GHANA INSTITUTE OF MANAGEMENT AND PUBLIC ADMINISTRATION

(GIMPA)

SCHOOL OF LIBERAL ARTS AND SOCIAL SCIENCES

DEPARTMENT OF ECONOMICS

ACCESS TO FINANCIAL SERVICES IN GHANA:; EXAMINING THE ROLE OF

GENDER

BY

MARY DARKOAA AKORLI

STUDENT ID: 222034580

THIS THESIS IS SUBMITTED TO THE GHANA INSTITUTE OF MANAGEMENT

AND PUBLIC ADMINISTRATION, GREENHILL IN PARTIAL FULFILLMENT OF

THE REQUIREMENT FOR THE AWARD OF MASTER OF SCIENCE IN FINANCIAL

ECONOMICS

OCTOBER 2023

DECLARATION

I hereby declare that this work is the result of my own research and has not been presented by

anyone for any academic award in this or any other university.

I am solely responsible for any shortcoming.

……………………………………. …………………………………

MARY DARKOAA AKORLI DATE

CERTIFICATION

I hereby certify that this thesis was supervised in accordance with procedures laid down by the

university.

…………………………. ………………………………

DR. ABDUL MALIK IDDRISU DATE

(SUPERVISOR)
 DEDICATION

I dedicate this work to the Almighty God and to my dear family for their love, care and support

throughout my study.
 ACKNOWLEDGEMENT

I sincerely thank my supervisor, Dr Abdul Malik Iddrissu, for his professional direction,

priceless feedback, and continuous support during this study. I also want to say thank you to the

faculty and staff at the Ghana Institute of Management and Public Administration (GIMPA),

who have contributed to my academic and personal development during my time at the Institute.

I want to express my gratitude to my family and friends for their unwavering support, yYour

emotional and intellectual support has been pivotal throughout this journey.

Finally, I acknowledge my peers who embarked on this journey with me. Your camaraderie and

collective wisdom have enriched this experience.

ABSTRACT

Despite concerted efforts to enhance financial inclusion in Ghana, a significant gender disparity

persists, impeding comprehensive economic empowerment. Rooted in socio-economic, cultural,

and systemic factors, this gender gap represents a pressing challenge for Ghana's inclusive

growth ambitions. Utilizing data from the Ghana Living Standard Survey round 7, this study

crafted a multidimensional financial inclusion index to scrutinize gender-specific financial

behaviors. Through detailed analytical techniques, including the Oaxaca-Blinder decomposition,

the research illuminated the nuances of gender specific barriersdisparities within Ghana's

financial landscape.

Key findings revealed that males tend to have better access to financial services such as bank

account, insurance, credit and remittance in Ghana implying there is a gender gap in access

comparing men to womenunderscored the transformative role of education in financial inclusion.

This underscored the transformative role of education in financial inclusion. Educated

individuals, regardless of gender, consistently displayed improved access to diverse financial

services. However, geographical disparities further intensified the gender gap. Individuals in

uUrban regions exhibited advanced financial inclusion trends, while those in rural areas grappled

with stark challenges, emphasizing a pronounced urban-rural dichotomy in financial access. The

Oaxaca-Blinder decomposition unveiled a multifaceted interplay of factors, both observable and

unobservable, contributing to gender-based disparities in financial behaviours.

To mitigate these disparities and foster a more equitable financial environment, the study

recommends that government should pursue tailored financial inclusion literacy programs,

focusing on women's unique needs especially with access to credit and policies that aim at

closing the gender wage gap that exist in equal employment roles.. These initiatives should

prioritize interactive learning and exploit digital technologies to ensure widespread reach,

particularly in underserved areas.

TABLE OF CONTENTS
CHAPTER ONE............................................................................................................................5

INTRODUCTION.........................................................................................................................5

1.0 Background of the Study....................................................................................................5

1.1 Problem Statement...............................................................................................................8

1.2 Research Objectives......................................................................................................10

1.3 Research Questions............................................................................................................11

1.4 Significance of the Study..............................................................................................11

1.5 Scope of the Study..............................................................................................................12

1.6 Organization of the Study.................................................................................................13

CHAPTER TWO.........................................................................................................................15

OVERVIEW OF THE STUDY..................................................................................................15

2.0 Background.........................................................................................................................15

2.1 Global financial inclusion dynamics.................................................................................16

2.2 Financial Inclusion in Ghana............................................................................................18

2.3 Gender disparities in financial inclusion.........................................................................20

2.4 Gender disparities in accounts ownership.......................................................................21

2.5 Implications of Gender Disparities in Financial Inclusion.............................................23

 2.6 Summary of Chapter.........................................................................................................24

CHAPTER THREE.....................................................................................................................25

LITERATURE REVIEW...........................................................................................................25

3.0 Introduction............................................................................................................................25

3.1 Theoretical Review................................................................................................................25

3.1.1 Intersectionality Theory.................................................................................................25

3.1.2 Feminist Theory..............................................................................................................27

3.2 Empirical Review...................................................................................................................29

3.2.1 Investigate the extent of gender differences in financial inclusion in Ghana............29

3.2.2 Identify the factors contributing to these gender differences in financial inclusion.31

3.2.3 Analyze the impact of these gender differences on financial inclusion in Ghana.....33

CHAPTER FOUR.......................................................................................................................36

METHODOLOGY......................................................................................................................36

4.1 Introduction........................................................................................................................36

4.2 Theoretical Framework.....................................................................................................36

4.2.1 The Utility Maximization Theory..............................................................................36

4.3 Empirical Model.................................................................................................................38

4.4 Source of Data....................................................................................................................39

4.5 Variables.............................................................................................................................40

4.5.1 Multidimensional Financial Inclusion.......................................................................40

4.5.2 Control Variables........................................................................................................42

CHAPTER FIVE.........................................................................................................................44

DISCUSSION OF RESULTS.....................................................................................................44

5.1 Introduction........................................................................................................................44

5.2 Descriptive Statistics..........................................................................................................44

 5.2.1 Multidimensional measure of Financial Inclusion...................................................44

5.2.2 Control Variables........................................................................................................47

5.3 Financial Inclusion and Gender Differences...................................................................49

5.3.1 Multi-Dimensional Financial Inclusion and Gender Differences...........................49

5.3.2 Various Dimensions and Gender Differences..........................................................51

5.4 Oaxaca-Blinder Decomposition........................................................................................54

5.4 Discussion............................................................................................................................56

5.5 Robustness check................................................................................................................58

5.6 Summary of chapter..........................................................................................................61

CHAPTER SIX............................................................................................................................62

SUMMARY, CONCLUSION AND RECOMMENDATION..................................................62

6.1 Introduction........................................................................................................................62

6.2 Summary.............................................................................................................................62

6.3 Conclusion...........................................................................................................................63

6.4 Recommendations..............................................................................................................65

6.4.1 Enhance Financial Literacy Programs......................................................................65

6.4.2 Expand Rural Financial Infrastructure....................................................................66

6.4.3 Promote Digital Financial Services............................................................................66

6.4.4 Tailored Financial Products.......................................................................................67

6.4.5 Promote Women's Entrepreneurship........................................................................68

Reference...................................................................................................................................70
 CHAPTER ONE

INTRODUCTION

1.0 Background of the Study

Financial inclusion, as defined by the Rangarajan Committee in January 2008, refers to the

process of ensuring that vulnerable groups, including weaker sections and low-income groups,

have access to financial services and affordable credit when needed. This concept brings

numerous benefits to impoverished households. It allows them to save money, make

investments, and obtain credit opportunities (Ellis et al., 2010). Moreover, financial inclusion

assists these households in effectively managing unexpected financial shocks, such as income

fluctuations, and helps them cope with unforeseen emergencies like illness or job loss. Globally,

it is estimated that about 50% of individuals lack access to traditional financial institutions for

banking services (Demirguc-Kunt & Klapper, 2012). Based on the Global Financial Inclusion
database (Global Findex, 2014), around 1.1 billion individuals without access to banking

services are women, accounting for 55% of the global unbanked population. Despite a 13%

increase in bank account ownership for both men and women from 2011 to 2014, there was no

significant progress in closing the gender gap, which remained at 9% in developing countries. In

Nigeria, approximately 36.8% of adults, equivalent to around 36.6 million people, are not

financially included, while only 39.6% of the adult population holds bank accounts, according to

EFInA (2018) data. In recent times, there is a notable focus on promoting financial inclusion for

women due to its potential societal and economic advantages in terms of empowerment and

growth (Holloway et al., 2017). The importance of women's access to financial services aligns

with the goal of promoting gender equality, which is one of the United Nations' 17 sustainable

development goals. This goal emphasizes the fundamental human right of eliminating all forms

of discrimination against women and girls. This presents a significant opportunity to mobilize

idle funds into the formal financial sector, transforming them into investible resources that can

spur economic growth, capital formation, and investment stimulation (Kama & Adigun, 2013).

Moreover, inclusive finance facilitates the swift movement of payments and remittances through

the financial system, contributing to enhanced financial transactions.

Moreover, addressing this gender disparity in financial inclusion is crucial, as research indicates

that women and men have different consumption patterns. When women have control over

household resources, they tend to prioritize spending on necessities such as food, education for

their children, and healthcare, thereby enhancing the well-being and productivity of their families

and communities. The regulatory framework of a country plays a crucial role in facilitating

women's inclusion in the formal financial system. However, the lack of proper redistributive

measures to address gendered socio-economic disparities can perpetuate the financial exclusion
of women (Natile, 2019). The case of Tanzania presents an intriguing context to analyze the

factors influencing gender disparity in financial inclusion. One notable aspect is the considerable

gender gap observed in access to formal financial accounts within the country. This disparity

becomes evident when comparing the data, which reveals that 45% of men have access to bank

accounts, whereas only 34% of women have similar access (World Bank Group, 2017). Social

and cultural norms often play a significant role in perpetuating gender disparities in financial

inclusion. According to the recently released FINDEX database 2017, out of the 1.7 billion

adults globally who do not have bank accounts, about 56 percent are women.27 percent of adults

reported saving money at a financial institution, whereas, men are five percent more likely to

save than women. Similar evidence is manifested in terms of the credit card. It has been specified

that men are three percent more likely to borrow from a financial institution than their female

counterparts. Thus, World Bank highlighted in their reports that financial inclusion is not gender-

neutral and women are under-represented in access and usage to financial services.

The relevance of financial inclusion for women is a critical and shared priority for both public

and private sector stakeholders. This emphasis stems from recognizing the significant social and

economic benefits that arise from women's participation in the formal financial sector. By

providing women with access to appropriate financial services, tailored to their needs, various

positive outcomes can be achieved. It enhances their ability to effectively manage risk, facilitates

their engagement in entrepreneurial ventures and investment opportunities, strengthens their

bargaining power within the household, and enables them to finance significant expenses such as

education or home improvements (Dupas and Robinson, 2013; Ashraf et al., 2010). From a

business perspective, reaching the underserved market of women with relevant financial services

can lead to improved revenues for financial service providers. This is supported by research
conducted by GSMA (2015), which highlights that catering to the financial needs of women can

enhance the financial performance of providers. By understanding and addressing the unique

financial requirements of women, providers can tap into an untapped market and develop

products and services that resonate with female customers. This, in turn, can contribute to

increased profitability and sustainability for financial institutions. Moreover, financial inclusion

for women offers banks and other financial service providers the opportunity to build a more

diversified and stable retail deposit base. Research conducted by Van Landingham et al. (2015)

suggests that women tend to be stronger savers than men. This however contradicts the report by

the FINDEX database 2017 that men are five percent more likely to save than women. By

offering inclusive financial solutions, institutions can attract female customers who are inclined

to save and deposit their funds. This not only bolsters the financial institutions' stability but also

provides a reliable and consistent source of retail deposits.

Beyond the business implications, empowering women economically has far-reaching social and

developmental advantages. Women are more likely to prioritize the welfare of their children and

families, reinvesting a significant portion of their income into their households. Studies by

Doepke and Tertilt (2014b) indicate that women reinvest up to 90% of their income in their

families, compared to only 30-40% by men. This increased investment in education, healthcare,

and nutrition for children has a transformative effect on their well-being and future prospects. By

enabling women to access financial services and gain control over their finances, societies can

witness positive intergenerational effects in terms of increased income levels, improved

education opportunities, and enhanced social mobility for children and future generations.

Investing in women's financial inclusion holds tremendous potential to generate substantial

social and economic benefits on a global scale. By removing barriers that prevent women from
accessing and utilizing financial services, governments, financial institutions, and other

stakeholders can promote gender equality, poverty reduction, and inclusive economic growth.

Women's economic empowerment not only enhances their individual well-being but also

contributes to the overall development and prosperity of communities and nations.

1.1 Problem Statement

Financial inclusion plays a crucial role in promoting economic empowerment and improving the

overall well-being of individuals. However, gender differences in financial inclusion have been

identified as a persistent challenge in many countries, including Ghana. The consequences of

women's limited access to and usage of financial services can have significant implications for

their socio-economic status and overall empowerment. A study on the determinants of financial

inclusion in Southern Africa found that financial inclusion is influenced by factors such as age,

education level, income, gender, and marital status (Mhlanga & Denhere, 2020).

Women who are not financially included face a range of consequences. Firstly, limited access to

formal banking services restricts their ability to safely save money, hindering their capacity to

build assets and plan for the future (Kanji, 2019). Secondly, the lack of access to credit and

insurance services can impede women's entrepreneurial activities and their ability to cope with

unforeseen financial shocks (Demirguc-Kunt et al., 2018). Moreover, the absence of digital

financial services excludes women from the convenience and efficiency of mobile banking,

limiting their opportunities for financial transactions and economic participation (World Bank

Group, 2020).

