The World Bank’s Global Findex report states that roughly half of unbanked adults globally cite lack of trust as a reason for not having an account. Financial institutions are well aware that trust is a problem, yet two-thirds of surveyed providers have no clear trust-building strategy to address it.
In this post, we explore three consumer protection barriers and outline three practical steps financial institutions can take to better protect women customers, focusing on safety, accountability, and support to build lasting trust.
- Protect women customers from fraud and scams
Globally, more than half of adults have experienced fraud or scams, and nearly one in four have lost money as a result. Fraud and scams are among the most significant consumer protection barriers facing women, as they expose women to heightened risks due to lower financial buffers or limited access to effective recourse, and undermine their trust in financial institutions. These incidents range from phishing texts and fake loan offers to agent-led fraud, such as skimming or misappropriating funds.
The impact is twofold. First, women bear financial losses they can least afford. Second, and often more lasting, experiences with fraud create deep mistrust in digital and formal financial systems, discouraging women from adopting or continuing to use financial products. A Kenyan agri-insurance firm reported that repeated scams targeting its customers led to “widespread mistrust” of the company. Similarly, a fintech in Mexico shared that fraud and online scams have significantly affected its customers, taking a toll on both customer trust and the company’s reputation. Research highlights the scale of this barrier, as more than three-quarters of adults report encountering scams, with the average person exposed to one every four days. For many women, hearing that a neighbor’s savings vanished due to fraud is enough to conclude, “Better to keep my money at home.”
Rebuilding trust starts with making finance feel safe.
Financial institutions must double down on fraud prevention and visibly support customers when incidents occur. This includes strengthening security measures and investing in proactive, accessible education. Many providers, for example, are rolling out two-factor authentication and real-time scam warnings, such as SMS alerts that remind customers that providers will never ask for their PIN. In Uganda, a leading mobile money operator launched interactive, story-based audio lessons in which users follow fictional scenarios of customers interacting with fraudsters, helping them recognize and avoid common scams.
Prevention alone, however, is not enough. Swift response and effective redress are just as important. In Indonesia, one fintech has introduced internal audits and whistleblower systems to address agent-related fraud and rebuild trust among rural women customers. When a woman is cheated by an agent or targeted by a hacker, she needs to know she will be heard, and the issue will be resolved. Yet only about half of women who experience a digital finance problem attempt to complain, often because they do not know how or because they doubt it will lead to a resolution. Providers can change this by offering accessible, no-questions-asked reporting channels, such as hotlines, WhatsApp chats, or local service points, and by resolving cases quickly and transparently. When women see that their provider will refund losses or hold dishonest agents accountable, their confidence and willingness to engage with formal finance grow.
- Support women customers against financial abuse and privacy violations
For many women, the decision to use financial services is not just about convenience or cost–it’s about safety. Our research found that fear of privacy violations and limited protection against financial abuse are powerful deterrents keeping women from engaging with formal and digital financial services. These barriers are deeply personal, often tied to women’s lived experiences of control, surveillance, and coercion. And when financial institutions fail to recognize and address these risks, they inadvertently reinforce the very dynamics that exclude women from the financial system.
Globally, one in five women has experienced financial abuse, compared to one in seven men. Survivors of financial abuse frequently face damaged credit, unmanageable debt, and long-term economic instability, making it harder to secure housing, employment, or even utilities. In Jordan, for example, women are often pressured to take loans for male relatives, a practice reinforced by legal and social norms that view women as financially dependent. Studies show that women who experience financial abuse are five times more likely to also experience physical abuse. Unfortunately, many women don’t recognize financial abuse when it’s happening.
At the same time, privacy concerns are pushing women away from digital finance. In many low- and middle-income countries (LMICs), women often access financial services through shared or male-owned phones, leaving their transactions and messages vulnerable to monitoring. In Rwanda, one-third of adults share their mobile phones, and phone owners are more likely to be male, educated, and wealthier. This lack of digital privacy can expose women to harassment, coercion, or financial control. In Indonesia, 58% of women report experiencing online abuse, while in the Arab States, 60% report privacy violations online. These experiences don’t just cause discomfort–they lead women to withdraw from digital platforms altogether.
Financial institutions must treat privacy and protection as non-negotiable rights. That means designing services with a gendered safety lens: limiting data collection to what’s necessary, using encryption and access controls, and ensuring women understand how their data is used. In India, for example, women reported curtailing their use of digital services due to fears about data misuse and a lack of knowledge on how to protect themselves online. Embedding privacy tips into apps, offering SMS-based guidance, and training frontline staff to support women with privacy concerns can go a long way.
Equally important is creating survivor-centered recourse mechanisms. Financial institutions should offer discreet ways for women to report financial abuse, waive or restructure debts taken under coercion, and partner with legal aid groups to support survivors. In Australia, banks have introduced real-time blocks on abusive language in payment descriptions, intercepting over 500,000 abusive transactions in a single year. These kinds of proactive, survivor-informed policies send a clear message: we see you, we believe you, and we’re here to help.
- Be there when a women customer needs help
Even if a product is secure and transparent, a bad customer experience can shatter a woman’s confidence in her provider. Unfortunately, inconsistent or poor in-person service is a common barrier. One global survey found that poor customer service or user experience drives 1 in 5 customers to leave their financial provider.
To rebuild trust, financial institutions must show up for their customers, reliably and empathetically.
That means addressing the basics of customer service. For starters, providers should ensure complaint mechanisms are accessible and responsive. It’s not enough to have a poster that says “Call 1234 for complaints” if nobody answers on the other end. Investing in well-trained call center staff (with local language skills and gender-sensitivity training) and setting targets such as “resolve 90% of complaints within 7 days” can demonstrate a commitment to addressing customers’ concerns. Some innovators are using tech, e.g., AI chatbots, to provide instant updates on complaint status or to handle simple queries. But technology can’t fully replace the human touch, especially for women who may be uncomfortable with digital interfaces. Our findings emphasize the value of “phygital” service models – combining digital tools with human support.
Financial institutions alone cannot solve all these barriers. Policymakers and regulators need to be at the forefront to enforce consumer protection standards and push for institutions to adopt these trust-building steps. Some regulators are already moving in this direction – and their efforts are paying social dividends in the form of greater account usage and digital adoption among women customers.
To learn more about Women’s World Banking’s research on barriers to women’s financial inclusion, stay tuned for the launch of the microsite coming at the end of March 2026. The microsite includes the full write-up and exemplars on barriers to women’s financial inclusion.
This research was made possible with funding from the Gates Foundation.
