Fintechs as promoters of women’s financial inclusion: a comparative case study between Brazil, China and Kenya
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2022-01-11
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Curado, Isabela Baleeiro
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Discussions around the importance of women’s financial inclusion are a result of two main multidimensional issues: financial inclusion itself and gender equality. From the 1.7 billion people in this world that do not have a bank account, women represent 56% according to the World Bank Global Findex in 2017 (World Bank 2017). The representation is alarming, but worse is the fact that the breach between men and women remain virtually the same for a decade. Gender equality remains what it seems an unattainable goal despite major advancements in technology, sciences and human rights, and when it comes to the access, usage and quality of financial products and services this pattern unfortunately does not differ. Even though encouraging women to manage their own financial resources can have tremendous impact in poverty reduction, economic growth and global progress (Vargas and Santos 2021; Mayoux 2011), the intrinsic social, economic and market barriers faced by households, female entrepreneurs and women in general to open a bank account or access a loan persist. Nevertheless, recent changes in the financial industry promoted by Fintechs have had a relevant impact in the way women perceive their relationship with financial institutions. Such companies presented an innovative approach in designing and providing financial products, based on customer’s needs, leverage by technology and customer experience. This study focuses on understanding the background barriers that throughout history have limited the access of women to financial products. Moreover, it creates a framework based on qualitative research that establishes an ecosystem of variables that should be applied to women`s situation on different contexts serving as a foundation for comparison. This framework was used in a case comparative approach among Brazil, China and Kenya, concluding that Fintechs do hold the potential to promote women`s financial inclusion.