Numerous studies have explored the relationship between gender differences and financial

inclusion, providing valuable insights into the challenges faced by women in accessing financial

services. For instance, Klapper, Singer, and Ansar (2019) provided an overview of gender
disparities in financial inclusion globally, emphasizing the need for policy interventions and

innovative approaches to promote women's access to financial services. Aryeetey, Armah, and

Osei-Assibey (2019) conducted a comprehensive review on gender and financial inclusion in

Africa, highlighting the importance of addressing gender disparities in accessing financial

services. Bhushan and Medhi (2019) examined the access to finance and financial inclusion of

women in India, shedding light on the barriers faced by women in various socio-economic

contexts. Fletschner and Kenney (2014) examined rural women's access to financial services,

focusing on credit, savings, and insurance. Their study emphasized the importance of tailored

financial products and services to meet the specific needs of women in rural areas in sub-Saharan

Africa.

For the specific context of Ghana, Owusu-Sekyere and Andoh (2021) examined the determinants

of financial inclusion in sub-Saharan Africa, specifically in Ghana, highlighting the importance

of financial literacy, socio-cultural factors, and institutional frameworks in shaping gender

differences in financial inclusion. Batuo, Mlambo, and Guidi (2017) investigated the relationship

between financial development, income inequality, and gender disparities in financial inclusion

in African countries, including Ghana. Their findings underscored the significance of inclusive

financial systems in reducing gender gaps in financial inclusion.

Also, works by John Kuada (2009) touch upon gender-specific financial experiences, however,

they primarily focus on broader entrepreneurial activities, leaving a knowledge gap regarding the

role impact of gender as an impact differences oin financial inclusion of ordinary individuals in

Ghana. Hence, Tthis study therefore aims to fill this gap by providing a detailed and context-

specific examination of the role and impact of gendergender plays in accessing disparities in

financial services by individual householdsinclusion in Ghana. By highlighting the gender-

specific barriers and facilitators to financial inclusion and exploring the socio-economic

implications within households and the wider community. , this study would significantly

contribute to the existing literature.

1.2 Research Objectives

The study aims to:

[1.] Investigate the extent of gender difference in financial inclusion extent of gender

differences in financial inclusion in Ghana.

[2.] Identify the role gender plays in financial inclusion in Ghanafactors contributing to these

gender differences.

[3.]

1.3 Research Questions

1. To what extent do gender differences exist in financial inclusion in Ghana?

2. What are the factors that contribute to the observed gender differences in financial

inclusion in Ghana?

1.4 Significance of the Study

This study holds immense significance as it delves into gender differences and their impact on

financial inclusion in Ghana. By exploring the specific challenges faced by women in accessing

and utilizing financial services, this research aims to arm policymakers with the knowledge that
can develop targeted initiatives that address the specific barriers faced by women, ensuring their

enhanced access to and usage of financial services. By adopting a gender-responsive approach,

policymakers can create an enabling environment that supports women's economic

empowerment, reduces gender disparities, and drives inclusive development.

The study also fills a research gap by examine providing an empirical analysis of the role of

gender differences in financial inclusion, specifically tailored to the Ghanaian context. While

existing literature exists on this topic, there is a dearth of context-specific studies that delve into

the nuances and dynamics of gender disparities in financial inclusion in Ghana. By filling this

gap, the research contributes to the body of knowledge on gender and financial inclusion,

offering a comprehensive understanding of the unique challenges and opportunities faced by

women in Ghana's financial landscape. Researchers and policymakers can build upon these

insights to further explore the complexities of gender disparities in financial inclusion and devise

more targeted interventions.

Moreover, the findings of this study would serve as a valuable reference for future research

endeavors in the field of gender and financial inclusion. By offering empirical evidence on the

extent and impact of gender differences in financial inclusion, the research sets the stage for

further investigation into the underlying factors shaping these disparities. Future studies can

build upon the findings of this research to explore additional dimensions, such as the role of

cultural norms, digital financial inclusion, and the effectiveness of specific policy interventions.

The study provides a solid foundation upon which future researchers can expand their

investigations, ultimately advancing our understanding and paving the way for evidence-based

policies and practices.

1.5 Scope of the Study

The research specifically focuses on Ghana, it examined the gender differences in financial

inclusion within the country's unique context. It considers the socio-economic, cultural, and

institutional factors influencing Ghana’s financial inclusion. By narrowing the scope to Ghana,

the study provides a more detailed and context-specific analysis of gender disparities in financial

inclusion within the country. In addition, the study has extensively analyzed the gender

differences in financial inclusion, with a particular emphasis on women's access to and usage of

financial services compared to men. It investigates the disparities in various dimensions of

financial inclusion, including access to formal banking services, savings, credit, insurance, and

digital financial services. The research would delve into the specific barriers and challenges

faced by women in Ghana in terms of accessing and utilizing these financial services. The

research also employs quantitative research methods to gather relevant data and conduct

statistical analysis. Surveys and data from national-level financial inclusion studies are utilized to

capture gender-specific financial inclusion indicators. By utilizing quantitative analysis, the

study provides robust empirical evidence on the extent of gender differences in financial

inclusion in Ghana, allowing for a more comprehensive understanding of the issue. It helps in

quantifying the gender gap and identifying statistical associations between various factors and

gender disparities in financial inclusion.

1.6 Organization of the Study

This organizational structure provides a logical flow to the research work, ensuring that the

reader can easily follow the progression of ideas and findings. Chapter one (1) introduces the
research, provides background information, identifies the problem statement, states the research

objectives and questions, highlights the significance of the study, defines the scope, and outlines

the organization of the research. Chapter two (2) presents an overview of the study. Chapter

three (3) presents a comprehensive literature review on financial inclusion, gender differences in

financial inclusion, factors contributing to these differences, and the specific context of gender

and financial inclusion in Ghana. This chapter establishes the theoretical framework and

contextualizes the research. Chapter four (4) focuses on the methodology, explaining the

research design, data collection methods, sample selection, data analysis techniques, and ethical

considerations. This chapter provides the necessary details for replication and validates the

research approach Chapter five (5) presents the data analysis and discussion of findings. It

includes a descriptive analysis of financial inclusion indicators, examines gender differences in

access to and usage of financial services, identifies the factors influencing these differences, and

engages in a critical discussion of the findings. Chapter six (6) summarizes the research findings,

presents recommendations for policy and practice based on the study's outcomes, discusses the

contributions to existing literature, acknowledges limitations, suggests directions for future

research, and concludes the research work.

 CHAPTER TWO

OVERVIEW OF THE STUDY

2.0 Background

Following the conclusion of the G-20 Summit in 2010, over 90 countries endorsed the "Maya

Declaration," committing to combat poverty through enhanced financial inclusion and striving

for universal accessibility to financial services. The declaration emphasized the transformative

role of financial inclusion in empowering individuals and spurring inclusive economic growth

(Alliance for Financial Inclusion, 2017).

Nonetheless, while numerous signatory countries have undertaken efforts to develop and make

their financial systems more inclusive, research by Demirgüç‐Kunt et al. (2018) revealed that

financial inclusion rates remain low in developing nations, and gender disparities in financial

inclusion persist.
Financial inclusion denotes the availability and utilization of financial products and services that

are affordable and tailored to people's needs (Alliance for Financial Inclusion, 2013). An

inclusive financial system is a catalyst for poverty reduction and plays a pivotal role in achieving

the Sustainable Development Goals. A significant aspect of financial inclusion pertains to

ensuring gender equality in accessing and using financial services. According to the Alliance for

Financial Inclusion (2016), the gender gap in financial inclusion signifies the uneven access to a

wide range of formal financial services—such as credit, savings, insurance, and remittances—

between men and women. Men typically experience greater financial inclusion, while women

often encounter marginalization and discrimination (Duflo, 2012; Mndolwa & Alhassan, 2020;

Swamy, 2014).

Ghana faces challenges in narrowing the gender gap in financial inclusion, with gender

inequality recognized as a significant hindrance to progress. Collaboratively, the World Bank

and International Monetary Fund have developed an agenda to achieve universal financial

inclusion by 2020 (World Bank, 2015). This initiative targets the substantial disparities in

financial inclusion across both high- and low-income countries, as well as between genders.

Therefore, addressing the gender gap holds immense significance, as it would foster women's

entrepreneurship, amplify their decision-making authority, and enhance their economic

empowerment. Ultimately, this endeavor is poised to drive more inclusive economic growth and

bolster the overall well-being of nations (Demirgüç‐Kunt et al., 2013; Ibrahim & Aliero, 2020)

2.1 Global financial inclusion dynamics

Over the past decade, there has been a notable increase in financial inclusion for both men and

women in Sub-Saharan Africa (SSA). According to the World Bank, a majority of the SSA

population now holds accounts with financial institutions, with a significant rise from 23% in
2011 to 55% in 2021 (refer to Figure 1). Although this progress aligns SSA more closely with

middle- and high-income countries where account ownership is at 72% and 96% respectively,

the expansion has been even more remarkable in the West African Economic and Monetary

Union (WAEMU) and the Central African Economic and Monetary Community (CEMAC), with

bank penetration rates nearly quadrupling. This upsurge is attributed to the swift growth of

mobile telephony and mobile banking, which compensate for deficiencies in fixed-line

telecommunications and traditional banking.

Mobile money accounts, which were utilized by about a third of SSA's population in 2021, are

an increasingly relevant avenue for accessing credit. Around 7% of the population used this

method to borrow money in 2021, slightly lower than the 10% who borrowed from the formal

financial sector. When considering all sources, including informal finance, a total of 56% of the

population borrowed money. Despite these positive trends, there exists room for further

exploration of mobile money's potential for credit access.

Nevertheless, the pace of bank enrollment for women in SSA has not kept up with that of men.

While gender disparities in bank coverage have notably diminished in advanced and middle-

income nations, the gender gap in bank access within SSA has expanded by 7 percentage points

since 2011, reaching 12% in 2021. Concerning credit access, the gender gap in SSA mirrors that

of middle- and high-income countries, ranging from 1% to 3%. Although women constitute a

significant portion of clients for microfinance institutions globally (80%) and within SSA (64%),

credit from these institutions predominantly targets the most marginalized populations. The

terms of lending from microfinance institutions differ from those provided by banks, involving

smaller amounts, shorter repayment periods, and notably higher interest rates.
Figure 3.1

Source: Global financial index

Note: Percentage of the adult population holding an account at a bank or other type of financial

institution.

2.2 Financial Inclusion in Ghana

In the case of Ghana, a nation in West Africa characterized by its diverse economy and

burgeoning population, the dynamics of financial inclusion have undergone noteworthy

transformations (World Bank, 2020).

Ghana confronts a series of challenges impeding the achievement of comprehensive financial

inclusion. Notably, there exists a glaring geographical disparity in access to financial services.

Urban locales benefit from better-established banking infrastructure, whereas rural areas grapple

with inadequate banking facilities, thereby inhibiting access to basic financial services (World

Bank, 2020). Moreover, a significant challenge stems from low financial literacy rates,

particularly in rural regions, where a lack of financial knowledge curtails effective engagement

with available services (Aryeetey et al., 2019). Additionally, factors such as documentation

requirements, cultural norms, and limited technological adoption contribute to the exclusion of

certain demographic segments (World Bank, 2020).

To surmount these challenges, Ghana has initiated various strategies aimed at advancing

financial inclusion. The introduction of mobile money services has been instrumental in this

regard. Mobile money platforms permit individuals to execute basic financial transactions via

mobile phones, bypassing the need for traditional banking infrastructure. This innovation has

proven particularly transformative in rural areas, offering a convenient and accessible mode of

conducting financial transactions (CGAP, 2019). Additionally, regulatory efforts have been

directed at encouraging non-traditional financial institutions, including microfinance institutions

and rural banks, to extend their services to underserved populations, thus broadening the reach of

financial services (Aryeetey et al., 2019).

The evolving dynamics of financial inclusion have engendered profound socioeconomic impacts

within Ghana. Economically, heightened access to financial services has fostered greater

participation in formal economic activities. Small-scale enterprises and entrepreneurs, previously

confined to the informal sector, are now able to access credit, insurance, and savings products,

facilitating business expansion and stability (CGAP, 2019). Furthermore, financial inclusion has

augmented households' financial resilience, equipping them to better manage risks and respond

to unforeseen financial challenges (Aryeetey et al., 2019).

Prospects for the future of financial inclusion in Ghana are poised for further evolution. As

digital technology continues to advance, the proliferation of digital banking and online payment

systems is expected to heighten convenience and accessibility to financial services. To sustain

this momentum, a multifaceted approach is imperative. Investing in financial education programs

is vital to bolster the financial literacy of the population. Policymakers must concurrently

prioritize the enhancement of regulatory frameworks that promote healthy competition and

innovation while safeguarding consumer interests (World Bank, 2020).

In conclusion, the financial inclusion dynamics in Ghana manifest a multifaceted narrative

underscored by challenges, initiatives, and transformative socioeconomic outcomes.

Geographical disparities and financial illiteracy challenges persist, but innovative measures like

mobile money services and regulatory interventions have substantially expanded financial

access. The consequent economic empowerment of individuals and enterprises, coupled with

heightened financial resilience, underscores the positive impact of these endeavors. By

embracing technological advancements and investing in financial education, Ghana can

perpetuate its trajectory of financial inclusion, fostering a more inclusive and prosperous

economy (Aryeetey et al., 2019).

2.3 Gender disparities in financial inclusion

Despite significant progress in achieving overall economic advancements, women have faced

delays in their inclusion within the financial sector. According to data sourced from the Global

Financial Index, approximately 29% of adult Ghanaians aged 15 and above held formal financial

accounts, including mobile accounts, in the year 2011. This percentage rose to 41% in 2014 and

further to 58% in 2017. This upward trajectory indicates a reduction in the portion of the

Ghanaian population excluded from formal financial services. However, women's access to these

financial services remained below the national average.

