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GENDER ISSUES IN ACCESS TO FINANCE

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G E N D E R I S S U E S I N A C C E S S T O F I N A N C E 1

Ifeoma B. Ezike 2

SECTION ONE

Introduction

Gender is an aspect of the universal dimension on which status variances have

been considered over time and space. It is a non-biological social construct

which specifies the socially and culturally prescribed roles for men and women in

the society. Gender can be likened to the ‘costume’ in which men and women

display their unequal dance techniques in a community. It is a concept that

illustrates the disparity in the behavior of men and women in different processes

of the human life.

Issues on gender access to finance have become of increasing concern to

governments and policy makers across Africa and many developing nations. It is

a topical issue with a salient dimension, ‘the gender gap in access to finance’

that is seldom analyzed holistically. This identified gap occurs as a result of

inadequate access of women to available financial services and products.

The unbalanced gender access to finance applies across three key areas of the

economy, the macro, meso and micro segments. At the macro-economic level,

gender access to finance is influenced by variables such as changes in the

interest rate and monetary policies, while at the meso-economic level, variables

such as the structure and practices of the institutions in the financial system affect

gender access to finance. At the micro-economic level however, gender access

to finance is affected by the patterns of savings and lending, as well as other

socio-economic factors like the level of education and cultural practices.

Extensive literature on gender access to finance abound, highlighting the role of

equitable gender access to finance on such areas like; female empowerment

and entrepreneurship, sustainable growth and development. Furthermore, there

1This publication is not a product of vigorous empirical research. It is designed specifically

as an educational material for enlightenment on the monetary policy of the Bank.

Consequently, the Central Bank of Nigeria (CBN) does not take responsibility for the

accuracy of the contents of this publication as it does not represent the official views or

position of the Bank on the subject matter.

2Ifeoma B. Ezike is a Principal Manager in the Monetary Policy Department, Central Bank of

Nigeria.


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are gender specific barriers that have been observed to constrain female access

to financial services, which range from discrimination (arising from male

dominance in the financial system), to the level of financial awareness, and

community norms.

This paper will discuss issues on gender access to finance by analyzing the

following; financial institutions and gender development, conceptual issues on

gender and access to finance, gender and financial accessibility, and finally,

constraints to gender access to finance.

1.1 The Financial Institution and Gender Development

Financial institutions are very important entities in a nation’s economy, which exist

with the objectives to provide financial services and products to various

stakeholders in the economy. They act as intermediaries in financial markets. Their

financial intermediary functions cut across three key areas; depository,

Contractual and investment functions. They operate under heavily regulated

environment, as their functions have critical implications on the achievement of

overall economic growth and development.

The regulatory structure that governs financial institutions differs across countries

and regions. That notwithstanding, the optimal goal is usually to ensure

appropriate prudential regulation, adequate consumer protection and

sustainable market stability.

In some economies, a single regulatory body oversees the operations of all the

groups in the Financial Institution, while in others, separate agencies regulate

particular groups such as banks, mortgage companies, micro finance

companies, brokerage firms and insurance companies.

A typical example of a country with more than one regulatory agency is the

United States of America with the following governing bodies; the Federal

Financial Institutions Examination Council (FFIEC), Federal Deposit Insurance

Corporation (FDIC), Office of the Controller of the Currency, National Credit

Union Administration (NCUA), Office of Thrift Supervision and State Governments

which also regulate and monitor Financial Institutions.

The economies that operate a consolidated type of regulatory structure include;

Russia - Central Bank of Russia, Hong Kong – Hong Kong Monetary Authority ,

Norway – Financial Supervisory Authority of Norway, Germany – Federal

Supervisory Authority.


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In carrying out depository role in an economy, financial institutions accept

monetary deposits from customers and manage same for a stipulated period.

They create credits such as loans and make them accessible to borrowers. The

financial institutions that perform the above depository function include; banks,

mortgage companies, micro finance companies, credit unions, trust companies,

and building societies.

As a contractual agent, financial institutions generate fund from investors and

return profits to them. Typical examples of this type of contractual financial

agents are insurance companies, pension fund, investment companies, and

brokerage firms.

Gender development is on the other hand, equally an important organizing

principle of, economic, social, political, and the physical life of a system. It is a

way of organizing the society with a view to achieving equity amongst men and

women in the distribution and utilization of goods and services within that society.

It is primarily a strategy of; reducing poverty levels among men and women,

improving health and living conditions, enhancing societal efficiency in

eliminating gender discrimination, increasing productivity, fostering economic

growth and promoting sustainable development.

It is noteworthy that gender development is currently a topical and global issue

that dominates conferences and policy discussions as a result of its role in the

achievement of sustainable development in an economy. Furthermore, it is an

important element in the financial system that enhances financial inclusion.


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SECTION TWO

Conceptual Issues

In order to have a deeper understanding of the discussions on gender issues as it

relates to access to finance, an overview of some relevant concepts will be

needful. Against this backdrop, this section will examine the concepts of gender,

financial accessibility and sustainable development.

