy programs for older women, who often face lower financial literacy rates. “Accessible and engaging educational resources, delivered through apps or mobile platforms, can demystify personal finance for women, positioning financial institutions as trusted partners.”

Simkova highlights that financial institutions have a unique opportunity to create targeted products that align with MENA women’s financial behaviors, cultural expectations, and life-stage needs. She points to Saudi Arabia, where women-only bank branches have long provided privacy and cultural comfort, encouraging more women to open accounts and utilize financial products. “These branches offer customized savings accounts and credit cards with lifestyle benefits, such as healthcare discounts and family-focused rewards,” she explains.

She also notes that insurance offerings are evolving, with companies in Saudi Arabia and the UAE developing women-focused health insurance plans that include maternity coverage and wellness benefits. These initiatives, she adds, are key to helping women plan for long-term security, while also expanding their economic participation and leadership in business.

THE ROLE OF TECHNOLOGY

Simkova emphasizes the role of technology in breaking down barriers to financial access.

“Mobile banking apps and e-wallets in the region provide safe, remote access to money management tools,” she notes. “Some digital platforms also offer Arabic-language financial literacy content tailored to women,” she adds, referencing UAE-based initiatives like “She Leads” and “Womena,” which use digital channels to connect women to funding, training, and mentorship.

“Technology also allows women in conservative communities to access services without needing to travel or interact face-to-face, significantly increasing accessibility across the Middle East.”

Oselkowska highlights technology as a powerful equalizer, removing barriers that have historically excluded Middle Eastern women from financial services. “For women balancing family and work, mobile banking offers exceptional convenience, allowing them to transfer funds, pay bills, and even invest with just a few taps.”

She adds that mobile apps can enhance financial literacy by offering targeted advice and budgeting tools tailored to women’s needs. “Services like these, already popular in Europe and North America, are ready for adoption in MENA.”

Oselkowska also points out that technology can address trust and privacy concerns, which often discourage women from engaging with traditional banking systems.

ECONOMIC IMPACT OF FINANCIAL INCLUSION

Financial inclusion is crucial not only for women but also for the broader economy, according to Tawfiq. She emphasizes that businesses that fail to engage the growing female customer base risk losing relevance. “The transfer of wealth to women is already underway. Investing in this shift today ensures both commercial gains and a more inclusive, equitable financial future for the region.”

Oselkowska shares this view, warning that ignoring women’s financial inclusion is not just a missed opportunity—it’s a strategic risk that could hinder long-term economic growth. “Excluding half the population means MENA economies are not only leaving money on the table but actively capping their potential,” she says, citing a World Bank study that found equal labor force participation between men and women could boost global GDP by $160 trillion.

She adds that the human cost of financial exclusion is equally significant, as it perpetuates gender inequality, leaving families vulnerable and limiting generational upward mobility. Oselkowska further points out that women outside formal financial systems are less likely to access loans for business ventures or invest in their children’s education. Countries, she warns, risk deepening cycles of poverty, particularly in regions grappling with high unemployment.