Enhancing women financial inclusion through financial technologies – fintechs: a focus on Uganda women founded fintech businesses

Purpose This paper aims to investigate the nature of women-founded fintech businesses in Uganda and explores how those companies enhance women financial inclusion. Design/methodology/approach The study applied an exploratory qualitative approach using both primary and secondary data. The primary data was collected using an interview guide, transcribed and summarized, while secondary data was extracted from some of the reports shared by the ladies and from their websites. All the data was combined to form cases about the ladies and their businesses. The data was then analyzed using thematic and matrix analyses. Findings It was established that these businesses promoted women financial inclusion by targeting women as their main customers, though their products cut across genders and can easily be used by both men and women. They offered a range of financial products including savings and loan products, money transfer services, trade payments and provision of financial information. They also offered asset financing and financial training/skilling. However, they faced a number of challenges that included balancing family and work or career, high capital requirements, changing technology, searching for skilled and specialized human resources, low connectivity and lack of electricity in some rural parts of the country, too many regulatory requirements and rejection by some clients and funders. On the other hand, the clients’ main challenges were low digital and financial literacy, digital exclusion due to lack of the necessary gadgets like phones, biased mindset and stereotyping, technology phobia as well as low internet connectivity. The companies tried to minimize these challenges through provision of digital and financial training, selling of gadgets like phones on credit to their clients, working closely and partnering with their clients to understand them better using the participatory approach, carrying out market research and joining business networks like Financial Technologies Service Providers Association. Originality/value Whereas most papers on financial inclusion focus on the demand side, this paper focuses on the supply side by investing women fintech businesses and how they promote financial inclusion for fellow women.