Customers, especially women, place a high value on privacy.

Data suggest that women and men differ in their value of privacy, with women placing a higher emphasis on the need for privacy protection than men. This indicates that financial actors could and should invest in both privacy protection and education and awareness-building.

• Research shows that women often have distinct financial preferences, with many placing a particularly high value on privacy in their financial services. (Women’s World Banking, 2024)
• Interviews with low and middle-income men and women suggest that women see data use violations far differently than men do, and that DFS providers should take this into account. Women’s concerns parallel the challenges and threats they encounter in their physical lives, such as location tracking and sexual harassment. (Collins, 2021)

Lack of password protection leaves accounts vulnerable.

Evidence points to low data security in many contexts, in part because of a lack of awareness among customers of strategies to protect privacy and account security. Privacy violations – both real and perceived – contribute to unwillingness to use digital financial services, especially among women.

• In low- and middle-income economies, only 60% of mobile phone owners have a password on their mobile phones, and more men than women mobile phone owners have passwords on their devices. Lack of password protection leaves accounts vulnerable to access by family members or thieves. While most providers require a PIN for transactions, weak phone security still undermines confidence in mobile money. (World Bank, 2025)