MetLife Foundation and the Global Banking Alliance for Women (GBA), a global consortium of financial institutions committed to fostering wealth creation among women, are partnering to develop and launch a mentoring program across member banks of the Alliance with the long-term goal of building financial services and products for low-income women entrepreneurs globally. This grant is part of MetLife Foundation’s $200 million, five-year commitment to fund programs and services that help advance financial inclusion. MetLife Foundation will provide a grant of $350,000 to help develop the mentoring program and enhance existing peer learning activities facilitated by the Alliance. Currently, a significant gap exsists among financial institutions in the technical support required to design and implement services and products for women entrepreneurs of micro, small and medium sized businesses. Further, according to the International Finance Corporation and McKinsey, there is an estimated $300 billion credit gap for women-owned small and medium enterprises worldwide. The Foundation’s support of the mentoring program will help capitalize on the deep talent inside banks, bringing mentor and mentee together to learn from each other with the goal of developing innovative programs that can help women-owned small and medium entrepreneurs. The program will be a significant step forward in creating a knowledge community that helps low-income women entrepreneurs.
GBA has partnered with Creative Metier, an international consulting firm, specializing in designing and delivering mentoring and coaching programs for the financial sector, to deliver the program to member banks. If successful, it will be a new and highly cost effective approach for building capacity and sharing information in the broader area of financial inclusion.