Women Financial Inclusion is Limited, Gallup World Poll shows

Mobile money is highly convenient in helping individuals overcome challenges pertaining to financial solutions. This is particularly the case for financial services that include security, privacy, time and mobility. Mobile access inadequacy is the biggest obstacle that hinders women from reaping these benefits.

Depending on the measurements like mobile owners, the number of subscribers or the users, mobile technology varies. According to GMA estimates, 1.7 billion women in low and middle-income countries do not own mobile phones. This is based on exclusive subscriber data.

The 2016 Gallup World Poll data shows that across 140 economies and above, women’s phone ownership is represented 97 percent of the global population. The data further affirms that 81 percent of women across the globe own phones. The rate in developing countries is as high as 80 percent.

However surprising the statistics are, there is a substantial gap in gender phone ownership. A 7-percentage point lag is depicted in women’s phone ownership, especially by the developing world, which, apparently is represented by approximately 190 million women.

Another fact that is startling is how even those regions with the highest phone ownership portray some of the lowest women financial inclusion. For instance, 82 percent of women in the Middle East own a mobile phone but only 9 percent utilize the mobile banking system. Although the men in the region register an account level of only 19 percent, the gap in account ownership is even bigger than phone ownership. This hints that obtaining a phone isn’t such a barrier to mobile banking as many thought.

This data is substantial in gender gap quantification as well as the identification of countries with the largest disparities. The gap in Sub-Saharan Africa countries shows a double-digit gap. The biggest gender gap is shown by South Asia with the gap hitting almost 60 percent.

Based on the gender disparities in phone ownership and mobile banking, the data allows the people dealing with women’s financial inclusion to focus on the underlying dynamics and the research needed to bring meaningful change in terms of women financial services.

It puts forth interesting questions that call for the need of going beyond the numbers to better understand the factors affecting the technology adaptation as well as the use of mobile banking services, and why women are not utilizing these beautiful chances.

Surveys by Finscope and Finclusion Intermedia, which does country-level research can assist in getting more data from the social context and other barriers. Gallup’s data may not be straightforward but more needs to be dug regarding the financial markets if women’s financial inclusion is to be utilized better.