Unlocking Financial Freedom: How Zenus Bank Creates Financial Inclusion for Women
5 minute read
Financial access is key
Nowadays, one of the major challenges for women is the lack of access to traditional banking services. In many regions, women are disproportionately affected by poor access to formal financial institutions, which limits their ability to save, invest, and start businesses. This gap severely limits economic opportunity and perpetuates the cycle of hardship.
Here at Zenus Bank, we seek to provide leading banking services to individuals and businesses worldwide who currently have limited access to modern banking. Our approach involves granting them easy access to a US bank account and, by extension, to the security, freedom, and convenience of the American banking system. We call this Banking beyond borders. In doing so, we aim to empower the underbanked population by making high-quality banking services accessible to all.
Zenus partners with UNEP
Sustainability is a fundamental principle for Zenus Bank. As already mentioned, we care about leveling the playing field and giving more financial opportunity to the economically marginalized. This is why, in 2021, shortly after the company was founded, Zenus became a signatory of the UN Principles for Responsible Banking, which is the leading framework for a sustainable banking industry worldwide.
If we fast forward to 2023, it is our pleasure to announce that we will further boost our global community impact as part of our continued United Nations Environment Program Finance Initiative membership. UNEP is an authority that strives to inform and enable nations and peoples to improve their quality of life without endangering the future of the planet for future generations. Their agenda features a set of 17 Sustainable Development Goals (SDGs), some of which are very relevant to Zenus’ own activity, namely:
- Financial Health and Financial Inclusion
- Gender Equality
The harmony between our two organizations’ visions set the ground for a great collaboration. So, in July 2023, Zenus Bank is partnering with UNEP to bring awareness around women’s access to economic opportunity and financial independence.
The struggle for financial inclusion
For women that want to be financially independent – such as small entrepreneurs, expats, or digital nomads – having the right financial tools is vital to success. This is especially true when you consider that their budgets are often quite limited, and they lack financial flexibility due to low savings. As a result, even minor obstacles like high transfer fees or a delayed payment can have a profound impact on their ability to meet financial obligations. For instance, they might find themselves unable to pay an internet bill, which, in turn, is crucial to the remote work they do. Or they might plan a small investment to grow their business that is dependent upon a certain FX rate, only to find those plans ruined by their local currency’s unexpected volatility.
Moreover, arbitrary bank transfer limits, overly cautious bank managers, or outdated infrastructure can pose additional barriers to financial empowerment. In many countries, funds can get flagged in the system, or get lost entirely. In a very literal sense, such obstacles impede projects and stop deals from happening, holding women back. This can be frustrating and leads many of them to feel like they are not in charge of their own money. The resulting opportunity cost is steep, denying women of the chance to pursue promising ventures, and hindering their potential for growth and becoming established.
Helping women help themselves
How to solve all these challenges? Here at Zenus Bank, we believe we can help women in need of better banking in several ways:
- US Bank Account
A Zenus account is a full US bank account. This means it offers access to the same level of security, regulation, and convenience that ordinary American citizens enjoy in their day-to-day banking. But you can also think of it as a pass to financial freedom. So, if users need to make large transfers, buy supplies, pay a contractor, or just enjoy seamless online shopping – we facilitate it all, without telling account holders how to manage their money. There are no transfer restrictions or extravagant FX fees at Zenus, the only limit is the availability of funds in an account.
- Low Costs
With a US dollar account, our customers can steer clear of wild currency volatility that affects some countries. This stability lets them plan their finances more effectively and reduces the risk of sudden fluctuations eroding their wealth. Furthermore, Zenus Bank features low fees for payments and transfers in more than 40 currencies. This feature is particularly advantageous for entrepreneurs, traders, investors, and digital nomads who frequently conduct cross-border transactions. By minimizing transaction costs, Zenus ensures that users retain more of their hard-earned money, enabling them to compound their gains and build wealth over time.
Zenus offers a range of options when it comes to payments, so users can choose the best payment type for them. We offer inexpensive ACH payments within the US; wire/SWIFT for international transfers; as well as Zenus Transfers (transfers made to another Zenus account), which are entirely free of charge, wherever the account holders may be. Importantly, our Visa Infinite debit card is accepted worldwide and helps customers make payments or take cash out with ease when traveling abroad.
These are some of the ways in which our offering is helping to unlock women’s potential in areas of the world where local banking systems are marginalizing them.
Women banking, women thriving
Access to modern banking services is crucial for achieving financial inclusion, particularly for women who often face economic constraints and lack opportunities. Unfortunately, many societies still limit women’s economic freedom, which keeps them out of the global marketplace. Zenus Bank recognizes the detrimental impact of this exclusion and takes an active role in finding a solution to the problem.
We are dedicated to enabling these individuals and providing them with economic agency. Our account represents a genuine doorway towards empowerment for a sizable portion of the world’s women, and our mission is to make it available to as many people as possible, irrespective of gender. Ultimately, economic empowerment offers women control over their own destiny. It allows them to build a future that works best for them, and we are thrilled to be a part of so many individual growth stories.