Table 1 illustrates that while men's access to financial accounts increased by around 30

percentage points between 2011 and 2017, reaching approximately 62%, women's access only

rose by 27 percentage points to reach 54% during the same period (FinDeex, 2017).

Consequently, the gender gap of 5 percentage points observed in 2011 expanded by

approximately 3 percentage points by 2017. This disparity is noticeable across various

components of financial inclusion definitions. For instance, the gender gaps for ownership of

financial institution accounts, mobile money usage, and digital payments were 8, 10, and 11

percentage points respectively in 2017. These figures represented increases of 1, 2, and 4

percentage points respectively compared to the estimates from 2014. The data indicates a

continuous widening of the gender gap.

Table 1
 2011 2014 2017

Adult 29% 41% 58%

Male 32% 42% 62%

Female 27% 39% 54%

Source: Global financial index database

2.4 Gender disparities in accounts ownership

The Global Findex database gathers insights into the reasons why certain individuals,

particularly women, remain unbanked. Generally, young women and men cite similar obstacles

to owning financial accounts, such as financial constraints, distance to banking facilities, and

lacking required documentation. Nonetheless, there are instances where differences emerge.

Particularly in developing economies, women aged 23 to 39 without bank accounts are, on

average, more prone than their male counterparts to attribute their lack of account ownership to

another family member already possessing one.

Furthermore, indications suggest that parity in access to mobile money accounts is more

pronounced compared to access to traditional financial institution accounts. Notably, in Sub-

Saharan Africa, there is no discernible gender gap among young individuals exclusively utilizing

mobile money accounts, whereas substantial gender disparities persist in the ownership of

financial institution accounts. For example, for men and women between the ages 29 and 39,

there is no gap in mobile money account ownership, however, there is 17% gap in ownership of

financial institution accounts as shown in figure 2 below. Impressively, the utilization of mobile

money is equivalent between men and women in the region, despite men generally being more

inclined to own a mobile phone than women.

Figure 3.2

So

urce: Global financial index database

2.5 Implications of Gender Disparities in Financial Inclusion

The repercussions of gender disparities in financial inclusion extend beyond individual economic

autonomy, influencing wider socio-economic dynamics. Limited access to formal financial

services for women hinders their capacity to save, invest, and actively engage in economic

activities, perpetuating gender inequalities and affecting household well-being and overall

economic progress (Duflo, 2012; Montes-Rojas & Nistico, 2017). Consequently, these disparities

not only curtail women's potential but also have implications for the broader development of

society (Mensah & Marbuah, 2020).

These disparities act as a barrier to women's contribution to Ghana's growth trajectory. Aterido,

Beck, and Iacovone (2013) emphasize that women's exclusion from financial opportunities can

limit their economic potential, intensify income disparities, and impede overall economic

advancement. Recent research has increasingly highlighted the significance of gender in shaping

access to and benefits from financial services. Studies by researchers such as Carlos Sakyi-

Nyarko et al. (2022), Blessing Amos Atakli and Wonder Agbenyo (2020), and S. Annim and T.

Arun (2013) have begun revealing the intricate interplay of gender-related effects on financial

inclusion and their consequential influence on household resilience and agricultural productivity,

especially in developing countries like Ghana.

2.6 Summary of Chapter

In summary, this study aspires to contribute to both academia and policy-making by presenting a

comprehensive and nuanced understanding of gender disparities in financial inclusion. By

combining empirical evidence with qualitative insights, we endeavor to pave the way for

informed discussions and evidence-based actions aimed at fostering a more inclusive and

equitable financial landscape in Ghana.

 CHAPTER THREE

LITERATURE REVIEW

3.0 Introduction

This literature review embarks on a multifaceted journey, delving into theoretical frameworks

that encompass Intersectionality Theory, and Feminist Theory. As we embark on this expedition,

we also embark on an empirical review, shedding light on the extent of gender differences in

financial inclusion within the context of Ghana. By identifying the contributing factors to these

disparities and analyzing their impact on financial inclusion, this study aspires to not only enrich

our theoretical knowledge but also propose actionable insights for policymakers and stakeholders

striving to bridge the gender gap in financial access and opportunities. As we thread through the

nuances of academia and empirical evidence, we uncover the complexities of gender dynamics,

positioning ourselves to create a more inclusive financial landscape for all in Ghana.

3.1 Theoretical Review

3.1.1 Intersectionality Theory:

Intersectionality, a fundamental concept in the field of social sciences, pertains to the

convergence and interplay of various social categories and systems of power and oppression

(Dhamoon, 2011). These encompass diverse aspects, including social identities (e.g., woman),

sociodemographic categories (e.g., gender, ethnocultural), social processes (e.g., gendering and

racializing), and social systems (e.g., patriarchy and racism). The United Nations (2000)

describes intersectionality as the dynamic consequences arising from the interaction between

multiple forms of discrimination or systems of subordination, shaping layered inequalities and

determining the relative positions of different groups (UN Expert Group Meeting Report).

At both individual (micro) and societal (macro) levels, intersectionality acknowledges the

multifaceted positions of individuals and groups (Dhamoon, 2011). It transcends a mere

acknowledgment of parallel social factors and delves into the complex interactions that shape the

impact of diverse forces on individual lives and societal structures (McIntosh, 2012).

Applying intersectionality as a framework in organizational studies yields invaluable insights.

Scholars and advocates for equality can engage with theoretical, practical, and experiential

aspects, mitigating the risk of essentialism—the tendency to infer inherent value in attributes

differentiating various groups without considering other influencing factors (Atewologun, 2011).

Embracing intersectionality enhances analytical acuity, offering a deeper understanding of how

members of specific groups, like women, experience workplaces differently due to intersections

with factors such as ethnicity, sexual orientation, and class (Brewer, Conrad, & King, 2002).

This heightened sensitivity to differences fosters a more profound comprehension of social

justice and inequality within organizational contexts, thereby amplifying the potential for

effecting positive social change.

The significance of intersectionality lies in its capacity to unravel complex experiences emerging

at the nexus of social categories and systems. By recognizing the implications of these

interactions, intersectionality empowers individuals, scholars, and practitioners to navigate

intricate social dynamics and address the ensuing implications (Dhamoon, 2011). Through

nuanced analysis, intersectionality guides endeavors toward a more equitable and inclusive

society, valuing and acknowledging diverse identities and experiences while striving for social

justice (Brewer, Conrad, & King, 2002)

3.1.2 Feminist Theory

Feminist theory stands as a vital component of critical theory, embarking on a mission to

dismantle entrenched systems of power and oppression. By acknowledging and challenging these

structures, feminist theory aims to pave the way for understanding, advocacy, and transformative

change. Drawing from the legacies of Marxism and socialism, feminist theory traces its origins

to the 18th century, yet it found its momentum during the fervent equality movements of the

1970s and 1980s. Within this historical context, the seminal work of Engels in "The Origin of the

Family" played a pivotal role, offering insights into the historical subordination of women and

fueling the early feminist movement (Burton, 2014).

Central to feminist theory are core concepts encompassing sex, gender, race, discrimination,

equality, difference, and choice. In the interconnected web of these qualities, social structures

can reinforce inequality, impeding progress toward a just and equitable society. Grounded in

critical paradigms, research under feminist theory operates under the belief that by exploring and

exposing existing social conditions, truths can be revealed. Such investigations not only raise

awareness of oppressive systems but also provide a platform for marginalized voices to be heard

and validated (Egbert & Sanden, 2019).

In its pursuit of social justice, feminism delves into the complexities of intersectionality,

recognizing that dimensions of social life are intricately woven together, and analyzing these

intersections becomes imperative in addressing various forms of inequality. A driving force

behind transformative change, feminist research has significantly contributed to our

understanding of the intricate and evolving gendered division of labor. Fundamental to feminist

principles is the assertion that political, economic, and social equality should be extended to men

and women alike, transcending the bounds of gender-based differences or exclusionary stances.

Instead, feminist theory strives to foster dialogue, understanding, and collaboration by

confronting oppressive power dynamics and dismantling barriers that obstruct progress toward

true equality.

The impact of feminist theory reverberates across society and academia. As part of the critical

theory paradigm, it has disrupted the status quo, provoking conversations about privilege,

patriarchy, and systemic biases. Feminist activism has led to concrete policy changes, including

women's suffrage and legislation on equal pay, equal access to credits, and gender-based

violence, bringing us closer to a more egalitarian society. Additionally, feminist movements have

enabled greater representation and empowerment of women in politics, workplaces, and public

life, reshaping traditional gender roles and opening avenues for self-expression. Academically,

feminist theory has enriched various disciplines, instigating in-depth examinations of power

dynamics and gender roles, thus challenging conventional perspectives and paving the way for a

more inclusive and diverse scholarship.

In conclusion, feminist theory stands as a vibrant and evolving branch of critical theory, with its

roots deeply entrenched in the struggle for gender equality and justice. From its historical

foundations to its contemporary impact, feminist theory has been instrumental in unveiling and
disrupting oppressive systems, promoting awareness and understanding, and propelling us

toward a more equitable world for all genders. As it continues to evolve and adapt, feminist

theory remains a powerful catalyst for positive social transformation and a crucial driving force

for a more inclusive and just society.

3.2 Empirical Review

3.2.1 Investigate the extent of gender differences in financial inclusion in Ghana

Several studies have delved into the intricacies of gender disparities in financial inclusion,

particularly in various African contexts and India. While some research findings resonate with

each other, others offer contrasting perspectives, creating a nuanced understanding of this

multifaceted issue.

Sackey and Amponsah (2020) examined the hurdles encountered by micro and small women

entrepreneurs in Ghana's commercial bank credit markets. Despite sector liberalization, these

women entrepreneurs continue to grapple with significant challenges when trying to secure

credit. This echoes the findings of Mndolwa and Alhassan (2020) in Tanzania, where they

discovered that women's socio-economic disadvantages contribute to gender disparities in

financial inclusion. In contrast, the study by Reyes, Aterido, Beck, and Iacovone (2011) across

Ghana, Tanzania, and Uganda did not uncover inherent gender-based discrimination in financial

service utilization. They found that factors like income, education, and employment status play a

more prominent role in explaining variations in formal financial service utilization by women.

On the other hand, studies like that of Osabuohien and Karakara (2018) spotlight a positive

trend. They observed that women in Ghana have an advantage in accessing mobile phones and
using mobile money services, indicative of an evolving financial landscape that empowers

women. A similar uplifting perspective comes from Acheampong's (2018) exploration of

microfinance participation among Ghanaian families. This study revealed that female-headed

families outperform their male counterparts in utilizing micro-financial resources for

entrepreneurial endeavors. However, studies like Ghosh and Chaudhury's (2019) work in India

highlighted that lower employment and education levels among women hinder their financial

inclusion.

Also, a study on Gender and Poverty in Ghana by Haddad (1991) provides a gender-based

analysis of poverty indicators in Ghana, revealing that while living standards appear similar

across indicators and gender groups, the differentiation manifests in women's inability to raise

living standards due to factors like educational attainment and time burdens.

Interestingly, a comprehensive perspective emerges from Deléchat et al. (2018), who examined

the global context. Their study demonstrated a consistent negative correlation between being

female and financial inclusion across 142 countries. They suggested that legal discrimination,

lack of protection from harassment, and prevailing gender norms could contribute to this gap.

This contrasts with the findings of Aterido, Beck, and Iacovone (2011), indicating that contextual

factors can greatly influence gender disparities in financial inclusion.

In conclusion, the studies collectively emphasize the need for tailored interventions and policies

to bridge the gender gap in financial inclusion. While certain studies illuminate positive trends,

others unveil persistent challenges rooted in socioeconomic disparities and gender norms. This

interplay of findings underscores the complexity of the issue and the necessity for context-

specific strategies to ensure equitable financial access for all.

3.2.2 Identify the factors contributing to these gender differences in financial inclusion

Two distinct studies, orchestrated by Sackey and Amponsah (2020) and Owusu-Yeboah, Gideon,

and Uwineza (2020), furnish valuable insights into the challenges and potential avenues for

women entrepreneurs seeking financial resources. Sackey and Amponsah's investigation unveils

the barriers that loom large, casting a spotlight on the formidable hurdles women face due to

information asymmetry and self-denial in credit markets. In contrast, the canvas painted by

Owusu-Yeboah et al. offers a more sanguine perspective, showcasing the transformative role of

microfinance institutions in empowering women through avenues such as savings, loans, and

tailored business guidance.

Parallel trajectories gracefully intersect in the works of Yakubu (2017) and Abel, Mutandwa, and

Roux (2018) as they delve into the determinants of financial inclusion. Yakubu's study emanates

from Northern Ghana and employs discriminant analysis to unveil the pivotal factors—age,

capability, literacy, distance, and employment—that orchestrate financial inclusion in the region.

Mirroring this, Abel et al.'s exploration encompass a broader geographical expanse, harnessing

regression analysis to illuminate the affirmative interplay between financial inclusion and

elements such as education, income, financial literacy, and even internet connectivity.

Introducing a culturally contextualized dimension, Annim and Arun (2013) embark on an

exploration of financial services utilization in both Ghana and South Africa. Employing a

gendered analysis, their research unravels the intricate influence of socio-cultural factors and

attitudes in shaping women's engagement with financial services. In contrast, the comprehensive

research by Aterido et al. (2011) rebuffs the assumption of intrinsic gender-based discrimination.

Their work traverses Ghana, Tanzania, and Uganda, wielding quantitative techniques to spotlight
income disparities and educational attainment as pivotal forces sculpting women's access to

formal financial services.

Guiding our gaze toward the Saudi Arabian landscape, Shabir and Ali (2022) meticulously

dissect the determinants of the gender gap in financial inclusion. Employing rigorous analytical

tools, they underscore the significance of age, education, occupation, and income in shaping

women's financial access. This resonates resoundingly with the cross-country analysis

engineered by Hundie and Tulu (2021), meticulously peeling back the layers to reveal the

enduring impact of these determinants on the gender gap across diverse nations.

