Financial Information Seeking Behaviour Among Women Entrepreneurs in Huye City Market, Rwanda

Rationale of Study – The study interrogated the financial information-seeking behaviour of small-scale women entrepreneurs in Huye City, Rwanda – exploring their knowledge of microfinance institutions (MFIs), the financial services available to them; their accessibility and usage of financial information and, by extension financial services; the preferred communication channels for accessing financial information, and the existing financial information gaps amongst these women. Methodology – Data was collected through a mini-survey with a semi-structured self-administered questionnaire targeting 128 women entrepreneurs. In-depth interviews and Focus Group Discussions generated qualitative data from 32 women entrepreneurs. Findings – The findings revealed that most women entrepreneurs in the Huye City market overtly sought information on business credit services but were unaware of or had little information on MFIs that specifically target women and the financial services available for women entrepreneurs (35%). Hence, accessibility and use of these services were negligible (8%). Social networks were revealed as the key channels to receive and share information on MFIs and the services offered. However, other interpersonal and mass communication channels were equally valuable, such as visits by MFI experts, insider acquaintances, community audio towers, and billboards. Implications – Overall, a significant gap in information about MFIs and financial services that specifically target women was evident amongst the respondents in this study. The informed few were reluctant to commit for fear of breaking the MFI's restrictive credit requirements. A multiplicity communication approach is recommended to enable as much MFI information as possible to reach women entrepreneurs. Originality – This original research generated empirical data on financial information-seeking behaviour among women entrepreneurs in Huye City, Rwanda.