Paypal commits over $100mn to advance financial inclusion and economic empowerment of women and girls

By Pavithra R

Paypal Holdings has announced a more than $100 mn commitment to advance financial inclusion and economic empowerment for women and girls worldwide over the next 5 years. 

Paypal made the announcement during the Generation Equality Forum (GEF), a global gathering for gender equality, convened by UN Women and co-hosted by the governments of Mexico and France, in collaboration with civil society. In support of its mission to build a more inclusive economy, PayPal was selected to join the Generation Equality initiative as a private sector lead for the Economic Justice and Rights Action Coalition in November 2020.

“Improving the financial health of women is essential to building prosperous and resilient communities. Women make up the overwhelming majority of the world’s unbanked and underserved adults, and the economic and social impacts of the COVID-19 pandemic have only exacerbated these disparities. As we work to shape an equitable recovery and an inclusive digital economy, we believe we have a responsibility to help expand the role and participation of women in the financial system and economic growth. With the resources, tools and technologies now at our disposal, we’ve never had a greater opportunity to achieve economic equality,” said Dan Schulman, president and CEO, PayPal. 

The commitment includes several external and internal investments over the next 5 years:

• PayPal will deposit $100 mn of its capital into investment funds and depository institutions that are led by women or focused on serving women and other endeavors that can produce increased financial health or economic empowerment of women, among other gender equality outcomes.
• PayPal will contribute $1 mn to raise awareness and provide incentives to mobilize donations to civil society organizations that support gender equality through PayPal Giving Fund. As part of this, PayPal also welcomes gender equality focused charities to its platform in at least 34 countries by 2023 to further advance resource mobilization for Sustainable Development Goal 5.
• PayPal will invest $7 mn in partnerships to increase access to microloans for global women entrepreneurs.
• PayPal will conduct an annual assessment to ensure that the firm’s policies and benefits regarding pay equity, caregiver support, paid leave, and workplace sexual harassment prevention meet or exceed best practices, starting in the U.S. with the intent to expand the assessment globally.
• Through the firm’s Community Impact program, PayPal’s employees in 22 countries will contribute more than 10,000 hours of capacity building and skill based volunteer services to charities advancing gender equality. PayPal will match $10 for every volunteer hour dedicated through our employee matching gift program.
• PayPal will contribute its resources and expertise to Data2X, a collaborative technical and advocacy platform, working to improve the availability, quality, and use of gender data to make a practical difference in the lives of women and girls around the world.

Established in 1998, PayPal is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. Last year, PayPal pledged $535 million to address economic inequality among Black and underserved businesses and communities in the United States.