Demand and Supply Side Factors Affecting Women’s Access to Financial Services in Zambia

Abstract

The study investigated the extent of demand-side and supply-side factors that prevent Zambian women entrepreneurs from accessing financial services from microfinance institutions. A mixed method approach was used in which survey questionnaires and interviews were used to collect data. The findings reveal that, both demand and supply side factors such as lack of collateral, low manpower, high interest rates, lack of knowledge about financial services, low access to financial institutions, lack of education, few financial institutions supporting women, poverty, devoid of self-confidence, type of business management etc. prevent women’s access to financial services from microfinance institutions. Based on these findings, the study recommends that financial institutions pay more attention to the specific needs of women entrepreneurs, develop products and services that meet their needs, offer different distribution methods rather than simply increasing in the branch network of various financial institutions involved in providing loans to women entrepreneurs. This study offers insights to microfinance institutions on how to make women rights a priority and educate women about financial inclusion. It also provides a foundation for the development of policies that address financial inclusion for women.

Keywords: women entrepreneurs, demand, supply, financial services, financial inclusion, Zambia

DOI: 10.7176/EJBM/15-19-04

Publication date: December 31^st 2023