Women face discrimination in accessing loans, new survey shows
Business
By
Brian Ngugi
| Apr 13, 2024
A new survey has found that women perceive a slightly higher level of gender bias than men while accessing financial services in Kenya.
According to the survey conducted by mobile loans lender Tala, 65 per cent of women respondents stated that gender bias was “moderate” to “extreme” in financial services. ="https://www.standardmedia.co.ke/business/enterprise/article/2001468902/why-women-led-firms-need-tailored-funding-solutions#google_vignette"> The majority of both men Battle royale experienced at Interbank Golf event Cheche: We have a big task at the World Cup next month KCB's Karan Patel focused on clinching Burundi Rally Africa Paves the Way for a Greener Future: Global Conference Highlights Ecosystem Revitalisation Media urged to go digital to tap shifting consumer trends Jail term, hefty fine for pastors with unregistered churches Ambitious Awuor eager to leave a mark on her World Cup debut Experts warn of bureaucratic hurdles in new movable property bill Ruto hails Parliament as his key partner Kenya Navy golfer Mochanga overcomes all odds to take command at Sea-Link Mombasa Course It, however, found that more men reported no gender bias while 58 per cent of respondents said that financial services cater to the needs of all genders equally. “Over the years, numerous research findings have established that perception of gender bias in accessing financial services has led more women, especially in emerging markets such as Kenya to self-select themselves out of borrowing or even applying for credit. “Should the numbers from this report be anything to go by, as players in the credit market, we must intentionally equip our female customers with knowledge and skills to="https://www.standardmedia.co.ke/counties/article/2000167390/do-women-fear-taking-out-loans"> enhance their strategic On access to credit, 64 per cent of women respondents reported experiencing challenges accessing financial services while 56 per cent of female respondents reported it was tough to finance their businesses.
62 per cent of respondents said gender does not impact getting a loan, men were however much more likely to report it as ‘very easy’ to finance their businesses while only 7 per cent of women reported the same. Another notable trend was that of the sample group, slightly more men use a bank account regularly than women respondents. “56 per cent of women respondents report it was “hard” to “very hard” to finance their business. Men were much more likely to report it “very easy” to finance their business while only 7 per cent of women reported the same. Even so, 63 per cent of women respondents were confident to very confident in their ability to finance their business in the future,” the findings of the survey indicated.
36 per cent of the women respondents currently have a small or personal business while 37 per cent do not currently have a small or personal business, but report wanting to start one.
61 per cent of women respondents said their long-term financial goal is to increase their income. The next two most common long-term goals were increasing inventory or offering a wider variety of products/services.
“49 per cent of ="https://www.standardmedia.co.ke/health/opinion/article/2001492847/obstacles-limiting-womens-involvement-in-fishing-sector">women respondents< report getting the money they need to start or grow their business is a main financial challenge to completing their goals this year. This is followed by balancing business needs with personal life (31 per cent) and dealing with unexpected emergencies (30 per cent). The top financial challenge men report, however, is dealing with competition,” Tala said while releasing the findings.
“We intend to use leading machine learning-powered infrastructure to harness the best of next-generation technologies to build trusted, real-world financial solutions for the global majority, and that includes women. We hope that our mobile-first financial platform makes a difference for millions of customers globally, providing instant access to capital and the financial tools they need to grow their income today and build wealth for tomorrow,” said Mumbi.
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