Financial inclusion has long been a key focus of Africa’s digital revolution. We have celebrated the continents leadership in mobile money and the widespread adoption of digital payments. Yet, as we progress, it is critical to look beyond the numbers and confront a persistent, often invisible, barrier: the gender gap in financial services.
While technology has brought millions into the formal financial system, it has not always done so equitably. If we are to truly unlock Africa’s full economic potential, we must intentionally design fintech products that are not just inclusive by chance but are fundamentally gender-sensitive by design.
A Digital Divide with a Gender Bias: Globally, the financial inclusion gap remains significant. According to the World Bank’s Global Findex 2021 database, 71% of men globally have an account at a financial institution, compared to 65% of women. This gap widens in developing economies. In Sub-Saharan Africa, for example, the account ownership gap is approximately 11 percentage points. According to the FinAccess Household Survey 2024 (Kenya), there is a Shrinking Gender Gap. The most recent data shows a significant shrinking of the formal financial inclusion gender gap in Kenya. The gap has reduced from 12.7% in 2006 to just 1.6% in 2024, which is one of the lowest in Africa and globally. This can be directly attributed to the success of mobile money and digital financial services.
While mobile money has helped close this gap, particularly in Kenya, challenges persist, especially for women in rural areas and in the informal economy. The challenges for women are often not about a lack of access to technology but about a lack of products that address their specific needs and circumstances. These challenges include:
Literacy and Confidence: Many fintech products assume a level of digital literacy or financial knowledge that may not be universal. This can be intimidating for women who have historically been excluded from formal financial systems. A 2023 study published in the African Journal of Emerging Issues found that while fintech adoption is statistically significant, it alone is insufficient to drive women’s economic empowerment due to these structural barriers.
Access to Collateral: Women often lack formal assets, such as land or property, that are required as collateral for traditional loans. As the IFC (International Financial Corporation) has highlighted in its reports, this systemic bias makes it difficult for them to access credit for their businesses, creating a significant financing gap. A 2024 IFC report titled, “Her Fintech Edge: Market Insights for Inclusive Growth,” revealed that 63% of lending-focused fintech firms in emerging markets report that women-owned MSMEs make up less than a quarter of their portfolio, despite women being perceived as loyal and less risky customers.
Social and Cultural Norms: In many communities, cultural norms can limit women’s financial autonomy, making it difficult for them to independently manage their finances or make business decisions without the approval of male relatives.
These are not just social issues; they are economic roadblocks. A 2021 report by McKinsey Global Institute found that advancing women’s equality could add $12 trillion to global GDP by 2025. In Africa, empowering women entrepreneurs, who make up a significant portion of the informal economy, is essential for sustainable development.
Building Gender-Sensitive Fintech
The 2024 FinAccess Household Survey in Kenya further highlights that while overall financial access has reached new heights, a new and subtle challenge has emerged: a growing financial health gender gap. The survey reveals that women are less likely than men to be considered financially healthy, despite having similar access to services. This highlights the need for products that focus on financial well-being, not just access. The report also notes that 9.9% of Kenyan adults remain financially excluded, with rural youth making up a significant portion of this group, often due to a lack of foundational digital tools like mobile phones and identity cards.
The solution lies in moving beyond a gender-neutral approach to a gender-intentional one. This means designing products and services that specifically consider the realities of women’s lives and businesses.
Redefining Creditworthiness: We must innovate beyond traditional collateral-based lending. Fintechs can use alternative data, such as records from mobile money transactions, repayment history for small-scale loans, and even community-based lending group data, to build a credible financial identity for women entrepreneurs. For example, a woman running a SME might not have a formal business account but her consistent use of M-Pesa for stock purchases and sales can provide a rich data trail.
User-Centered Design and Education: Fintech products should be built with women in mind. This means using simple, intuitive interfaces, and offering multilingual options. Beyond the product, providing clear, accessible financial literacy tools and training is crucial. We should look at models where Fintechs partner with community leaders or NGOs to build trust and educate women on how to use digital financial tools confidently.
Building Inclusive Ecosystems: The financial services ecosystem must be inclusive from the ground up. This involves increasing the number of women in leadership and technical roles in fintech companies. When women are at the table, their perspectives and needs are more likely to be integrated into product development.
The African fintech industry has a unique opportunity to lead the world in developing truly inclusive financial systems. We have the technology, the market, and the demographic push to make it happen. But it requires deliberate action, not passive hope.
Fintech Founders and Product Managers, I urge you to not assume your product is gender-neutral. Conduct gender-disaggregated user research. Partner with organizations that work directly with women entrepreneurs to understand their specific needs and pain points. Design for their reality, not for an idealized user. Investors and Policymakers need to prioritize and incentivize Fintechs that have a clear strategy for gender inclusion. A company with a strong gender-lens approach is not only doing good; it is tapping into a massive, under-served market that offers immense growth potential.
Let us shift our focus from just counting how many people have an account to understanding who has the power to use it. Our goal should not be to simply achieve financial inclusion, but to achieve financial empowerment for everyone. The future of African fintech is not just digital; it is equitable. By putting gender at the heart of our innovation, we can build a financial ecosystem that is not only robust but truly reflects the strength and resilience of all Africans.
Elizaphan Mouko is a results-driven professional adept at both groundbreaking financial technology and optimizing operational efficiencies. As a director of several companies, including Savannah Tech in the UAE, D.E.W Elizaphan Foundation, Uzapoint Ltd, Sav Tech in the Mauritius , and Savannah Technologies in the UK, Elizaphan Mouko’s career journey has been primarily focused on pioneering the intersection of finance and technology across Africa and globally, driving innovation and fostering financial inclusion.