Further enriching this discourse, Ghosh and Chaudhury (2019) unfurl a comprehensive lens onto

the Indian scenario. Anchored in the global Findex database, their research articulates the

profound influence of employment status and education levels in shaping women's financial

inclusion in India. This harmonizes seamlessly with the overarching comparative analysis by

Hundie and Tulu (2021), sculpting a comprehensive narrative of the centrality of factors like age,

education, and employment in engendering or mitigating the gender gap across a mosaic of

countries.

In a broader global perspective, Deléchat et al.'s (2018) panoramic study plunges into the

structural underpinnings of gender disparities in financial inclusion. Encompassing 142 nations,

their findings underscore the resounding echo of legal discrimination, the absence of protection

from harassment, and the pervasive influence of gender norms. This reverberates with the

insights drawn from Aterido et al.'s (2011) study, casting light on the profound sway of societal

norms and cultural practices in shaping women's economic empowerment and their rendezvous

with formal financial services.

Collectively, these studies form an intricate tapestry of insights, weaving a mosaic of factors that

sway gender disparities in financial inclusion. The diverse methodologies employed by these

researchers further enrich the narrative, underscoring the imperative of context-sensitive

interventions aimed at bridging gender-based gaps and fostering equitable access to financial

resources.

3.2.3 Analyze the impact of these gender differences on financial inclusion in Ghana

The studies conducted by various researchers shed light on the impact of gender differences on

financial inclusion in Ghana. These studies collectively portray a mosaic of insights that

underline the significant role gender plays in shaping financial access and resilience.

Sakyi-Nyarko, Ahmad, and Green (2022) probe into the impact of financial inclusion on the

financial resilience of households. Their findings resonate as a testament to the power of

inclusion. The study reveals that financial inclusion has a substantial positive influence on

household financial resilience. Notably, the effects are most pronounced through savings and

formal account ownership, underscoring their pivotal role in enhancing economic stability.

However, the study also emphasizes the value of mobile money, particularly for rural areas and

women, in bolstering financial resilience.

In a different harmonious chord, Morsy and Youssef (2017) construct a comprehensive database

to illuminate how gender gaps in access to finance are influenced by ownership structure,

concentration, and regulatory frameworks. Their composition reveals a sobering reality, these

structural factors significantly contribute to gender disparities in accessing financial services.

The study's resounding message echoes, calling for a gender-conscious approach to financial
inclusion. The need to dissect the impact of banking sector ownership structures and regulatory

environments on gender imbalances within financial access resounds as a key imperative.

Arnold and Gammage (2019) introduce a refrain that underscores the necessity of holistic

financial inclusion interventions. Their melody emphasizes the transformative potential of social

norm change to ensure meaningful inclusion for women and those with limited literacy. The

study's notes echo the importance of tailored approaches that utilize evidence-based insights,

resonating with the broader theme of gender-sensitive financial inclusion.

Meanwhile, the study by Batinge and Jenkins (2021) encapsulates a crescendo of empowerment

through microfinance institutions. This study amplifies the role of microfinance in lifting

marginalized women out of poverty's grasp. It showcases the direct correlation between

accessing microfinance services and improvements in health, education, and living standards.

The study's anthem celebrates microfinance's potential to provide financial access to women who

lack traditional collateral, highlighting its significance in accelerating poverty reduction.

In another chapter of this symphony, Atakli and Agbenyo (2020) strike a distinct chord by

exploring the relationship between financial inclusion, gender, and agricultural productivity.

Their melody resonates with the theme of gender disparities, revealing that while financial

inclusion positively influences agricultural productivity, a gender gap exists in its impact. The

fact that male farmers tend to benefit more from financial inclusivity speaks volumes about the

need for legal and institutional transformations to address gender-related financial inequalities,

particularly in rural settings.

The chorus of gender differences is further enriched by the work of Theresa Mannah-Blankson

(2018), who examines the implications of microfinance access on gender asset gaps. Her
composition, backed by cross-sectional regression analysis and the Oaxaca-Blinder

decomposition method, heralds a harmonious discovery. The increased access to microfinance

resonates as a key to reducing gender-based asset disparities within households.

Collectively, these studies form a symphony that reveals the profound impact of gender

differences on financial inclusion in Ghana. From household resilience to poverty reduction,

agricultural productivity to asset gaps, the notes of gender disparities echo across the financial

landscape. Through their collective melody, they implore for comprehensive interventions,

regulatory transformations, and gender-sensitive approaches that orchestrate a more harmonious

and inclusive financial future for all in Ghana.

 CHAPTER FOUR

METHODOLOGY

4.1 Introduction

This chapter delineates the methodologies employed to investigate the role of gender disparities

in financial inclusion within Ghana. It provides a structured approach, encompassing the

theoretical underpinnings, empirical models, data sources, and the variables considered, to

ensure a comprehensive and rigorous analysis.

4.2 Theoretical Framework

4.2.1 The Utility Maximization Theory

The Utility Maximization Theory, rooted in microeconomic thought, posits that individuals make

decisions to maximize their utility or satisfaction. At the micro-level, this theory can be

mathematically represented as:

U i=f ( C i ) → max

Pi∗C i ≤Y i

where :

 U i is the utility function for individual i (where i can represent male m or female f).

 C i is consumption pattern or financial service chosen by individual i.

 Pi is the price or cost (which can include non-monetary costs) of the financial service for

individual i.

 Y i is the income or budget constraint for individual i.

Gender, as a socio-economic variable, influences both the utility derived and the constraints

faced. Men and women might have different utility functions due to societal roles, expectations,

and experiences. For instance, women might derive higher utility from savings products tailored

for household needs, represented as U f (C f ), while men might prioritize investment services,

represented as while men might prioritize investment services, represented as U m (Cm ).

The constraints, especially the budget constraint, can also be gender specific. Women might face

higher non-monetary costs, such as societal norms or safety concerns, which can be encapsulated
in the Pf term. Additionally, income disparities influenced by gender roles can lead to different

Y m and Y f values.

When examining financial decisions through the lens of gender, it becomes evident that gender

plays a pivotal role in shaping the utility derived from financial choices. Gender differences in

financial behaviors have been observed, suggesting that solely analyzing behaviors based on

gender may not be appropriate (Walczak & Pieńkowska-Kamieniecka, 2018)1. Furthermore,

studies like that of Hibbert, Lawrence, & Prakash (2013) have shown that when men and women

possess a high level of financial education, they exhibit similar propensities to invest in risky

assets, indicating that financial education can mitigate gender differences in financial risk

aversion.

Another study by Zhu, Hodgkinson, & Wang (2021) highlighted that gender differences in

financial risk perception are not solely due to personal characteristics but also arise from the

interaction of gender with other observable characteristics3. This suggests that the utility derived

from financial decisions is influenced by a combination of gender and other socio-economic

factors.

In essence, the Utility Maximization Theory, when applied to financial decisions, underscores

the intricate interplay between gender and other determinants in shaping individual financial

choices. Recognizing these nuances is crucial for policymakers and financial institutions aiming

to enhance financial inclusion and literacy across genders.

4.3 Empirical Model

The empirical analysis is based on regression models that relate financial inclusion indicators to

a set of explanatory variables, capturing individual characteristics and socio-economic factors.

The models is are specified as:

FI i =β 0+ β1 Gender i+ β 2 X i +ε i (1)

❑❑ ❑❑ ❑❑ ❑❑ ❑❑ (2)

❑❑ ❑❑ ❑❑ ❑❑ ❑❑ (3)

Where:

 FI i represents the financial inclusion indicator for individual i.

 Gender i is binary variable indicating the gender of individual i.

 X i is vector of control variables for individual i.

 ε i is the error term.

The inclusion of the gender variable in the model is pivotal, given the growing body of evidence

highlighting gender disparities in financial inclusion. For instance, Lotto (2018) confirmed a

gender gap in formal financial inclusion, attributing it to factors such as women's inability to

provide collateral, limited financial education, and lesser business experience. Such findings

emphasize the importance of the role of gender as a determinant in financial inclusion studies.

Moreover, individual-level covariates, such as age, education, and wealth, have been identified

as significant predictors of financial inclusion. Asuming et al. (2018) found these factors, along

with macroeconomic variables, to be instrumental in determining financial access. This

underscores the importance of the vector in the model, capturing these individual and socio-

economic determinants.

Furthermore, the model's design is informed by research suggesting that while gender disparities

in financial inclusion are evident in certain financial services, they may not be as pronounced in

others. For instance, Mndolwa & Alhassan (2020) observed gender disparities in the uptake of

formal savings and credit but not in access to formal financial accounts and mobile money

accounts. This nuanced understanding further justifies the model's structure, which allows for the

examination of different dimensions of financial inclusion.

Lastly, the broader implications of financial inclusion, especially concerning women, cannot be

understated. Cabeza‐García et al. (2019) provided evidence that greater financial inclusion of

women has a positive effect on economic development. This highlights the socio-economic

significance of the study and the potential policy implications of the empirical findings as. the

broader implications of financial inclusion, especially concerning women, cannot be understated.

In conclusion, the empirical model is robustly structured to capture the multifaceted relationship

between gender and financial inclusion, informed by recent research and literature in the field.

4.4 Source of Data

The main source of the data for this study is the Ghana Living Standards Survey (GLSS) round

7. The GLSS is a comprehensive household survey that captures a wide range of information,

including socio-economic and demographic characteristics of households. It has been

instrumental in various research studies, particularly those focusing on financial inclusion in

Ghana.
The GLSS provides a rich dataset that allows for a nuanced understanding of the financial

behaviors and access patterns of individuals across different demographic groups. For instance,

the survey captures details related to income, expenditure, education, employment, and other

critical socio-economic indicators. Such detailed data is pivotal in understanding the

determinants of financial inclusion and the disparities that might exist across different segments

of the population.

Several studies have leveraged the GLSS to gain insights into financial behaviors and access

patterns in Ghana. For instance, a study by Mohammed et al. (2020) utilized the GLSS to

examine the factors impacting household financial inclusion levels, emphasizing the role of

household expenditure, education, religion, and geographic location1. Another study by Atakli et

al. (2020) adopted data from the GLSS round 7 to investigate the nexus between financial

inclusion, gender, and agricultural productivity in Ghana. These studies underscore the

importance and reliability of the GLSS as a data source for financial inclusion research in Ghana.

4.5 Variables

4.5.1 Multidimensional Financial Inclusion

To capture the financial inclusion status of households, this study employs a binary index of

financial deprivation based on the deprivation score. Specifically, a household is categorized as

financially non-deprived if the household head is not financially disadvantaged. In the context of

this study, the variable is coded as zero if the head of the household is financially included and

one otherwise. A household is deemed financially disadvantaged or excluded if its deprivation

score is less than 0.5. In essence, households that lack access to at least two facets of financial

inclusivity are labeledlabelled as financially disadvantaged.

Table 4.1 presents the elements, index, and description of each element used to determine

financial inclusion.

For the financial inclusion status of the household, the study generates a binary index of financial

deprivation using the deprivation score. A household selected is classed as financially poor or

non-deprived if the household head is financially disadvantaged, the variable used in the study is

zero if the head of the household is financially exclusive and one if otherwise. A household is

considered financially disadvantaged or excluded whether its deprivation rating is less than 0.5,

and vice versa. Households who lack access to nearly two aspects of financial inclusivity are

classified as financially disadvantaged.

Table 4. 1: Elements, Index and Description of Each Element.

Elements Description

Bank account (0.25) A household head that does not possess a

bank account.

A household head that does not possess an

Insurance (0.25)
insurance package.

A household head that does not have access

Loan/Credit (0.25)
to a loan.

A household head that does not receive

Remittance (0.25) remittance.

Source: Iddrisu & Danquah (2021)

The choice of these elements is grounded in the broader literature on financial inclusion. For

instance, the significance of bank account ownership as a primary indicator of financial inclusion

is well-documented (Demirgüç-Kunt et al., 2018). Similarly, access to insurance, loans, and

remittances are crucial components of a comprehensive financial inclusion framework, as they

reflect the diverse financial needs of households (Sarma & Pais, 2011).

4.5.2 Control Variables

To ensure the robustness of the regression analysis and account for potential confounding

factors, several control variables are incorporated into the empirical model. These variables

capture individual and household characteristics that could influence financial inclusion, either

directly or indirectly. Recent studies have emphasized the significance of these control variables

in financial inclusion. For instance, a study on the determinants of financial inclusion in Southern

Africa found that financial inclusion is influenced by factors such as age, education level,

income, gender, and marital status (Mhlanga & Denhere, 2020). Below is a detailed description

of the control variables used in the study.

Gender: The gender variable differentiates between males and females in a household, acting as

a significant determinant in financial inclusion. The inclusion of this variable provides a more

nuanced perspective on financial inclusion, highlighting the unique challenges and behaviors

associated with each gender. For example, males, typically seen as primary earners, might

possess distinct financial behaviors based on societal expectations. In contrast, females, due to
constraints like limited educational access and socio-cultural barriers, might face challenges in

accessing specific financial services, like credit.

Educated: This These variable captures individual who have received formal education, either

primary, secondary, or tertiary. Education is a crucial determinant of financial inclusion as it

equips individuals with the necessary skills and knowledge to navigate the financial landscape

(Agarwal & Klapper, 2019).

Not Educated: Represents individuals who haven't received any form of formal education. Such

individuals might face challenges in accessing and using financial services due to literacy

barriers.

Marital Status: Individuals who are currently in a marital union. Marital status can influence

financial behaviors, as joint decision-making and shared financial responsibilities might

necessitate the use of formal financial services (Doepke & Tertilt, 2011). The individuals that fall

within the category of not married are those who are single, divorced, or widowed. Their

financial behaviors might differ from those who are married, especially in terms of risk aversion

and savings patterns.

