Improving Microeconomic Equity

Two main factors, economic inequality and patriarchal power structures, can often be found in the world’s most oppressive societies. While it is important to focus on improving existing democratic systems, any solution that fails to address the underlying circumstances that allowed current problems to arise should be viewed as a temporary fix. It is essential that environments are created that encourage long-term, sustainable democratic growth.

This proposal encourages the development and expansion of small, collective banks run for and by women. Each member would be required to submit a monthly payment for membership, with acceptable amounts being as small as 25 cents. Once permitted entry, individuals would be able to take out small loans, granting them accessible and affordable means of building credit.

Furthermore, these banks would be directed to implement community-focused programs and ceremonies with the purpose of developing meaningful, supportive relationships among members. Examples of this include a “meet and greet” where members network and exchange small gifts, mentorship programs providing women in need of support with helpful guides, and celebrations recognizing achievements like employment, financial milestones, personal objectives, and more. Furthermore, unimposing monthly contributions would contribute to a feeling of involvement in the program’s community, unlike the detached experience typical of traditional financial networks. This would make timely repayments feel obligatory and instill a sense of accountability conducive to success.

This program is primarily based on networks of small women’s banking systems in Senegal, as well as Women’s World Banking, both of which have shown great success not only in alleviating poverty, but also in building community among women and creating a financial system with the foremost objective of developing relationships rather than producing a profit.

Centering financial empowerment around a framework of communal trust not only offers economic assistance but also social relief. Placing women in control of their finances serves not only to encourage community interdependence, but also to help sever long-standing reliances on global capital in countries where this has become burdensome, laying the groundwork for a more equitable and sustainable democratic future.