Empowering Women in Financial Inclusion: A Path to Gender Equality – Are we there yet?

Categories : Blog


Author: Digital Frontiers Institute

In the pursuit of gender equality, financial inclusion stands out as a critical frontier. Despite significant strides in various sectors, women in sub-Saharan Africa continue to face disproportionate challenges in accessing financial services. The digital revolution has ushered in unprecedented opportunities for economic growth, connectivity, and innovation. However, it also presents challenges, particularly in ensuring that these benefits are accessible to all, regardless of gender. In this article, we delve into the intersection of digital economies and gender equality, exploring trends, experiences, and the path forward.

Empowering women through financial inclusion not only fosters gender equality but also stimulates economic growth, enhances social well-being, and leads to more resilient and inclusive societies.


The Current Landscape of Financial Inclusion

Financial inclusion aims to provide suitable, affordable, and timely financial products and services to all individuals. However, there is a significant gender gap in global financial inclusion. According to the World Bank’s Global Findex database, as of 2021, approximately 55% of women worldwide have an account at a financial institution or through a mobile money service, compared to 67% of men. This gap is even more evident in developing economies in Africa, where cultural, social, and economic barriers hinder women’s access to financial services, particularly for those in marginalised communities.


Barriers to Women’s Financial Inclusion

Several factors contribute to the gender gap in financial inclusion:

  • Cultural Norms and Discrimination: In many societies, cultural norms limit women’s participation in financial activities. These norms can result in restricted mobility, limited decision-making power, and discriminatory practices that prevent women from owning assets or accessing credit.
  • Gender Bias in Tech: Stereotypes and biases persist within the tech industry, creating barriers for women pursuing STEM (Science, Technology, Engineering, and Mathematics) careers. Encouraging girls’ interest in tech from an early age and promoting female role models are critical steps to address this issue.
  • Lack of Financial Literacy: Women often have lower financial literacy levels than men, which hinders their ability to effectively engage with financial products and services, making them less likely to seek out or benefit from these services.
  • Economic Disparities: Women generally earn less, save less, and are less likely to have stable employment than men. These economic disparities limit their capacity to participate fully in the financial system.
  • Digital Divide: Access to digital technologies, which are increasingly crucial for financial inclusion, is often limited for women, especially in rural and underserved areas. This digital divide further exacerbates the gender gap in financial services.


Strategies for Empowering Women through Financial Inclusion

Addressing these barriers requires targeted strategies and interventions:

  • Policy and Regulatory Reforms: Governments can implement policies that promote gender equality in financial access. This includes creating legal frameworks that ensure women’s property rights, encouraging financial institutions to develop women-friendly products, and providing incentives for women entrepreneurs.
  • Financial Education and Literacy Programmes: Enhancing women’s financial literacy is essential for their empowerment. Tailored financial education programmes can equip women with the knowledge and skills needed to manage finances, understand financial products, and make informed decisions.
  • Digital Financial Services: Expanding access to digital financial services, such as mobile banking and online payment platforms, can significantly improve women’s financial inclusion. Initiatives like providing affordable internet access and digital literacy training are critical components of this strategy.
  • Supporting Women Entrepreneurs: Providing access to credit, business training, and mentorship programmes can help women entrepreneurs thrive. Financial institutions should design products that cater to the unique needs of women-led businesses and create support networks that foster their growth.
  • Community Engagement and Advocacy: Engaging community leaders and organisations in promoting financial inclusion for women can help shift cultural norms and address social barriers. Advocacy campaigns can raise awareness about the importance of women’s financial empowerment and encourage community-wide support.


Case Studies and Success Stories

  • Kenya’s M-Pesa: The mobile money service M-Pesa in Kenya is a prime example of how digital financial services can enhance women’s financial inclusion. Women in rural areas have gained unprecedented access to financial services, enabling them to save, invest, and manage their finances more effectively.
  • India’s Self-Help Groups (SHGs): In India, women’s self-help groups have been instrumental in promoting financial inclusion. These groups provide women with access to savings accounts, credit, and financial training, empowering them to start and grow their businesses.


Financial inclusion is a powerful tool for achieving gender equality and empowering women. By addressing the barriers that hinder women’s access to financial services and implementing targeted strategies, we can create a more equitable and prosperous world. Governments, financial institutions, and civil society must work collaboratively to ensure that every woman has the opportunity to participate fully in the financial system, thereby unlocking their potential and contributing to sustainable economic development.

Empowering women through financial inclusion is not just a matter of fairness; it is an economic imperative that benefits everyone. Let us commit to bridging the gender gap in financial services and building a future where women can thrive financially, socially, and economically.



Understanding the interplay between gender and technology is crucial. UN Women’s report on the implications of the digital revolution for gender equality provides valuable insights2.

The Inclusive Digital Economies & Gender Playbook by the UN Capital Development Fund (UNCDF) offers practical guidance. It outlines interventions to decrease the digital divide, improve women’s economic prospects, and foster gender-inclusive digital economies1.


By Chilufya Theresa Mulenga

Vice President at Internet Society Zambia Chapter Organisation

DFI Alumni and Community Member


Established in 2015, Digital Frontiers Institute is a proud brand of Digital Frontiers. Learn more about the Gender Equality Changemakers programme and find out how to enrol: https://genderequality.digitalfrontiersinstitute.org/