Employment Status: There are two categories of individuals, those who are employed and not

employed. Those who are employed represent individuals who are currently engaged in any form

of paid employment, either formal or informal. Employment status is directly linked to income

levels, which in turn can influence access to financial services (Beck et al., 2008).
Also, unemployed individuals are those who are currently not engaged in any paid employment

and are actively seeking work. They might face challenges in accessing credit and other financial

services due to a lack of steady income.

Location: Location is categorized into two; urban and rural. Individuals residing in urban areas,

characterized by higher population densities and more developed infrastructure. Urban residents

often have better access to financial institutions and services compared to their rural counterparts

(Allen et al., 2016).

Also, individuals in rural or less densely populated areas. They might face challenges like

distance to financial institutions and lack of awareness about available services.

Household size: This variable captures the total number of individuals living in a household.

Larger households might have different financial needs and behaviors compared to smaller ones,

especially in terms of savings and consumption patterns (Deaton, 1997).

Dependency ratio: Represents the ratio of dependents (individuals below 15 and above 64

years) to the working-age population in a household. A higher dependency ratio might indicate

increased financial burdens on the earning members, influencing their financial behaviors and

access to services (Jappelli, 1990).

Incorporating these control variables ensures a comprehensive analysis, accounting for the

myriad of factors that can influence financial inclusion. Each of these variables has been

highlighted in the literature as significant determinants of financial behaviors and access,

underscoring their relevance in this study.

4.6 Conclusion.
The methodology chapter has delineated the research framework, empirical model, data sources,

and variables employed to investigate the role of gender disparities in financial inclusion in

Ghana. Rooted in the Utility Maximization Theory, the study emphasizes the role of individual

decision-making in financial behaviour, particularly highlighting the influence of gender. The

Ghana Living Standard Survey round 7 serves as the primary data source, ensuring a

comprehensive and nationally representative dataset. The multidimensional financial inclusion

index constructed based on key financial elements, alongside the control variables, provides a

holistic approach to understanding financial behaviour. As the study progresses to the empirical

analysis in subsequent chapters, this methodological foundation ensures rigor and depth in the

exploration of gender differences in financial inclusion.

 CHAPTER FIVE

DISCUSSION OF RESULTS

5.1 Introduction

This chapter highlights the results derived from the empirical analysis, focusing on the gender

differences and their influence impact on accessing financial servicesinclusion in Ghana. The

data presented provides a comprehensive understanding of the financial behaviors and access

patterns of both men and women. The discussion is structured around descriptive statistics,

emphasizing the multidimensional measure of financial inclusion.

5.2 Descriptive Statistics

5.2.1 Multidimensional measure of Financial Inclusion

The descriptive statistics in table 5.1 provide a summary of the financial inclusion landscape in

Ghana, segmented by gender. The data offers insights into the extent of financial inclusion across

various dimensions, including access to accounts, remittances, insurance, and credit.

Table 5. 1 Descriptive Statistics of Financial Inclusion

Male Female

Variables Frequency Percentage Frequency Percentage

Multidimensional

financially inclusion

Yes 1722 68.50 1509 63.62

No 792 31.20 863 36.38

Access to Account

No 1129 44.91 1087 45.83

Yes 1385 55.09 1285 54.17

Access to Remittance

1881 74.82 1587 66.91

No 633 25.18 785 33.09

Yes

Access to Insurance

No 1970 78.36 1808 76.22

Yes 544 21.64 564 23.78

Access to Credit 2271 90.33 2112 89.04

No 243 9.67 260 10.96

 Yes

Source: Author’s own construction

The findings provide an impression of the financial inclusion landscape in Ghana, segmented by

gender. Based on the data, a few key observations can be can be made,made:

A higher percentage of males (68.50%) are financially included compared to females (63.62%).

However, a significant portion of both genders remains financially excluded, with 31.20% of

males and 36.38% of females not having access to financial services. This aligns with the

findings of Mndolwa and Alhassan (2020), who observed gender disparities in financial

inclusion, particularly in the uptake of formal savings and credit, but not necessarily in access to

formal financial accounts and mobile money accounts.

The data suggests near parity between males and females in terms of account access, with a

slightly higher percentage of males (55.09%) having access compared to females (54.17%).

Akudugu (2013) also identified age, literacy levels, wealth class, and distance to financial

institutions as significant determinants of financial inclusion in Ghana.

A significant gender gap is observed in remittance access. While 74.82% of males do not have

access to remittance services, the percentage is slightly lower for females at 66.91%. This could

indicate that females might be more involved in cross-border or internal remittances, possibly

due to migration or familial responsibilities.

The majority of both genders do not have access to insurance, with 78.36% of males and 76.22%

of females being uninsured. However, a slightly higher percentage of females (23.78%) have

insurance compared to males (21.64%).

A vast majority of both genders do not have access to credit. The data reveals that 90.33% of

males and 89.04% of females do not have access to credit facilities. This underscores the need

for interventions to enhance credit access, especially for women who might require it for

entrepreneurial endeavors.

The results highlight the persistent gender disparities in financial inclusion in Ghana. While there

are areas where females seem to have a slight edge, such as in remittance and insurance access,

the overall landscape suggests that significant efforts are required to bridge the gender gap. The

data also highlights the importance of multidimensional measures in understanding financial

inclusion, as access to one service (e.g., an account) does not necessarily translate to access to

others (e.g., credit or insurance).

While Ghana has made strides in promoting financial inclusion, gender disparities persist.

Tailored interventions, policy adjustments, and stakeholder collaboration are essential to ensure

that both men and women have equitable access to financial services, thereby fostering economic

growth and reducing gender-based inequalities.

5.2.2 Control Variables

The study utilized control variables to provide a comprehensive understanding of the

demographic distribution of the respondents. The control variables included gender,sex,

education, marital status, employment status, and location.

Table 5. 2 Descriptive Statistics of GenderSex

GenderSex Frequency Percentage

Female 2372 48.55

 Male 2514 51.45

Total 4886 100.00

Source: Author’s own construction

The sample comprised 2,372 females (48.55%) and 2,514 males (51.45%), totaling 4,886

respondents. The majority of the male respondents were educated (2,186 or 86.95%), while a

smaller proportion (328 or 13.05%) were not educated. Among the females, 1,806 (76.14%)

were educated, and 566 (23.86%) were not educated.

The data revealed variations in marital status among the respondents, with a significant number

being married or not married. However, specific percentages were not provided in the data.

Among the males, 894 (35.56%) were employed, and 1,620 (64.44%) were unemployed. In

contrast, 1,737 (69.09%) females were employed, and 777 (30.91%) were unemployed.

The distribution based on location showed that 1,076 (45.36%) males and 1,147 (45.62%)

females resided in urban areas. Meanwhile, 1,296 (54.64%) males and 1,367 (54.38%) females

lived in rural areas.

Recent studies have emphasized the significance of these control variables in financial inclusion.

For instance, a study on the determinants of financial inclusion in Southern Africa found that

financial inclusion is influenced by factors such as age, education level, income, gender, and

marital status (Mhlanga & Denhere, 2020).

Table 5. 3 Descriptive Statistics for control variables

 Male Female

Control Variables Frequency Percentage Frequency Percentage

Education

Educated 2186 86.95 1806 76.14

Not Educated 328 13.05 566 23.86

Marital Status

Married 894 35.56 849 64.21

Not Married 1620 64.44 1523 35.79

Employment Status

Employed 1737 69.09 1828 77.07

Unemployed 777 30.91 544 22.93

Location

Urban 1076 45.36 1147 45.62

Rural 1296 54.64 1367 54.38

 Source: Author’s own construction

The sample comprised 2,372 females (48.55%) and 2,514 males (51.45%), totaling 4,886

respondents. The majority of the male respondents were educated (2,186 or 86.95%), while a

smaller proportion (328 or 13.05%) were not educated. Among the females, 1,806 (76.14%)

were educated, and 566 (23.86%) were not educated as presented in table 5.2 and 5.3 above

respectively..

The data revealed variations in marital status among the respondents, with a significant number

being married or not married. However, specific percentages were not provided in the data.

Among the males, 894 (35.56%) were employed, and 1,620 (64.44%) were unemployed. In

contrast, 1,737 (69.09%) females were employed, and 777 (30.91%) were unemployed.

The distribution based on location showed that 1,076 (45.36%) males and 1,147 (45.62%)

females resided in urban areas. Meanwhile, 1,296 (54.64%) males and 1,367 (54.38%) females

lived in rural areas.

Recent studies have emphasized the significance of these control variables in financial inclusion.

For instance, a study on the determinants of financial inclusion in Southern Africa found that

financial inclusion is influenced by factors such as age, education level, income, gender, and

marital status (Mhlanga & Denhere, 2020).

Another study conducted in India highlighted the impact of demographic variables like gender,

age, educational qualification, marital status, and residential area on financial inclusion (Mala &

Vijayarangan, 2019). Furthermore, research on financial inclusion in Ghana revealed that factors
like age, marital status, land ownership, and education level are determinants of agricultural

productivity (Atakli et al., 2020)

5.3 Examining the Role of Gender in Access to Formal Financial Services Financial

Inclusion and Gender Differences

5.3.1 Multi-Dimensional Financial Inclusion and Gender Differences

5.3.1 Analysis of Gender Differences on Multidimensional Financial Inclusion (MDFI)The

regression analysis presented in Tables 5.4 and 5.5 provides a comprehensive

understanding of the relationship between gender differences and financial inclusion in

Ghana. The results offer insights into how various factors, including education, marital

status, employment status, and location, influence financial inclusion across genders.

Being male is associated with a decrease in the Multidimensional Financial Inclusion Index

(MDFI), as evidenced by the negative coefficient of -0.0671***. This observation is in

harmony with the research by Mndolwa and Alhassan (2020), which highlighted gender

disparities in specific financial inclusion dimensions, such as formal savings and credit.

Interestingly, these disparities were not as pronounced in areas like formal account access

and mobile money.

Education emerges as a pivotal factor in enhancing financial inclusion. Both males and

females with education have a higher likelihood of being financially included, with

coefficients of 0.169*** and 0.113***, respectively. This underscores the findings of Sharif

et al. (2022), who pinpointed education as a critical bridge in narrowing the gender gap in

financial inclusion.

Employment status is another determinant, with employed individuals, especially females

(0.0986***), having a higher propensity for financial inclusion than their male
counterparts (0.0704***)Lastly, the geographical dimension cannot be overlooked.
Residing in rural areas is inversely related to financial inclusion for both genders. This
aligns with existing literature that underscores the challenges faced by rural inhabitants in
accessing financial services, emphasizing the advantages urban residents might have in this
realm

Table 5. 4 Regression analysis

MDFI

Variables Male Female Total

Gender

Male -0.0671***

(0.0136)

Education

Educated 0.169*** 0.113*** 0.136***

(0.0285) (0.0240) (0.0183)

Marital Status

Married 0.0361* 0.0389* 0.0367**

(0.0198) (0.0209) (0.0143)

Employment Status

Employed 0.0704*** 0.0986*** 0.0813***

(0.0207) (0.0238) (0.0156)

Location

Rural -0.0760*** -0.0851*** -0.0805***

(0.0192) (0.0205) (0.0140)

Hhsize 0.0130*** 0.00353 0.00874***

(0.00376) (0.00393) (0.00269)

Dependency ratio -0.00743 -0.00910 -0.00820

(0.0149) (0.0125) (0.00953)

Constant 0.202*** 0.379*** 0.323***

(0.0361) (0.0358) (0.0256)

Observations 2,514 2,372 4,886

R-squared 0.034 0.034 0.035

Standard errors in parentheses

*** p<0.01, ** p<0.05, * p<0.1

The regression analysis presented in Tables 5.4 provides a comprehensive understanding of the

relationship between gender differences and financial inclusion in Ghana. The results offer

insights into how various factors, including education, marital status, employment status, and

location, influence financial decisions of individuals across gender.

Being male is associated with a decrease in the Multidimensional Financial Inclusion Index

(MDFI), as evidenced by the negative coefficient of -0.0671***. This observation is in harmony

with the research by Mndolwa and Alhassan (2020), which highlighted gender disparities in

specific financial inclusion dimensions, such as formal savings and credit. Interestingly, these

disparities were not as pronounced in areas like formal account access and mobile money.

Education emerges as a pivotal factor in enhancing financial inclusion. Both males and females

with education have a higher likelihood of being financially included, with coefficients of

0.169*** and 0.113***, respectively. This underscores the findings of Sharif et al. (2022), who

pinpointed education as a critical bridge in narrowing the gender gap in financial inclusion.

Employment status is another determinant, with employed individuals, especially females

(0.0986***), having a higher propensity for financial inclusion than their male counterparts

(0.0704***)

In essence, while factors like education and employment status enhance financial inclusion,

gender and geographical disparities persist, necessitating targeted interventions to ensure

equitable financial access for all in Ghana.

The data suggests that marital status, often linked with shared financial responsibilities, can

influence financial behaviors. While marriage enhances account access, it seems to deter

engagement with remittance services. This could be indicative of joint financial management

practices among married couples or the reduced need for remittances within married households.

Lastly, the geographical dimension cannot be overlooked. Residing in rural areas is inversely

related to financial inclusion for both genders. This aligns with existing literature that
underscores the challenges faced by rural inhabitants in accessing financial services,

emphasizing the advantages urban residents might have in this realm.

Lastly, the geographical dimension cannot be overlooked. Residing in rural areas is inversely

related to financial inclusion for both genders. This aligns with existing literature that

underscores the challenges faced by rural inhabitants in accessing financial services,

emphasizing the advantages urban residents might have in this realm.

