Top

Published in:

2024 | OriginalPaper | Chapter

7. Fintech and Financial Inclusion: Closing the Gender Gap

Author : Oluwaseyi Kehinde-Peters

Published in: Women and Finance in Africa

Publisher: Springer Nature Switzerland

Activate our intelligent search to find suitable subject content or patents.

search-config

AI-assisted search

Off

Abstract

In sub-Saharan Africa, only 37% of women hold a bank account, compared to 48% of men, a disparity that has been exacerbated due to the COVID-19 pandemic. The situation is considerably worse in North Africa, where around two thirds of the adult population is unbanked, and the gender gap in access to financial services is the highest in the world at 18%. This chapter explores the identified barriers both on the demand and supply side and details the available fintech solutions, the various technologies underpinning these solutions, as well as case studies of how these solutions can significantly bridge the financial inclusion gaps for women in Africa with a view to spark ideas, innovation, and initiatives that will empower African women and eliminate barriers to financial inclusion.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 390 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Maschinenbau + Werkstoffe

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

previous chapter The Role of Institutions in Promoting Financial Inclusion of MSMEs in Zimbabwe

next chapter Financial Inclusion for Women in Nigeria: Much Ado About Access

Amazon (2023) BBVA selects AWS to accelerate its data-driven transformation. Available at https://press.aboutamazon.com/2023/6/bbva-selects-aws-to-accelerate-its-data-driven-transformation. Accessed 20 Sept 2023

Amazon Web Services (2023) Financial services – AWS Cloud Governance for Financial Services. Available at https://aws.amazon.com/financial-services/security-compliance/cloud-governance/. Accessed 20 Sept 2023

Appaya S (2021) On fintech and financial inclusion. Private Sector Development Blog, The World Bank

Cellulant (2023) One-stop-shop payments platform for businesses across Africa. Available at https://www.cellulant.io/. Accessed 20 Sept 2023

Chapiro C (2021) Working toward financial inclusion with blockchain. Available at https://ssir.org/articles/entry/working_toward_financial_inclusion_with_blockchain

Christopherson K, Yiadom A, Johnson J, Fernando F, Yazid H, Thiemann C (2022) Tackling legal impediments to women’s economic empowerment. International Monetary Fund

C-Level (2023) CLevel the Trusted Advisor. Banking and Financial Services. Available at https://www.the-c-level.com/industries-2/banking-financial-services/. Accessed 20 Sept 2023

Demirgüç-Kunt A, Klapper L, Singer D, Ansar S (2022) The Global Findex Database 2021: financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank PublicationsCrossRef

Gammage S, Kes A, Winograd L, Sultana N, Hiller S, Bourgault S (2017) Gender and digital financial inclusion: what do we know and what do we need to know. International Center for Research on Women (ICRW)

GlobeNewswire (2023) Digital Lending Market worth $20.5 billion by 2026, growing at a CAGR of 13.8% Report by MarketsandMarkets™. Available at https://www.globenewswire.com/news-release/2023/08/11/2723639/0/en/Digital-Lending-Market-worth-20-5-billion-by-2026-growing-at-a-CAGR-of-13-8-Report-by-MarketsandMarkets.html#:~:text=Chicago%2C%20Aug.,new%20report%20by%20MarketsandMarkets%E2%84%A2. Accessed 20 Sept 2023

IBM (2023) Unlock value with AI you can bank on. The future of banking is here. Available at https://www.ibm.com/industries/banking-financial-markets. Accessed 20 Sept 2023

Malinga S (2019) How AI helped TymeBank gain 670K customers. ITWeb. Retrieved from https://www.itweb.co.za/content/WnxpE74DX9K7V8XL

Mambu (2023) ‘Mambu’ South Africa’s First Digital-Only Bank. Available at https://mambu.com/customer/tyme-bank. Accessed 20 Sept 2023

Mhlanga D (2022) The role of financial inclusion and FinTech in addressing climate-related challenges in the industry 4.0: lessons for sustainable development goals. Front Clim 4:949178CrossRef

Morsy H, El-Shal A, Woldemichael A (2019) Women self-selection out of the credit market in Africa

