Mobile Money, Digital Identity, And Women’s Financial Inclusion In Rural Economies

Abstract

It examines the role that mobile money and identity are playing in financial inclusion of women in rural economies. Financial inclusion is one of the challenges faced by women in rural areas as they are not formally identified, are excluded from formal financial institutions, lack financial literacy, and have limited mobility and depend on informal saving systems. The study underscores the potential for mobile money services to make it easier for women to save, make payments, remit funds and do other small financial transactions, without needing to make regular bank visits. Digital identity systems also help to facilitate inclusion in multiple ways, including helping women to create official financial records, access government transfers, register for financial services and confirm their identity. Findings show that women using both mobile money and digital identity are more likely to own a mobile money account, to use mobile money, to save with mobile money, and to be confident in accessing formal financial services than the others. But network coverage is an issue, mobile phone ownership remains an issue, digital illiteracy is an issue, and lack of trust remains an issue. The findings of this study could prove that mobile money services could play a great role in enhancing financial empowerment of rural women in the absence of secure and accessible digital identity system. Policy support, awareness programs, availability of agents and a gender focus in financial digital training are essential to achieve an effective and equitable contribution of financial technologies for rural women.