Fintech and Financial Inclusion: Closing the Gender Gap

In sub-Saharan Africa, only 37% of women hold a bank account, compared to 48% of men, a disparity that has been exacerbated due to the COVID-19 pandemic. The situation is considerably worse in North Africa, where around two thirds of the adult population is unbanked, and the gender gap in access to financial services is the highest in the world at 18%. This chapter explores the identified barriers both on the demand and supply side and details the available fintech solutions, the various technologies underpinning these solutions, as well as case studies of how these solutions can significantly bridge the financial inclusion gaps for women in Africa with a view to spark ideas, innovation, and initiatives that will empower African women and eliminate barriers to financial inclusion.