In a compelling dialogue hosted by Amit Sharma, Co-Founder and CTO at Twid, Sonia Singh, Founder of Shepays, shared profound insights into the challenges faced by women in financial planning and the transformative impact of her fintech startup on empowering women across India. Here’s a detailed exploration of the key highlights from their conversation:
Addressing Gender Bias in Financial Services
Sonia shed light on the prevalent bias against women in the financial services sector. She highlighted how societal norms often relegate financial decision-making to men, resulting in women being marginalized in financial matters. Despite high rates of bank account ownership among women, there remains a significant gap in their financial engagement.
The Journey of Shepays: From Personal Experience to Fintech Innovation
Sonia Singh shared the deeply personal journey that led to the inception of Shepays. Inspired by her mother’s financial struggles after her father’s passing, Sonia embarked on a mission to create a platform that would empower women financially. Initially conceived as a gender-neutral solution, Shepays evolved to specifically cater to the unique needs of women, offering a user-friendly platform with educational resources and access to loans.
Empowering Rural Women Through Financial Inclusion
Central to Shepays’ mission is the empowerment of rural women who often lack access to formal financial services. By providing loans for education and other essential needs, Shepays is actively promoting financial literacy and economic opportunities for women in remote areas. Sonia emphasized the significance of inclusivity in financial services and its potential to drive positive change in communities.
Changing the Narrative: Women’s Financial Independence Drives Economic Growth
Sonia Singh underscored the pivotal role of women’s financial independence in fueling economic growth. She emphasized how empowered women contribute to higher GDP and societal advancement. Through initiatives aimed at encouraging women to take control of their financial futures, Shepays seeks not only to empower individuals but also to uplift entire communities.
Amit Sharma’s Perspective: Driving Innovation for Financial Inclusion
Amit Sharma, Co-Founder and CTO at Twid, emphasized the importance of innovative solutions in driving financial inclusion for women. He highlighted the need for fintech startups like Shepays to challenge existing norms and provide tailored services that cater to the specific needs of women.
“The more you get financially independent, the more you’re able to stand for yourself and say, ‘You know what? That’s not how it’s supposed to happen, and I can take the decision.’ So, that’s the direction we are looking at because it is not only the right thing to do, it’s not just the need of the hour right now, but it is what is going to drive the country economically in the years to come.” – Sonia Singh
In conclusion, Shepays represents a pioneering effort to address gender disparities in financial services and empower women to achieve financial independence. Through innovative solutions and a steadfast commitment to inclusivity, Sonia Singh, Amit Sharma, and their teams are making significant strides toward creating a more equitable financial landscape for women across India.
