Factors Hindering Sustainable Financial Inclusion Of Rural Women In Kenya, A Case Of Garissa County, Kenya

Abstract

Despite women constituting slightly more than half of the Kenyan population, rural women are denied the opportunity to participate in making influential business decisions that could help them grow their income generating activities as opposed to men. Studies have established that there exists large gaps in financial inclusion between men and women at large, where rural women face difficulties in accessing formal financial services for their business or other pursuits. Although, addressing these barriers in Kenya could generate significant economic growth for the country, the studies reviewed failed to comprehensively bring out factors hindering sustainable financial inclusion of rural women Thus there was a knowledge gap that motivated the need to conduct the present study to determine the collective hindering factors. The objective of the present study was to identify and assess the factors hindering sustainable financial inclusion of rural women in Kenya. This study used descriptive survey in soliciting information in the area of research of barriers hindering rural women in financial inclusion in Kenya. The target population was 7,820 women in Dadaab sub-County of Garissa County. The study collected data from primary sources using a structured questionnaire. Data analysis was achieved using descriptive statistics and then multiple regression analysis. The study revealed that sustainable financial inclusion of rural Kenyan women is either low or not present. The study concludes that financial education moderately and negatively affects the sustainable financial inclusion of rural Kenyan women: access to finance highly and positively influences the sustainable financial inclusion of rural Kenyan women and that participation of rural women in decisions making highly and positively influences the sustainable financial inclusion of rural Kenyan women at.05significance level. The study recommends that the Kenyan government and other stakeholders in the financial sector should create opportunities for rural women to gain exposure on awareness of financial information, and should provide a platform for conducive financing environment for rural women to access finance freely, easily and comfortably.