Mobile money closing gender gaps in financial services

Mobile Money availability has helped to close the gender gaps in financial services
Mobile Money availability has helped to close the gender gaps in financial services

Mobile phone ownership and access have helped provide financial services to women. Statistics indicate that mobile money coverage among women stands at 71 percent compared to 79 percent for men. This is according to Sheila M’Mbijiwe Deputy Central Bank governor. She says that mobile money has had the biggest impact on closing the gender gap in access to financial services in Kenya.

Mobile money service has become an exception with women lagging behind men in most segments of the economy including ownership of bank accounts by a greater margin.

“As women, we spend most of our lives in a majority position and suddenly you find a product that does not place us in that class,” said Ms M’Mbijiwe.

Ms M’Mbijiwe was speaking at a meeting during the launch of the new look of the business daily at Intercontinental Hotel.

“For most financial products, women are 30 to 40 percentage points behind men. The 71 percent scenario is not perfect because we still have regions such as Kakuma, Wajir and Marsabit where mobile coverage is inadequate,” added Ms M’Mbijiwe.

Nation Media Group chief executive Joe Muganda said that the redesigned business daily will continue to focus on key economic issues wilt will be packaged digitally for consumers.

“Nation Media Group is shifting efforts to serve a growing number of digitally savvy consumers in all our publications. The new look is easier on the eye, rich in graphics, with more in-depth content aimed at improving the consumer’s understanding of the local, national and regional economy,” explained Mr Muganda.

He added that the paper has become a prime source of information for anybody looking to understand the Kenyan economy outlook.

Though women account for more than half of the world’s population, their contribution continues to lag behind men. This is a reality observation by mobile money services look that is set to change the trend for greater economic gains.

On the other hand, mobile money services are fast growing not only in Kenya but across the East African countries, therefore, boosting business ventures.