Smartphone Finance and the Rise of Mexico’s Working Mother Micro-Entrepreneurs
Challenges faced by working mothers
In Mexico, working mothers face a challenging economic environment with a 32% gender gap in labor participation, well above the OECD average of 13.5%. They also shoulder 40 hours per week of unpaid caregiving and household duties—more than twice the time spent by men.
PayJoy’s latest report, Unlocking Economic Mobility: Smartphone Finance and the Rise of Mexico’s Working Mother Entrepreneurs, highlights the critical role of smartphone access in fostering economic empowerment for working mothers in Mexico, redefining informal work, and driving sustainable livelihoods.
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PayJoy Impact Report 2024
Smartphone Finance as a Catalyst for Financial Inclusion
For many working mothers in Mexico, smartphone financing is their first entry into formal financial systems. This access helps them build credit and participate in digital marketplaces, providing a foundation for economic mobility that supports their dual roles. Data from PayJoy highlights that 67% of their female customers in Mexico are working mothers, and over half report increased income after obtaining a smartphone, boosting their confidence to improve their families’ financial future.
Key Insights from PayJoy
- Smartphones as Lifelines:
95% of working mothers say smartphones have enabling them to maintain their jobs, driving both economic stability and personal confidence.
- Financial Security through Access:
90% of these women report that smartphone financing boosts their sense of financial security.
The Reality of Informal Work:
- 65% of PayJoy’s female customers work in the informal economy.
- 75% work over seven hours daily, with 24% exceeding ten-hour days.
- 26% experience monthly income fluctuations, while half live close to or below the poverty line, earning less than $170 USD per month.
- 16% face extreme poverty, with household incomes of $50 USD or less monthly.
The Transformative Power of Smartphones:
Among PayJoy’s female customers, 67% are working mothers. Over half (55%) report income increases directly tied to owning a smartphone, enabling them to access new opportunities and juggle multiple roles effectively.