Mobile Banking and Financial Inclusion among Women Entrepreneurs in Nairobi City County, Kenya
Macharia, Jimmy Kanyi
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In Kenya, businesses fail within their first year of operation mainly because of poor financing. More than half of these businesses are normally owned by women. This clearly shows the urge for women to be supported financially in their ventures. The banking industry has developed a way of ensure clients have full access to banking services at their convenience. The evolution in technology has made it possible for people to deposit, withdraw, and pay bills and even access loans through mobile gargets. This paper was meant to find out how financial inclusions and mobile banking have affected women entrepreneurs in Nairobi County, Kenya. The study aimed at determining the impact that mobile loans and financial inclusions have on these groups of people. The specific objectives were to lay out the impact of portable deposits and savings on Nairobi City female entrepreneurs, to determine how mobile payment platforms have affected Nairobi City’s County women entrepreneurs and finally to assess the impact of mobile money transfers among these business ladies. This paper focused on businesses such as art, groceries, clothes and carpentry among other small scale businesses. The study was anchored by Financial Intermediary theory and Technology Acceptance Model theory. The study area covered all the sixteen sub counties in Nairobi City County. In Nairobi City County, there are about 5339 registered women entrepreneurs. These people constituted the study population. Data was gathered from a 204 people sample size which was selected randomly from the population. Interviews were conducted and questionnaires where necessary as means of data collection during the research. The researcher managed to collect data from 152 respondents out of the sampled population. The obtained data was then subjected to analysis through content and descriptive analysis to come up with accurate research findings which will then be introduced in graphs and tables using Microsoft Office packages. Inferential statistics regression was utilized in laying out the current connection between monetary inclusions, also mobile banking in Nairobi City County, among the women entrepreneurs. The discoveries of the review laid out that mobile loans, savings and deposits, payment platforms and mobile transfers significantly and positively impact financial inclusion of women entrepreneurs in Nairobi City County, Kenya. Mobile loans are ignited by several opportunities as mobile credit administrations have all the earmarks of being overcoming any barrier for women entrepreneurs with no formal ledgers, or whose wages are not sufficiently steady to acquire from formal monetary foundations. Linkage of cell phone installment and financial balance has enabled women with transactions on daily basis which has attracted more women into entrepreneurship as a result that financial inclusion of women becomes more likely. Introduction of pay bill through mobile payment platforms has increased women entrepreneurs’ cash deposit and reserve ratios while settling their bills. Sending or receiving money through mobile platforms contributes to the popularity of financial inclusion process for it allows assortment of markets tools allowing efficient money exchange. The study recommends the relevant stakeholders to map out ideal policies to improve financial inclusion among the unbanked in the society and enable them to access different banking products and services.