Do women access money the same way that men do? What are the factors that hinder women from accessing funds? Julie Zollmann and Caitlin Sanford decided to explore and write a report:A Buck Short-
What Financial Diaries Tell Us About Building Financial Services That Matter to Low-Income Women.
Women in Kenya have barriers from cultural to economical that prevent them from accessing finance to enable them do business. The report suggests the following ideas for financial service providers that aspire to meet the needs of women:
a) Cater to small, inconsistent incomes.
To better serve low-income women, providers should focus on low transaction-cost offerings and channels.
Women often have lower savings and borrowing capacities than men, but products that blend multiple financial
services may help women achieve more of their financial goals.
b) Offer better tools for managing day-to-day transactions and small-scale risks.
Providers can offer a broader spectrum of products that help women access short-term nano-credit, retail layaway plans and flexible financing for just-in-time solutions at schools and medical clinics, better aligning with
women’s financial responsibilities.
c) Help women better leverage their social networks.
Providers might consider offering multi-payer accounts that allow remitters to directly support a variety of women’s projects, thereby encouraging larger, timelier remittances.
d) Offer services that endure and support major life transitions.
Providers can offer shorter-term service contracts better fitting with women’s planning horizons, reduce barriers to
account reactivation, and offer small loans through low-cost channels, helping women start over after life transitions.
e) Be accessible and welcoming to women.
Providers should recognize that gaining women’s trust may be different than men’s. Depending on the context,
female clients may be sensitive to the gender of front
What bank in Kenya do you think is closer to get this done?