DOI: 10.36347/sjebm.2018.v05i03.012

Pages: 218-226

The current desk-study sought to explore the challenges of financial inclusion of female street traders in Asia, Latin America and Sub-Saharan Africa. The research determined whether or not financial products and services that were on offer were sustainable, affordable and met the needs of female street traders. Archival data and document reviews were used to analyse financial services used by female street traders in the three regions. While new innovations such as mobile money have facilitated payments, the gender gap in financial inclusion was still significant. Meanwhile, many countries in Asia, Latin America and Sub-Saharan Africa have either implemented initiatives or set specific targets to promote financial inclusion including collaboration by regulators at regional and international level, peer review on progress as well as heightened discussions on interoperability and how the various actors in financial inclusion can have a common vision in product design and policy reforms. Female street traders should not only have bank accounts, but should also be in a position to enjoy the ancillary services for the benefit of their businesses and ultimately the economy. There are economic incentives for policymakers in the three regions of Asia, Latin America and Sub-Saharan Africa to take an interest in financial inclusion, as their large informal economies encouraged corruption and made it difficult for governments to collect taxes. Governments should digitise money as it gives them more control, helps taxation to be more efficient and effective and reduces the informal economy. Financial inclusion could be enhanced through financial education of female traders, introduction of agency banking and expansion of mobile money in rural areas. Further research should focus on the adequacy of banking services offered to female entrepreneurs in the informal sector.