In essence, while factors like education and employment status enhance financial inclusion,

gender and geographical disparities persist, necessitating targeted interventions to ensure

equitable financial access for all in Ghana.

5.3.2 Various Dimensions and Gender Differences

The regression analysis in Table 5.5 offers a granular perspective on the multifaceted nature of

financial inclusion, revealing how different dimensions are influenced by various socio-

economic factors:

The positive association between education and account access underscores the pivotal role of

knowledge in navigating the financial landscape. However, the nuanced effects of education on

other dimensions, such as credit and remittance, suggest that while education can enhance one's

ability to engage with financial systems, it doesn't guarantee universal access across all financial

services. This highlights the importance of not only promoting education but also ensuring that it

is tailored to address specific financial needs and challenges.

The data suggests that marital status, often linked with shared financial responsibilities,

can influence financial behaviors. While marriage enhances account access, it seems to

deter engagement with remittance services. This could be indicative of joint financial

management practices among married couples or the reduced need for remittances within

married households.5.3.2 Disaggregated Analysis of Various Dimensions and Gender

differences

The provided Table 5.5 offers a detailed insight into the disparities in access to financial services

in Ghana, specifically focusing on the influence of gender. It examines the impact of several

crucial variables, including gender, education, marital status, employment status, location,

household size (hhsize), and dependency ratio (dep_ratio), on four vital financial service

dimensions: Account, Credit, Insurance, and Remittances.

Table 5. 5 Disaggregated Regression analysis

Variables Account Credit Insurance Remittance

Gender
Male 0.0779*** 0.00684 -0.0890*** 0.0378***
(0.0125) (0.00853) (0.0122) (0.0110)
Education
Educated 0.139*** 0.000585 -0.0335** -0.00785
(0.0160) (0.0109) (0.0157) (0.0140)
Marital Status
Married 0.00339 0.00252 -0.0436*** 0.00123
(0.0119) (0.00814) (0.0117) (0.0105)
Employment Status
Employed 0.148*** 0.00729 0.104*** 0.0237**
(0.0136) (0.00931) (0.0134) (0.0120)
Location
Rural -0.152*** 0.0311*** 0.0168 1.37e-05
(0.0122) (0.00838) (0.0120) (0.0108)
Hhsize 0.0166*** 0.00963*** -0.0177*** -0.00125
(0.00234) (0.00160) (0.00230) (0.00206)
dep_ratio -0.0485*** -0.00910 0.0476*** 0.00629
(0.00828) (0.00567) (0.00813) (0.00728)
Constant 0.394*** -0.0328** 0.173*** 0.0797***
 (0.0226) (0.0155) (0.0222) (0.0199)
‍
Observations 4,886 4,886 4,886 4,886
R-squared 0.342 0.172 0.237 0.281

Standard errors in parentheses

*** p<0.01, ** p<0.05, * p<0.1

In this context, Table 5.5 emphasizes the profound significance of gender in determining access

to financial services. For each of the four dimensions (Account, Credit, Insurance, and

Remittances), the gender variable exhibits a positive coefficient, signifying that males tend to

have higher access. These coefficients are statistically significant (***), underscoring the pivotal

role that gender plays in shaping the accessibility of financial services in Ghana.

The employment variable highlights the significant impact of employment status on financial

service access. For access to account, credit, and insurance, the positive coefficients suggest that

being employed increases access to these services. However, the relatively small, positive

coefficient for remittances indicates that employment status may not exert a substantial influence

on remittance services.

The variable Rural provides insights into the role of geographic location. For Account and

Credit, the negative and statistically significant coefficients indicate that individuals in rural

areas have reduced access to these services. Nevertheless, for Insurance and Remittances, the

coefficients are close to zero, suggesting that the impact of location may be less pronounced in

these domains. This highlights the necessity for context-specific interventions to address the

rural-urban disparities in financial inclusion.

 Larger household sizes are associated with increased access to all four dimensions of financial

services. This implies that extended family structures may play a role in financial inclusion.

Moreover, the dependency ratio significantly influences access, with lower ratios associated with

greater access to Account, Insurance, and Remittances. However, the impact is contrary for

access to credit, where a lower dependency ratio may reduce access.

Table 5. 5 Regression analysis with decomposed financial inclusion dimensions

Account Credit Insurance Remittance

Variables Male Female Male Female Male Female Male Female

Education

Educated 0.200** 0.100*** 0.00648 -0.00295 0.00127 -0.0148 -0.0354 -0.0337

(0.0254) (0.0206) (0.0168) (0.0146) (0.0219) (0.0185) (0.0242) (0.0208)

Marital Status

Married 0.0713* 0.0871*** 0.00150 0.0122 0.0550* 0.0204 -0.084*** -

** ** 0.0941***

(0.0175) (0.0178) (0.0115) (0.0127) (0.0150) (0.0161) (0.0167) (0.0180)

Employment Status

Employed - -0.157*** -0.0118 -0.00199 -0.0166 -0.0358* 0.105*** 0.100***

0.138**

(0.0184) (0.0204) (0.0121) (0.0145) (0.0158) (0.0183) (0.0175) (0.0206)

Location

Rural - -0.160*** 0.0324** 0.0304** -0.00247 0.00316 0.0181 0.0158

0.146** *

(0.0171) (0.0176) (0.0113) (0.0125) (0.0147) (0.0158) (0.0163) (0.0178)

Dependency ratio - -

0.0378* 0.0542*** 0.00192 -0.0163** 0.00018 0.00918 0.0439*** 0.0497***

** 8

(0.0132) (0.0107) (0.0087) (0.0075) (0.0113) (0.0095) (0.0126) (0.0108)

Hhsize 0.0127* 0.0201*** 0.00893* 0.00966* 0.00162 -0.00420 - -

 ** ** ** 0.0147*** 0.0206***

(0.00333 (0.00336) (0.0022) (0.0024) (0.00286 (0.003) (0.00318) (0.00339)

) )

FI_mpi 0.502** 0.482*** 0.266*** 0.254*** 0.470** 0.459*** 0.422*** 0.472***

* *

(0.0176) (0.0175) (0.0117) (0.0125) (0.0152) (0.0158) (0.0168) (0.0177)

Constant 0.341** 0.425*** -0.0363* -0.0278 0.0545* 0.111*** 0.127*** 0.180***

* *

(0.0321) (0.0313) (0.0212) (0.022) (0.027) (0.0282) (0.0306) (0.0316)

Observations 2,514 2,372 2,514 2,372 2,514 2,372 2,514 2,372

R-squared 0.343 0.345 0.187 0.159 0.289 0.273 0.214 0.248

Standard errors in parentheses

*** p<0.01, ** p<0.05, * p<0.1

The counterintuitive finding that employment decreases the likelihood of having an account, yet

boosts remittance access, is intriguing. It might hint at a preference or necessity among the

employed to use informal channels or mobile money platforms for remittances, bypassing

traditional banking systems. This underscores the evolving nature of financial behaviors and the

need for the financial sector to adapt to these shifts.

The urban-rural divide remains a significant determinant. While rural dwellers are less likely to

have traditional bank accounts, they seem more inclined to access credit. This could be attributed

to the proliferation of microfinance institutions in rural areas or the reliance on agricultural loans.
These intricate dynamics emphasize the need for a holistic approach to financial inclusion. It's

not enough to merely promote one dimension; there's a need to understand and address the

unique challenges and preferences associated with each. The findings align with the research by

Koomson et al. (2019), which advocates for financial literacy training, especially tailored to

bridge the gender financial inclusion gap1. Additionally, as Tang et al. (2015) highlighted,

there's a pressing need for financial education that recognizes and caters to gender-specific needs

and challenges.

In essence, while strides have been made in promoting financial inclusion in Ghana, there

remains a complex web of factors that influence how different demographics engage with

financial services. Addressing these requires a combination of policy interventions, tailored

educational programs, and innovative financial products that cater to the diverse needs of the

population.

5.4 Oaxaca-Blinder Decomposition

The Oaxaca-Blinder Decomposition is a statistical method used to explain the differences in

mean outcomes between two groups by decomposing these differences into a portion attributable

to differing characteristics between the groups and a portion due to differences in the effects of

these characteristics. In the context of this study, the decomposition helps to understand the

gender disparities in financial inclusion in Ghana.

Table 5. 6 Oaxaca – Blinder Decomposition

MDFI

Variables Differential Explained Unexplained

Education -0.0148*** -0.102*

(0.00235) (0.0604)

Marital Status 8.50e-05 0.00383

(0.000504) (0.0393)

Employment Status -0.00648*** -0.0492

(0.00164) (0.0564)

Location -0.000211 -0.0141

(0.00115) (0.0442)

Hhsize 0.00515*** -0.0373*

(0.00175) (0.0216)

Dependency ratio -0.00212 -0.00111

(0.00249) (0.0124)

Total -0.0183*** 0.0671***

(0.00384) (0.0137)

Prediction_1 0.364***

(0.00988)

Prediction_2 0.315***

(0.00927)

Difference 0.0488***

(0.0135)

Constant 0.267**

(0.112)
Observations 4,886 4,886 4,886

Robust standard errors in parentheses

*** p<0.01, ** p<0.05, * p<0.1

From the decomposition results presented in Table 5.6, several key insights emerge:

The negative differential for education (-0.0148***) suggests that if females had the same

educational distribution as males, the gender gap in the Multidimensional Financial Inclusion

Index (MDFI) would decrease. However, the unexplained portion (-0.102*) indicates that even

with similar educational backgrounds, females are still less financially included due to other

unobserved factors. This aligns with the findings of Fonseca et al. (2010), who observed that the

majority of the gender gap in financial literacy is not explained by differences in the

characteristics of men and women, but rather by how literacy is produced. The coefficients for

marital status suggest minimal influence on the gender disparity in financial inclusion.

The negative differential for employment status (-0.00648***) indicates that if females had the

same employment distribution as males, the gender gap in MDFI would decrease. The

unexplained portion (-0.0492) further suggests that other unobserved factors, possibly related to

the nature of employment or workplace discrimination, contribute to the disparity. The

coefficients for location suggest that living in urban or rural areas has a minimal direct influence

on the gender disparity in financial inclusion.

The positive differential for household size (0.00515***) indicates that larger household sizes

contribute to an increase in the gender gap in MDFI. The unexplained portion (-0.0373*)

suggests that other factors related to household dynamics play a role in this disparity. The
coefficients for the dependency ratio suggest that the number of dependents in a household has a

minimal influence on the gender disparity in financial inclusion.

The total differential (-0.0183***) and unexplained portion (0.0671***) provide a

comprehensive view of the gender disparity in financial inclusion. The results underscore the

multifaceted nature of gender disparities, influenced by both observable characteristics and

unobserved behavioral and societal factors.

The Oaxaca-Blinder Decomposition provides a nuanced understanding of the gender disparities

in financial inclusion in Ghana. While observable factors like education and employment play a

role, unobserved factors, possibly rooted in societal norms and behaviors, significantly contribute

to the disparity. Addressing these disparities requires a multifaceted approach, targeting both the

observable and unobservable determinants of financial inclusion.

5.4 Discussion

The intricate landscape of financial inclusion in Ghana, as revealed through the analysis in

sections 5.1 to 5.3, underscores the persistent gender disparities in accessing financial services.

Delving deeper into the data, it becomes evident that males marginally outpace females in

financial inclusion. This disparity, as highlighted by Lotto (2018), can be traced back to several

factors, including women's challenges in providing collateral, their limited financial literacy, and

a relative lack of business experience1. Such findings signal the pressing need for targeted

interventions. By enhancing women's financial literacy, offering alternative collateral solutions,

and bolstering business training, we can pave the way towards narrowing this gender gap.

Education stands out as a pivotal factor in this discourse. The data suggests that educated

individuals, irrespective of gender, are more likely to be financially included. This aligns with
the insights of Sharif et al. (2022), who emphasized the transformative role of education in

bridging gender disparities in financial inclusion.2. It becomes imperative, then, to champion

educational initiatives that prioritize financial literacy, with a special focus on women and

marginalized communities.

The influence of socio-economic factors, such as marital and employment status, cannot be

overlooked. The data suggests that those who are married and employed are more likely to

access financial services. This beckons financial institutions and policymakers to craft products

and services that resonate with the unique needs of diverse demographic groups, ensuring

inclusivity.

A concerning trend emerges when we shift our gaze to the rural landscape of Ghana. Rural

residents face pronounced challenges in accessing financial services, echoing the broader

literature that underscores the hurdles of rural financial access. Addressing this requires

innovative solutions like mobile banking and agent banking, tailored to bridge the urban-rural

divide.

The multifaceted nature of financial inclusion is further illuminated by the regression analysis.

Financial inclusion isn't a monolithic concept; it's a mosaic of interconnected dimensions, from

account ownership to credit access. Koomson et al. (2019) reinforced this perspective,

emphasizing the role of financial literacy training in addressing these multifarious aspects of

financial inclusion3.

The Oaxaca-Blinder decomposition analysis offers a nuanced lens, shedding light on the myriad

socio-economic factors that contribute to the gender gap in financial inclusion. It's a clarion call
for policymakers and stakeholders to address both tangible and intangible barriers, from societal

norms to unconscious biases, that perpetuate these disparities.

In summation, the journey towards achieving gender parity in financial inclusion in Ghana is

riddled with challenges, influenced by a confluence of individual, societal, and systemic factors.

To navigate this complex terrain, a holistic approach is paramount. This encompasses robust

policy interventions, expansive financial inclusionliteracy programs, and the design of financial

products that resonate with the unique needs of both genders. As underscored by Tang et al.

(2015), a financial education tailored to address gender nuances is not just beneficial—it's

essential in crafting a more inclusive financial landscape.

5.5 Robustness check

In ensuring the validity and reliability of the study's findings, a robustness check utilizing the

multi-dimensional financial inclusion scores (MDFS) was employed, diverging from the

traditional binary index. This methodological shift provides a richer, more detailed perspective

on financial inclusion, capturing the spectrum of access and utilization of financial services

rather than a binary representation.

