Digital financial services uptake in Africa and its role in financial inclusion of women

Abstract

An inclusive financial system is regarded as important for economic growth and development of countries all over the world because it ensures the ease of access, availability and use of formal financial services by all members of society, men and women alike. The literature and experiences of countries, however, show that women are less financially included compared with their male counterparts and are therefore disempowered and unable to contribute meaningfully to the economic development of their countries. The search for a solution has identified digital financial services (DFS) (including electronic money) as instrumental in increasing women’s financial inclusion. Yet women still face challenges in accessing and using these services. These challenges, related to the access and use of DFS, are discussed in this paper along with the strategies that can be employed by governments, financial services industry, large businesses and international donors and funders to overcome the factors inhibiting women’s access to and use of DFS and increase their financial inclusion.