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.
In the world of finance, where profit often takes center stage, Sanjay Sehgal stands out as a leader who believes in the power of capital to drive both financial returns and social impact. As the new Managing Director of Women’s World Banking Asset Management (WAM), he embodies a transformative approach that challenges conventional wisdom about investing. With an impressive track record of 22 investments and 7 successful exits across emerging markets, WAM demonstrates how gender lens investing can simultaneously deliver competitive financial returns and create meaningful social impact.
Sanjay’s journey reflects the changing priorities of modern finance. His three-decade career spans traditional investment banking, private equity, and now impact investing – a transition he describes as both natural and necessary. “Financial returns with impact are much easier, much more comfortable for me,” he explains, articulating a philosophy that guides WAM’s mission to close the financial inclusion gap for nearly 1 billion women currently excluded from formal financial systems.
The Power of Gender Lens Investing
The case for gender lens investing has never been stronger. Over just two years, this approach has grown by 30% in private markets, yet persistent myths continue to limit its adoption. Sanjay confronts these misconceptions head-on: “People have this notion that if you’re investing behind gender, you are probably sacrificing returns. I completely disagree with that proposition.” The data overwhelmingly supports his position – companies that prioritize serving women customers consistently demonstrate higher retention rates and stronger financial performance.
WAM’s portfolio across Africa, Asia, and Latin America (and soon to be United States) provides compelling evidence that addressing gender disparities makes sound business sense. The dual-market strategy recognizes the distinct challenges in different economic contexts. In emerging economies, the focus is on expanding access to rural women through innovative financial products and services. In developed markets, the battle shifts to combating systemic biases – where women-led startups receive just 2% of venture funding despite equal potential for success.
Transformative Impact: Sarah Mwanthi’s Entrepreneurial Journey
The true power of WAM’s gender lens investing comes to life in stories like Sarah Mwanthi’s. In 2020, at the height of the COVID-19 pandemic, this courageous Kenyan teacher made a bold career shift to open Kikwetu General Shop in Thika. Today, nearly four years later, her mini-mart thrives at a busy roadside location – but her success story highlights the systemic barriers women entrepreneurs still face across Kenya.
Sarah’s journey reflects the stark realities of women’s entrepreneurship in Kenya, where only 31% of businesses are formally owned by women. Like many female business owners, she confronted multiple challenges including the near-impossible requirement of land collateral and Cash flow gaps that threatened her operations.
This is where WAM’s investment in Pezesha – a woman-founded Kenyan fintech – made all the difference. As part of WAM’s Fund II portfolio, Pezesha provided Sarah with five collateral-free digital loans, a credit line that grew from $65 to $98, and quick disbursement with minimal paperwork
The results speak for themselves: “Pezesha imeniwezesha” (“Pezesha has enabled me”), Sarah says with pride. Within four months of receiving financing, her sales skyrocketed by 50%, allowing her to diversify products and serve more customers.
Sarah’s story embodies why WAM specifically invests in solutions like Pezesha – where 45% of clients are women entrepreneurs. It demonstrates how removing systemic barriers while addressing women’s unique challenges can unlock extraordinary economic potential.
A Blueprint for the Future of Finance
Six months into his role, Sanjay is energized by the road ahead. His passion for gender lens investing stems from a simple yet powerful belief: “Finance is the great enabler. If we can harness its power to uplift women, we can transform communities and economies on a global scale.” In an era of growing inequality and climate uncertainty, his work proves that capital can be both smart and transformative when channeled toward empowering women entrepreneurs worldwide.
As gender lens investing continues to grow, Sanjay Sehgal and WAM are poised to lead the charge—proving that doing good and doing well are not mutually exclusive but intrinsically linked.
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.
