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Can Fintech really Address Gender Disparity in Financial Inclusion? Some Answers from Kenya

Author

Listed:
  • Odongo Kodongo
  • Diana Ngui

    (University of the Witwatersrand)

Abstract

We investigate the linkage between engagement with the fintech ecosystem (Kodongo, 2024. Financial inclusion effects of engaging with the fintech ecosystem. International Review of Economics and Finance 96(B), 103671) and effective financial inclusion among women in Kenya. Since Kenya's fintech ecosystem is one of the oldest and more advanced globally, it is expected that fintech applications should play a major role in fostering financial inclusion in the country. Yet, using the FinAccess Kenya Household Survey 2021 dataset, we document a pervasive gender gap (favoring men) in the consumption of traditional financial services and products of regulated financial institutions and markets in the country. Importantly, we find that the fintech ecosystem has an important role to play in addressing the gender gap; however, the low financial literacy among women (only about 38% of Kenyan women are financially literature) vitiates fintech's ability to do so effectively. Policy interventions need to prioritize financial education in the population with women as an important target group.

Suggested Citation

  • Odongo Kodongo & Diana Ngui, 2024. "Can Fintech really Address Gender Disparity in Financial Inclusion? Some Answers from Kenya," The African Finance Journal, Africagrowth Institute, vol. 26(2), pages 1-26.
    • Handle: RePEc:afj:journl:v:26:y:2024:i:2:p:1-26
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-finj_v26_n2_a1
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    More about this item

    Keywords

    Fintech Ecosystem; Women; Financial Inclusion; Gender Disparity; Kenya;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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