To celebrate Women’s World Banking’s 45th anniversary, we are showcasing the voices of individuals from around the world who have shaped and touched Women’s World Banking journey since its inception in 1979 to today!
These are stories from across Women’s World Banking’s reach from the women we serve and our customers, to allies and women in leadership who have contributed to women’s economic empowerment and financial inclusion.
As Women’s World Banking concludes its year-long 45th anniversary celebration, our President & CEO Mary Ellen Iskenderian reflects on the organization’s remarkable journey—from its pioneering founders – Michaela Walsh, Ela Bhatt, Esther Ocloo, and Mary Okelo to its current role as a global leader in securing women’s economic opportunity. A recent visit to Princeton University’s Mudd Library, where the organization’s foundation documents are archived, marked a significant moment to connect the past, the present and the future of this transformative movement.
Back to the Beginning
Women’s World Banking was born from a bold vision: that women’s economic empowerment could only be achieved if their voices shaped financial systems. The founders, inspired by the 1975 UN meeting in Mexico City, recognized that financial inclusion was key to gender equality. “It both became an institution and organization that from its very start has been focused on women’s financial empowerment, and also women’s leadership,” Mary Ellen noted, echoing the words of founding president Michaela Walsh.
Today, that legacy lives on through programs that combine sustainable financial solutions with policy advocacy to drive lasting systemic change, ensuring women everywhere have access to the tools they need to build secure, prosperous futures.
The anniversary year culminated in a profoundly symbolic moment when Mary Ellen visited Princeton University’s Mudd Library, where the organization’s founding documents are preserved. Holding the original handwritten notes from Women’s World Banking’s founding in 1979, she connected with the vision of founding president Michaela Walsh and other pioneers. “It was both a lot of fun, but kind of awesome in the true meaning of that word,” Mary Ellen recalled. “To see those documents, to see those handwritten notes on the founding of Women’s World Banking – it was perfect.”
From Microfinance to a Movement
Mary Ellen’s path to Women’s World Banking was anything but linear. With a background at the International Finance Corporation, she initially focused on broad economic development rather than gender-specific initiatives. “I never asked a banker how many women clients they had,” she admitted. “Do women clients borrow differently? Are you financing women’s businesses differently? I never thought to ask that.”
Her perspective changed dramatically when she joined Women’s World Banking in 2006. “As soon as I started traveling for Women’s World Banking and I saw the extraordinary organizations in our global network, I understood it was women, in their households, in their community, they were the ones who were making change happen,” she said.
Alongside Mary Ellen’s professional transformation, the organization has also undergone significant changes, shifting from microfinance-only services to a broader digital approach focused on a full-suite of financial products. “If we were really going to reach as many low-income women as possible, we had to go beyond microfinance,” she explained. “Digital financial services have lowered costs dramatically, allowing us to reach more women than ever before.”
This bold move wasn’t without controversy. “The board discussed it over many meetings,” Mary Ellen recalled. But her persistence paid off, leading to innovations like Women’s World Banking Asset Management and leadership programs for policymakers and regulators. “We’re not only going to help you design products that work for women,” she tells financial institutions, “we’ve got evidence that shows when you design for women’s needs, men love it too.”
This strategic shift is delivering remarkable results. WWB’s ambitious goal, set in motion in 2018, to reach 100 million women with new products by 2027 will be achieved earlier than anticipated
As an NGO: Breaking systemic barriers
For 45 years, Women’s World Banking has worked at the intersection of finance and gender equality, partnering with institutions and policymakers to dismantle the systemic barriers that exclude women from financial systems.
Research has revealed that women often face unique challenges—from lack of collateral to mobility restrictions—that require tailored solutions. “We don’t just advocate for change—we co-create solutions with financial institutions and regulators,” Mary Ellen explained. “Our approach combines deep market research with practical product design to develop financial tools that truly meet women’s needs.”
Women’s World Banking has advised 27 central banks on gender-inclusive regulations and helped implement national financial inclusion strategies in 15 countries. “Real change happens when we shift both products and policies,” Mary Ellen emphasized. “That’s how we’ve moved from serving thousands to impacting millions.”
Building the Future
As the celebration concludes, Mary Ellen sees both challenges and opportunities. “With digital tools and AI transforming finance, we must ensure women aren’t left behind. Harnessing these new tools to ensure women’s access to finance for climate resilience and healthcare are critical new frontiers.”
She invites everyone to join the movement. “Products designed for women often work better for everyone,” she said, citing research showing that the financial sector misses $700 billion annually by neglecting women customers. For policymakers, she adds, “National financial inclusion strategies must prioritize women or risk falling short of their goals.”
The 45th anniversary marks a milestone in Women’s World Banking’s ongoing mission – one that began with handwritten notes that planted the seeds of a grand idea for change and now reaches millions worldwide. As Mary Ellen says, “Everyone has a role to play when it comes to making finance work for women.” This powerful truth continues to guide the organization into the next 45 years: a future where women everywhere have the choice to access financial services to better their lives.
Women’s World Banking is dedicated to economic empowerment through financial inclusion for the nearly one billion women in the world with no or limited access to formal financial services. Using our sophisticated market and consumer research, we turn insights into real action to design and advocate for policy engagement, digital financial solutions, workplace leadership programs, and gender lens investing.
As part of our current strategy, we’ve helped provide over 86 million women in emerging markets – targeting 100 million by 2027 – access and use of financial products and services that are transforming women’s lives, households, businesses and communities, and driving inclusive growth globally.
Help us reach the nearly billion women still excluded from the formal financial system. Donate now.