A closer examination of the findings from Table 5.7 7 reveals several pivotal insights:

Firstly, gender disparities persist. The negative coefficient associated with males (-0.0371***)

within the MDFS framework indicates that maleness corresponds to a decline in financial

inclusion. This observation not only aligns with the study's preliminary findings but also

accentuates the persistent gender imbalances in financial access and usage.

Table 5. 7 7 Robustness Check

Variables MDFS

Male Female Total Sample

Gender

Male -0.0371***

(0.00673)

Education

Educated 0.113*** 0.0591*** 0.0814***

(0.0141) (0.0117) (0.00900)

Marital Status

Married 0.0259*** 0.0226** 0.0236***

(0.00978) (0.0102) (0.00706)

Employment Status

Employed -0.0444*** -0.0646*** -0.0525***

(0.0103) (0.0116) (0.00769)

Location

Rural -0.0560*** -0.0630*** -0.0595***

(0.00952) (0.0101) (0.00692)

Hhsize 0.00753*** 0.00271 0.00548***

(0.00186) (0.00193) (0.00133)

Dependency ratio -0.00104 -0.00668 -0.00434

(0.00737) (0.00612) (0.00469)

Constant 0.206*** 0.330*** 0.288***

 Standard errors in parentheses

*** p<0.01, ** p<0.05, * p<0.1

Secondly, the role of education as a determinant remains pronounced. Both genders, when

educated, exhibit a heightened propensity towards financial inclusion. This observation resonates

with the work of Tram et al. (2021), who underscored the centrality of education in their

composite financial inclusion index tailored for developing nations.

The data further highlights the nuanced influence of marital and employment statuses. While

marital status bolsters financial inclusion, employment, intriguingly, correlates negatively within

the MDFS framework. This counterintuitive finding might be attributed to the score's

multidimensional nature, which captures more than just basic account ownership.

Geographical disparities, particularly the rural-urban divide, remain evident. Rural residency is

inversely related to financial inclusion, underscoring the challenges rural inhabitants face in

accessing financial services—a consistent theme in both the broader literature and this study's

earlier sections.

Lastly, household dynamics play a role. Larger households tend to be more financially included,

whereas the dependency ratio's influence appears negligible. The transition to an MDFS

approach, as opposed to a binary metric, offers a panoramic view of financial inclusion. This

perspective is echoed by Khera et al. (2022), who advocate for a digital financial inclusion index

rooted in payments data as an instrumental tool for gauging financial inclusion's depth and

trajectory.

To encapsulate, this robustness check not only validates the study's initial conclusions but also
delves deeper into the intricate tapestry of financial inclusion. The adoption of the MDFS

approach emphasizes the necessity of a comprehensive lens when examining financial inclusion,

promoting a more rounded and thorough comprehension of the domain.

5.6 Summary of chapter

The analysis presented in this chapter offers a comprehensive exploration of gender disparities in

financial inclusion within Ghana. Through various analytical techniques, the study underscores

the multifaceted nature of financial inclusion, revealing the influence of socio-economic factors

such as education, marital status, and geographical location. The findings emphasize the

persistent gender gap and the need for targeted interventions to bridge this divide. Moreover, the

robustness check, employing a multi-dimensional approach, reaffirms the study's primary

conclusions while providing deeper insights. In essence, achieving equitable financial inclusion

in Ghana necessitates a holistic understanding and tailored strategies that address the unique

challenges faced by different demographic groups.

 CHAPTER SIX

SUMMARY, CONCLUSION AND RECOMMENDATION

6.1 Introduction

This chapter encapsulates the main findings of the research, drawing conclusions based on the

empirical analysis and offering recommendations to address the identified challenges. The

objective is to provide a succinct overview of the study's contributions and suggest actionable

steps for stakeholders to enhance financial inclusion, particularly concerning gender disparities

in Ghana.

6.2 Summary

The research embarked on a comprehensive exploration of gender disparities in financial

inclusion within Ghana's socio-economic landscape. Stemming from the Utility Maximization

Theory, the study underscored the profound influence of individual decision-making processes

on financial behaviors, with gender emerging as a pivotal determinant. The data, sourced from

the Ghana Living Standard Survey round 7, facilitated the construction of a multidimensional

financial inclusion index, encapsulating a spectrum of financial behaviors.

The impetus for this study was the recognition of financial inclusion as a linchpin for economic

empowerment and the enhancement of individual well-being. Yet, a glaring gender chasm in

financial inclusion persists, particularly in nations like Ghana. This disparity not only hampers

women's socio-economic elevation but also poses broader societal implications. Women devoid

of financial inclusion grapple with an inability to securely save, stunting asset accumulation and

future planning (Kanji, 2019). Their entrepreneurial endeavors are stymied by restricted credit
and insurance access, and the absence of digital financial services further marginalizes them

from the economic mainstream (World Bank Group, 2020).

Literature is replete with examinations of gender and financial inclusion. Klapper, Singer, and

Ansar (2019) delineated global gender disparities in financial inclusion, advocating for

innovative policy interventions. Similarly, Aryeetey, Armah, and Osei-Assibey (2019)

spotlighted the African context, emphasizing the urgency of redressing gender imbalances in

financial access. In the Ghanaian context, Owusu-Sekyere and Andoh (2021) underscored the

role of financial literacy, socio-cultural dynamics, and institutional frameworks in shaping

gendered financial inclusion narratives. However, a knowledge void persists regarding the

nuanced experiences of average Ghanaians, a gap this study aspired to bridge.

The research was steered by clear objectives: to probe the depth of gender differences in Ghana's

financial inclusion and to discern gender rolethe factors fueling these disparities. These

objectives were translated into pertinent research questions, seeking to quantify the gender gap in

financial inclusion in Ghana and to unravel the underlying causative factors.

In synthesizing the findings, it became evident that gender plays a decisive role in financial

inclusion in Ghana. Socio-economic determinants, including education, marital status,

employment, and geographical location, emerged as significant influencers. The study's findings

not only echo the assertions of previous research but also offer fresh insights, enriching the

discourse on gender and financial inclusion in Ghana.

6.3 Conclusion
In the intricate tapestry of Ghana's financial landscape, gender disparities in financial inclusion

stand out as a stark and persistent challenge. Despite commendable efforts and initiatives aimed

at bolstering financial inclusion, the gender chasm remains a formidable barrier, hindering the

nation's march towards comprehensive economic empowerment. This disparity is not merely a

product of isolated factors but is deeply entrenched in a complex web of socio-economic,

cultural, and systemic determinants.

Education, as the study elucidates, serves as a beacon of hope in this scenario. It acts as a potent

catalyst, leveling the playing field to some extent. Educated individuals, irrespective of their

gender, consistently demonstrate enhanced access to a gamut of financial services. This finding

resonates with global trends, emphasizing the transformative power of education in bridging

financial divides. Yet, it's crucial to recognize that education alone cannot be the panacea for all

the challenges associated with financial inclusion.

Geographical disparities further compound the issue. Rural regions of Ghana, despite being the

lifeblood of the nation's agrarian economy, both gender grapple with pronounced financial

exclusion. The limited presence of financial institutions, coupled with infrastructural deficits,

renders financial services inaccessible to a significant portion of the rural populace. This urban-

rural dichotomy not only exacerbates the gender gap but also hinders holistic economic

development.

Moreover, the study's findings advocate for a paradigm shift in the discourse on financial

inclusion. A myopic focus on account ownership is insufficient. True financial inclusion is

multifaceted, encompassing a spectrum of services ranging from basic account facilities to

sophisticated services like credit facilities, insurance products, and remittance channels.
Addressing the gender gap requires an expansive approach, one that recognizes and caters to

these diverse financial needs.

In conclusion, while Ghana has made laudable progress in certain areas of financial inclusion,

the journey ahead is arduous. Bridging the gender gap necessitates concerted efforts, innovative

solutions, and a commitment to creating an inclusive financial ecosystem that champions the

needs of all its members.

6.4 Recommendations

Based on the findings and conclusions drawn from this study, the following recommendations

are proposed to address the gender disparities in financial inclusion in Ghana:

6.4.1 Enhance Financial Literacy Programs

Tailored Enhancing financial literacy is pivotal for achieving comprehensive financial inclusion,

especially when addressing the unique challenges faced by women. A well-informed individual

is better equipped to navigate the complexities of the financial world, making decisions that align

with their economic well-being. To bridge the knowledge gap, it's imperative to design financial

literacy programs that are tailored to the specific needs of women. This involves customizing

content to address their distinct financial challenges, from savings and investment strategies to

credit management and risk comprehension. Regular workshops and seminars, spread across

both urban and rural landscapes, can offer practical insights, fostering an environment of

interactive learning. Furthermore, embedding financial literacy within school curriculums can

instill sound financial habits from a young age, laying a robust foundation for future financial

endeavors. In today's digital age, harnessing technology by utilizing online platforms and mobile

applications can amplify the reach of financial education, ensuring that every individual,

irrespective of their location, has access to essential financial knowledge.

6.4.2 Expand Rural Financial Infrastructure

The disparity in financial infrastructure between urban and rural areas remains a significant

barrier to achieving comprehensive financial inclusion. Rural regions often find themselves

sidelined, with limited access to essential banking services. To bridge this gap, a multi-pronged

approach is essential. Financial institutions should be encouraged, possibly through incentives, to

establish more branches in these underserved areas, bringing banking services closer to the rural

populace. Additionally, the introduction of agent banking can be transformative. By empowering

local merchants or community members to provide rudimentary banking services, the distance

between traditional banks and remote locations can be significantly reduced. Mobile banking

units, essentially vans equipped with ATMs and other banking essentials, can further this reach,

serving distant areas at scheduled times. Furthermore, collaborations with microfinance

institutions, which often have an established presence in rural settings, can amplify the

availability of financial services, ensuring that the rural population isn't left behind in the

financial inclusion journey.

6.4.3 Promote Digital Financial Services

Embrace The advent of digital technology has ushered in a new era of financial accessibility,

presenting innovative solutions to traditional barriers in financial inclusion:

Mobile Money Platforms: The proliferation of mobile phones, even in remote areas, provides a

golden opportunity to enhance financial inclusion. Mobile money platforms, which enable users

to carry out transactions, save, and even access credit through their phones, should be vigorously

promoted. These platforms not only offer convenience but also reduce the need for physical

banking infrastructure, making them especially valuable in underserved areas.

Digital Financial Literacy: With the rise of digital platforms comes the necessity for digital

literacy. It's crucial to ensure that users, particularly women who might be new to such

platforms, are equipped with the knowledge to navigate them. This includes understanding the

functionalities, ensuring secure transactions, and being aware of potential digital frauds. Tailored

programs can be developed to educate users on the nuances of digital financial tools, ensuring

they derive maximum benefit while staying protected.

Government Initiatives: Governments have a pivotal role in the digital financial inclusion

journey. By transitioning public services payments, such as utility bills, taxes, and even social

welfare disbursements, to digital platforms, governments can drive the adoption of digital

financial solutions. Such initiatives not only streamline governmental processes but also instill

confidence in the populace about the reliability and efficiency of digital transactions.

Partnerships with Tech Companies: Collaborations between financial institutions and tech

companies can lead to the development of user-friendly apps and platforms tailored to the

specific needs of different demographic groups. These partnerships can harness the technological

prowess of tech firms and the financial expertise of banking institutions to create holistic digital

financial solutions.

In essence, the digital realm holds immense potential to revolutionize financial inclusion. By

leveraging technology and fostering collaborations, it's possible to create an inclusive financial

ecosystem where everyone, regardless of their location or socio-economic status, has access to

essential financial services.

6.4.4 Tailored Financial Products

Women have unique financial needs, and products should reflect this:
Flexible Savings Accounts: Offer savings accounts with features like low minimum balance

requirements and higher interest rates to incentivize savings.

Micro-Credit Facilities: Design credit products tailored for small-scale women entrepreneurs,

with flexible repayment terms.

Insurance Products: Develop insurance products that cater to women's needs, such as maternal

health insurance or insurance products that cover children's education.

6.4.5 Promote Women's Entrepreneurship

Empowering women entrepreneurs is not just a matter of gender equality but also a significant

step towards economic growth and community development. Women, when given the right

resources and opportunities, can drive innovation, create employment, and contribute

significantly to the economy. Here's how promoting women's entrepreneurship can be achieved:

Access to Credit: One of the primary barriers women entrepreneurs face is access to capital.

Traditional banking systems often require collateral, which many women may not have.

Financial institutions should consider alternative credit assessment methods, such as cash flow-

based lending, to facilitate easier access to loans for women. Specialized loan products tailored

to the needs of women entrepreneurs can also be introduced.

Training Programs: While access to capital is crucial, knowing how to effectively use that

capital is equally important. Customized training programs that cover business management,

financial planning, marketing strategies, and digital literacy can equip women entrepreneurs with

the skills needed to thrive in competitive markets.

Mentorship and Networking: Mentorship can provide women entrepreneurs with guidance,

insights, and support from seasoned professionals. Creating platforms where they can connect,

share experiences, and learn from each other can be invaluable. Networking events can also open

doors to potential partnerships, clients, and investors.

 Reference

Aboagye, A. Q. Q., Osei, R. D., & Baffour-Awuah, R. A. (2017). Rural women’s financial inclusion: A

case of Ghana. Cogent Social Sciences, 3(1), 1367157.

Abu, B. M., & Haruna, I. (2017). Financial inclusion and agricultural commercialization in Ghana: an

empirical investigation. Agricultural Finance Review, 77(4), 524-544.

Acheampong, I. (2018). Microfinance Participation and Entrepreneurial Behavior among Ghanaian

Families. International Journal of Entrepreneurship and Small Business, 33(2), 216-237.

