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An Assessment of Financial Inclusion Challenges Among Women Vendors at the Bulawayo Vegetable Market

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  • Nothando Tshuma

    (National University of Science and Technology)

  • Ashley Takudzwa Kufa

    (National University of Science and Technology)

  • Emmanuel Sibanda

    (National University of Science and Technology)

  • Tsepeso Setoboli

    (National University of Science and Technology)

Abstract

In the vibrant markets of Bulawayo, Zimbabwe, where women entrepreneurs thrive, a critical challenge persists: financial inclusion remains low. However, Mobile Financial Services (MFS) digital platforms have the potential to revolutionize access to affordable financial solutions for women entrepreneurs. Our study delved into the experiences of women vendors at the bustling Bulawayo Vegetable Market during the period from 2016 to 2023. Through a descriptive survey design, we aimed to uncover the hurdles faced by these enterprising women as they navigated the realm of MFS. Findings revealed that many women were unaware of the existence and benefits of MFS. The lack of knowledge hindered their participation. Proper documentation essential for accessing financial services remained elusive for some. Without it, women faced barriers in utilizing MFS. Limited education posed a significant obstacle. Basic financial literacy and digital skills were prerequisites for effective MFS adoption. The absence of digital skills impeded women from confidently using mobile platforms for financial transactions. Scarce availability of mobile money agents in the market area restricted women’s access to MFS. To bridge this gender gap and empower women entrepreneurs, we recommend Financial Institutions to Collaborate with MFS providers to offer targeted training programs. These sessions should focus on MFS awareness, digital literacy, and documentation procedures. NGOs Community Initiatives should launch awareness campaigns specifically tailored for women vendors. These campaigns can demystify MFS, emphasize its benefits, and address common concerns. By dismantling these barriers, we can unlock the full potential of MFS, enabling women entrepreneurs to thrive and contribute significantly to sustainable development in Zimbabwe.

Suggested Citation

  • Nothando Tshuma & Ashley Takudzwa Kufa & Emmanuel Sibanda & Tsepeso Setoboli, 2024. "An Assessment of Financial Inclusion Challenges Among Women Vendors at the Bulawayo Vegetable Market," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(4), pages 1366-1379, April.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:4:p:1366-1379
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    References listed on IDEAS

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    2. Peterson K. Ozili, 2018. "Impact of digital finance on financial inclusion and stability," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 18(4), pages 329-340, December.
    3. Fatma Mabrouk & Jihen Bousrih & Manal Elhaj & Jawaher Binsuwadan & Hind Alofaysan, 2023. "Empowering Women through Digital Financial Inclusion: Comparative Study before and after COVID-19," Sustainability, MDPI, vol. 15(12), pages 1-17, June.
    4. Ozili, Peterson Kitakogelu, 2018. "Impact of Digital Finance on Financial Inclusion and Stability," MPRA Paper 84771, University Library of Munich, Germany.
    5. Md. Rakibul Islam Rubel & Md. Mozahidul Haque & Mohammad Earfan Ali Khondaker, 2019. "The Effects of Microcredit on The Empowerment of Women in Northern Region of Bangladesh," International Journal of Science and Business, IJSAB International, vol. 3(6), pages 191-202.
    6. Ghosh, Saibal & Vinod, D., 2017. "What Constrains Financial Inclusion for Women? Evidence from Indian Micro data," World Development, Elsevier, vol. 92(C), pages 60-81.
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