Njoroge P, Obudho M, Cook T (2021) 2021 FinAccess Household Survey| December 2021. Available at https://www.knbs.or.ke/wp-content/uploads/2021/12/2021-Finaccess-Household-Survey-Report.pdf. Accessed 20 Sept 2023

Omar MA, Inaba K (2020) Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. J Econ Struct 9(1):37CrossRef

Railsr (2023) Railsr, Formerly Railsbank. The Global Embedded Finance Platform. Available at https://www.railsr.com/. Accessed 20 Sept 2023

Santosdiaz R (2021) The Fintech Times. Overview of Insurance and Insurtech in Africa Available at https://thefintechtimes.com/overview-of-insurance-and-insurtech-in-africa/. Accessed 20 Sept 2023

Spencer S, Nakhai M, Weinstock J (2018) The role of trust in increasing women’s access to finance through digital technologies. USAID, Washington, DC

The Cambridge Centre for Alternative Finance (2020a) Cambridge Fintech Ecosystem Atlas. Available at https://ccaf.io/. Accessed 20 Sept 2023

The Cambridge Centre for Alternative Finance (2020b) New global COVID-19 FinTech study launches. Available at https://www.jbs.cam.ac.uk/2020/new-global-covid-19-fintech-study-launches/. Accessed 20 Sept 2023

The World Bank (2022a) ‘Data’,. Population, Female (% of Total Population) – Sub-Saharan Africa. Available at https://data.worldbank.org/indicator/SP.POP.TOTL.FE.ZS?end=2022&locations=ZG&start=1960&view=chart. Accessed 20 Sept 2023

The World Bank (2022b) Financial inclusion – Financial inclusion is a key enabler to reducing poverty and boosting prosperity. Available at http://www.worldbank.org/en/topic/financialinclusion/overview. Accessed 19 Sept 2023

The World Bank (2021) Global Findex – The Global Findex 2021. Available at http://www.worldbank.org/en/topic/financialinclusion/overview. Accessed 19 Sept 2023

The World Bank (2017) Global ID Coverage, Barriers, and Use by the Numbers: Insights from the ID4D-Findex Survey. Available at https://documents1.worldbank.org/curated/en/953621531854471275/Global-ID-Coverage-Barriers-and-Use-by-the-Numbers-Insights-from-the-ID4D-Findex-Survey.pdf. Accessed 19 Sept 2023

TymeBank (2023) ‘Ways to Bank’, Ways to Bank with TymeBank. Available at https://www.tymebank.co.za/ways-to-bank/. Accessed 20 Sept 2023

UNICEF Venture Fund (2021) Kotani Pay: Increasing Access to Financial Instruments Using Blockchain and Cryptocurrency. Available at https://www.unicefventurefund.org/story/kotani-pay-increasing-access-financial-instruments-using-blockchain-and-cryptocurrency. Accessed 20 Sept 2023

Vodafone Group (2023) M-PESA. What is M-PESA? Available at https://www.vodafone.com/about-vodafone/what-we-do/consumer-products-and-services/m-pesa. Accessed 20 Sept 2023

Wadhwa D (2019) More men than women are literate. Retrieved March, 13, p 2020

Walker A (2021) How to stake DAI. Earn interest from idle DAI tokens and expand your cryptocurrency portfolio. Available at https://www.finder.com/uk/how-to-stake-dai. Accessed 20 Sept 2023

Wasunna-Ochwa E (2021) While more women are starting and owning companies, financial inclusion remains low. Available at https://www.theeastafrican.co.ke/tea/oped/comment/-financial-inclusion-remains-low-for-women-3545272#:~:text=By%20ELIZABETH%20WASUNNA%2DOCHWA&text=In%20Africa%2C%20women%20are%20applying,women%20entrepreneurs%20in%20the%20world. Accessed 19 Sept 2023

World Bank (2021) World development report 2021: data for better lives

Title: Fintech and Financial Inclusion: Closing the Gender Gap
Author: Oluwaseyi Kehinde-Peters
Publisher: Springer Nature Switzerland
Book: Women and Finance in Africa
Print ISBN: 978-3-031-53336-5

Electronic ISBN: 978-3-031-53337-2

Copyright Year: 2024
DOI: https://doi.org/10.1007/978-3-031-53337-2_7

Springer Professional

Abstract

Please log in to get access to your license.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Technik"

Springer Professional "Wirtschaft"