Addae-Korankye, A., Rahman, Z., & Abor, J. (2021). Gender disparities in financial inclusion: The role

of institutional bias in Ghana. Journal of African Business, 22(3), 301-316.

Adjei, S. B., Kyeremeh, C. K., & Turkson, F. E. (2021). Intersectionality and financial inclusion in

Ghana: An empirical analysis. International Journal of Social Economics, 48(7), 1053-1072.

Adjei, S. B., Kyeremeh, C. K., & Turkson, F. E. (2021). Intersectionality and financial inclusion in

Ghana; An empirical analysis. International Journal of Social Economics, 48(7), 1053-1072.

Agunuwa, E. V., Inaya, L., & Proso, T. (2015). Impact of commercial banks’ credit on agricultural

productivity in Nigeria (time series analysis 1980-2013). International Journal of Academic

Research in Business and Social Sciences, 5(11), 337-350.

Agyei-Mensah, B. K., & Boateng, R. (2017). Gendered access to credit and finance: Evidence from

Ghana. African Journal of Economic and Management Studies, 8(3), 279-291.

Akoto, I. O., Agyapong, D., & Anku-Tsede, O. (2018). Gender differentials in access to microcredit and

financial services: An empirical study in rural Ghana. Journal of African Business, 19(3), 361-376.
Ali, M. M., Devi, A., Furqani, H., & Hamzah, H. (2020). Islamic financial inclusion determinants in

Indonesia: an ANP approach. International Journal of Islamic and Middle Eastern Finance and

Management, 13(4), 727-747.

Alliance for Financial Inclusion. (2013). Financial inclusion glossary.

Alliance for Financial Inclusion. (2016). Gender and financial inclusion: Closing the gender gap for a

sustainable future.

Alliance for Financial Inclusion. (2017). The Maya Declaration: Progress report 2017.

Amankwah, K. A., & Osei-Tutu, E. (2018). Gender, education, and financial inclusion in Ghana.

International Journal of Bank Marketing, 36(3), 582-599

Annim, S., & Arun, T. (2013). Gendered Analysis of Financial Services Use in Ghana and South Africa.

Gender and Development, 21(2), 311-327.

Arnold, J., & Gammage, S. (2019). Holistic, multi-layered programming for financial inclusion: Lessons

from women's economic empowerment in agriculture.

Aryeetey, E., Gockel, F., & Hartmann, O. (2015). Financial inclusion in Africa: An overview. African

Development Review, 27(S1), 1-10.

Aryeetey, E., Gockel, F., & Kiai, R. (2019). Financial Inclusion in Africa: An Overview. In The

Oxford Handbook of Africa and Economics (Vol. 1, pp. 309-327). Oxford University Press.

Asiedu, E., Kalonda-Kanyama, I., Ndikumana, L., & Nti-Addae, A. (2013). Gender and firm-level

financial inclusion in Africa.

Atakli, H. A., & Agbenyo, D. K. (2020). Nexus between Financial Inclusion, Gender, and Agriculture

Productivity in Ghana. International Journal of Development Issues, 19(3), 224-239.

Atewologun, D. (2011). An examination of senior Black, Asian, and Minority Ethnic women and men’s

identity work following episodes of identity salience at work. PhD Thesis. Cranfield University,

UK

Batinge, B. A., & Jenkins, G. P. (2021). Gender and Poverty Reduction in Ghana: The Role of

Microfinance Institutions. Journal of African Business, 22(1), 86-106.

Batuo, E. M., & Mlambo, K. (2015). Financial inclusion and stability in Africa. Journal of African

Business, 16(3), 321-338

Brewer, R. M., Conrad, C. A., & King, M. C. (2002). The complexities and potential of theorizing

gender, caste, race, and class. Feminist Economics, 8(2), 3–17.

Burton, C. (2014). Subordination: Feminism and social theory. Routledge.

CGAP. (2019). Ghana: Mobile Money for Financial Inclusion. Consultative Group to Assist the Poor.

Retrieved from https://www.cgap.org/research/publication/ghana-mobile-money-financial-

inclusion

Chaudhury, R. H., & Ghosh, C. (2019). Gender differences in financial inclusion in India: Evidence

from the global Findex database.

Coleman, S., & Morduch, J. (2009). Banking the poor: Policies to bring low-income Americans into the

financial mainstream. Princeton University Press.

Deléchat, C., Newiak, M., Xu, R., Yang, F., & Aslan, G. (2018). Financial inclusion, gender equality,

and inclusive growth.

Demirgüç-Kunt, A., & Klapper, L. F. (2012). Measuring financial inclusion: The global findex

database. World bank policy research working paper, (6025).

Demirgüç-Kunt, A., Klapper, L. F., & Singer, D. (2013). Financial inclusion and legal discrimination

against women: evidence from developing countries. World Bank Policy Research Working

Paper, (6416).

Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The Global Findex Database

2017: Measuring Financial Inclusion and the Fintech Revolution. World Bank Policy Research

Working Paper, No. 8443.

Dhamoon, R. K. (2011). Considerations on mainstreaming intersectionality. Political Research

Quarterly, 64(1), 230–243.

Doepke, M., & Tertilt, M. (2019). Does female empowerment promote economic

development?. Journal of Economic Growth, 24, 309-343.

Duflo, E. (2012). Women’s empowerment and economic development. Journal of Economic Literature,

50(4), 1051-1079.lobal Findex Dat

Dupas, P., & Robinson, J. (2013). Savings constraints and microenterprise development: Evidence from

a field experiment in Kenya. American Economic Journal: Applied Economics, 5(1), 163-192.

Dzanku, F. M., & Sebudubudu, D. (2017). Determinants of financial inclusion in Africa: A panel data

analysis. African Review of Economics and Finance, 9(1), 66-81.

EFInA. 2018. Access to Financial Services in Nigeria 2018 Survey

Egbert, J., & Sanden, S. (2019). Foundations of education research: Understanding theoretical

components. Taylor & Francis

Fletschner, D. (2008). Women's access to credit: Does it matter for household efficiency?. American

journal of agricultural economics, 90(3), 669-683.

Gaddis, I., & Klasen, S. (2014). Economic development, structural change, and women's labor force

participation: A reexamination of the feminization U hypothesis. Journal of Population

Economics, 27(3), 639-681.

Ghana Statistical Service. (2020). 2019 Ghana Living Standards Survey Round 7. Retrieved from

http://www2.statsghana.gov.gh/nada/index.php/catalog/77

Ghosh, S. (2022). Gender and financial inclusion: Does technology make a difference?

Global Financial Inclusion database (Global Findex, 2014)

GSMA. Women and Mobile: A Global Opportunity. London, UK: GSMA, 2013

Haddad, L. (1991). Gender and Poverty in Ghana. IDS Bulletin, 22(3), 62-69.

Holloway K., Naizi Z., & Rouse R. (2017). Women’s economic empowerment through financial

inclusion: A review of existing evidence and remaining knowledge gaps

Hundie, S. K., & Tulu, D. T. (2021). Financial inclusion gender gap in Ethiopia: Evidence from

decomposition analysis.

Ibrahim, Y. A., & Aliero, H. M. (2020). Women entrepreneurship and economic empowerment in

Nigeria. European Journal of Business and Management, 12(6), 53–60.

Johnson, S. (2017). Financial inclusion of women in rural Ghana: A case study of the Tamale

Metropolis. Journal of Rural Studies, 53, 31-37.

K. Ellis, A. Lemma and J. Rud, (2010), Financial inclusion household investment and growth in Kenya

and Tanzania, Overseas Development Institute (ODI) Project Briefing, No 43, September 2010.
Kabeer, N. (2005). Gender equality and women’s empowerment: A critical analysis of the third

Millennium Development Goal 1. Gender & Development, 13(1), 13-24.

Kama, U., & Adigun, M. (2013). Financial inclusion in Nigeria: The journey so far. Available at SSRN

2365209.

Kamanzi, A. (2022). Gender matters in financial inclusion, but women in managerial positions make a

difference. Evidence from the namibian enterprises.

Kanji, N. (2019). Gender inequality in financial inclusion in Sub-Saharan Africa: A comprehensive

analysis. Journal of African Business, 20(4), 487-511.

Kaur, S., & Kapuria, C. (2020). Determinants of financial inclusion in rural India: Does gender matter?

Koomson, I., & Annan, J. (2019). Cultural norms and gender disparity in financial inclusion: Evidence

from Ghana. Journal of Developing Areas, 53(4), 141-154.

Kuada, J. (2009). Gender, social networks, and entrepreneurship in Ghana. Journal of African

Business, 10(1), 85-103.

Mannah-Blankson, T. (2018). Gender Inequality and Access to Microfinance: Evidence from Ghana.

Journal of Developing Societies, 34(3), 313-334

McIntosh, P. (1988). White privilege and male privilege: A personal account of coming to see

correspondences through work in women’s studies. Working Paper No. 189. Wellesley, MA:

Wellesley Centers for Women

Mensah, E., & Marbuah, G. (2020). Gender differentials in financial inclusion and bank performance:

Empirical evidence from Ghana. African Journal of Economic and Management Studies, 11(4),

488-504.
Mndolwa, F. D., & Alhassan, A. (2020). Gender disparities in financial inclusion: Insights from

Tanzania.

Mndolwa, L. H., & Alhassan, A. L. (2020). Women’s access to finance in Tanzania: Challenges and

opportunities. Women's Studies International Forum, 83, 102335.

Montes-Rojas, G., & Nistico, R. (2017). Gender Bias in Microcredit: Insights from a Survey in Nepal.

World Development, 92, 156-168.

Morduch, J., & Haley, B. (2002). Analysis of the effects of microfinance on poverty reduction. NYU

Wagner Working Paper, 10(5), 1-38.

Morsy, H., & Youssef, H. (2017). Financial inclusion and gender: A macroeconomic perspective.

Natile, S. (2019). Regulating exclusions? Gender, development and the limits of inclusionary financial

platforms. International Journal of Law in Context, 15(4), 461-478.

Ninsin, K. A., & Adanu, E. K. (2020). Financial inclusion and women entrepreneurship in rural

communities in Ghana. International Journal of Economics, Commerce, and Management, 8(6),

38-52.

Oduro-Frimpong, J., Rasekoala, D., & Harris, U. (2019). Understanding the intersectionality of gender

and geography in financial inclusion: Evidence from Ghana. Journal of Development Studies,

55(9), 1884-1901.

Okoroafor, D. O. K., Adeniji, S., David, O. O. K., Oluseyi, A. S., & Emmanuel, A. (2018). Empirical

Analysis of the Determinants of Financial Inclusion in Nigeria:

Osabuohien, E., & Abdul-Wakeel Karakara, A. (2018). ICT Usage, Mobile Money, and Financial

Access of Women in Ghana. Journal of African Business, 19(3), 317-334.

Otu-Nyarko, K. (2020). Gender norms and financial inclusion: Evidence from rural and urban Ghana.

Gender in Management: An International Journal, 35(7/8), 558-576.

Owusu-Yeboah, E., Gideon, O., & Uwineza, D. (2020). Microfinance and Women's Empowerment in

Ghana: Challenges and Prospects. Journal of African Business, 21(3), 438-457.

Reyes, A., Beck, T., & Iacovone, L. (2011). Do gender differences in preferences for financial services

matter for development?

Roy, P., & Patro, B. (2022). Financial Inclusion of Women and Gender Gap in Access to Finance: A

Systematic Literature Review.

Sackey, F. G., & Amponsah, P. (2020). Challenges Faced by Micro and Small Women Entrepreneurs in

Accessing Commercial Banks' Credit Markets. Journal of African Business, 21(3), 380-397.

Sakyi-Nyarko, C., Ahmad, A., & Green, C. (2022). The Gender-Differential Effect of Financial

Inclusion on Household Financial Resilience.

Sarkar, S., Nair, S., & Rao, M. (2022). Exploring the Gender Dimension in Financial Inclusion in India:

Insights from the Global Findex Database.

Shabir, S., & Ali, J. (2022). Determinants of financial inclusion across gender in Saudi Arabia: evidence

from the World Bank's Global Financial Inclusion survey.

Swaminathan, H., Du Bois, R. S., & Findeis, J. L. (2010). Impact of access to credit on labor allocation

patterns in Malawi. World Development, 38(4), 555-566.

Swamy, A. (2014). Gender and finance in Sub-Saharan Africa: Are women disadvantaged? African

Development Bank.
United Nations. Gender and racial discrimination: Report of the Expert Group Meeting, November 21–

24, 2000, Zagreb, Croatia

Van Landingham, V., Buvinic, M., Bautista, A., Soares, Y., Teresa, M., Marquez, L., & Miles,

K. (2015). Measuring women's financial inclusion: The value of sex-disaggregated data, 34

World Bank Group. (2013). Global financial development report 2014: Financial inclusion (Vol. 2).

World Bank Publications.

World Bank Group. (2020). Global Financial Inclusion (Global Findex) Database 2017. Retrieved from

https://globalfindex.worldbank.org/

World Bank. (2015). Global financial development report 2015/2016: Long-term finance. World Bank.

https://doi.org/10.1596/978-1-4648-0603-6

World Bank. (2018). Financial Inclusion Overview.

World Bank. (2018). Women, Business and the Law 2018. World Bank Publications.

World Bank. (2020). Ghana Financial Sector Note: Toward Universal Financial Inclusion.

Retrieved from http://documents1.worldbank.org/curated/en/568111571012846378/pdf/Ghana-

Financial-Sector-Note-Toward-Universal-Financial-Inclusion.pdf

World Bank. (2020). Women, business and the law 2020: Measuring gender discrimination in the law.

Washington, DC: World Bank.

Yakubu, I. (2017). Determining and Forecasting Financial Inclusion. Journal of African Business, 18(4),

423-439.