2.1. The Concept of Gender

The modern terminology ‘gender’ emanates from the traditional English word

‘gender’, which was a loan-word from the Norman-Conquest-era of old French,

which was also derived from a Latin word ‘genus’, meaning ‘sort, type or kind’.

The World Health Organization (WHO) described it in terms of the result of socially

constructed ideas about behavior, actions, and roles that a particular sex

performs in any given system.

Gender is an all-embracing variable that can be applied to other cross-cutting

variables such as age, ethnic groups, class and race. It is an array of

characteristics relating to, and distinguishing between, masculinity and femininity.

The application of gender requires taking cognizance of the nature-assigned

physiological and biological attributes as well as socially constructed conducts.

Gender relations deal with the opportunity and freedom to make a choice at all

times regardless of the gender group involved, and also be able to create an

individual niche within any defined socially constructed code of conduct.

Gender was measured in the early times with a single bipolar ‘masculinity-

femininity dimension in one continuum. However, with the passage of time, the

use of the uni-dimensional model was contested, which led to the designing of a

two-dimensional gender identity model. This new gender model, conceptualized

masculinity and femininity as two separate, orthogonal dimensions, which co-exist

in varying degrees within an individual. It is worthy of note that, some scholars

consider the new model rather unpopular.

Gender analysis is the collection and examination of sex-disaggregated data,

which reveal the different behavior and elements of the unique roles of men and

women in a system, when evaluated using gender based models. The disparities

in knowledge, talents, needs and attributes between men and women are

normally disclosed in gender analysis, thus assisting in policies formulation and

implementation.


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2.2. The Concept of Financial Accessibility

Accessibility in the common use of English connotes right or opportunity to reach,

use or visit. It can also be defined as the opportunity or right to utilize something,

or an element that can be used, seen or reached. In this paper, it will be applied

in a financial context.

Financial accessibility can be defined as the right or opportunity to utilize financial

products such as loans and deposits, as well as financial services like equity and

insurance products at judicious cost. Financial accessibility requires the ease of

accessing financial products and services for ultimate individuals’ or enterprises’

utilization.

The level of access to finance can be affected by some factors such as,

affordability, eligibility, credibility, availability of infrastructural facilities, financial

literacy, culture, and physical barriers.

The access to finance can be through formal or informal sources ranging from

banks, community organizations, friends to families. Accessing finance through

formal sources requires meeting stipulated eligibility criteria, prudential guidelines

and regulations designed by monetary authorities to safe guard depositors’ funds

and credit providers’ interests, as well as protect consumers’ rights. Access to

finance through formal sources provides the platform that enables monetary

authorities to effectively implement monetary policies. Recently, the United

Nations (UN) committee on building inclusive financial sector recommended that

Central Banks should add an additional mandate of ‘universal financial inclusion’

to their traditional mandates. This is aimed at encouraging financial accessibility

through formal sources. In Africa, less than 20% of households have access to

financial services and products delivered by regulated formal financial

institutions.

Financial accessibility can occur through informal sources as well. This particular

source of access to finance is unregulated by the monetary authorities or

supervisory authorities. About 80% of the total population in African access

finance through this source. They prefer to patronize money lenders, and buy live

stocks and other assets like jewelries as a form of savings. Financial services and

products accessed through this source do not have legal backing. This source of

finance makes it very difficult for the monetary authority to fully account for

financial activities and effectively implement monetary policy.

Both men and women are eligible to access formal financial services if they meet

the required criteria, however, women have been observed to have less access

in this regard. Reason for this will be discussed in the next sections.


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2.3. The Concept of Sustainable Development

Sustainable development is the development that captures the needs of the

present generation without compromising the chances of future generations to

meet their own needs. It is a process that preserves the overall systems balance in

a society, while respecting the natural and artificial environment, and preventing

the exhaustion of natural resources. Three main elements (fairness, protection of

the environment, and economic efficiency) are needful for the achievement of

sustainability in any given system.

Sustainable development is therefore an organizing principle for human life of a

finite planet, which posits a desirable future state for human societies in which

living conditions and resource-use meet human needs, without undermining the

sustainability of the natural systems and the environment, so that future

generations may also have their needs met.

Adequate and equitable gender access to finance promotes sustainable

development, which the future generation will anchor upon to forge ahead.


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SECTION THREE

Gender and Financial Accessibility

This section analyses gender issues on financial accessibility by examining; gender

and access to financial services, women and the financial market, women and

the credit market, women and micro finance, gender relations and financial

inclusion, and constraints to gender access to finance.

3.1. Gender and Access to Financial Services

Access to finance is the ability of men and women or enterprises to derive and

utilize financial services and products, which include deposits, insurance, and

credits. It accelerates economic growth, boosts demand for labour and

intensifies competitiveness within a system. Access to finance can vary between

countries.

Equity in gender access to finance is very crucial as it promotes; empowerment

of men and women, and economic growth and sustainable development. In

particular, it will empower women (who are usually in the bottom of the societal

ladder) socially, politically, and economically by improving their earning

capacities and productivity.

Men and women generally encounter similar obstacles in accessing finance;

however, women face tougher challenges. A review of the recent trend in the

opportunity to access financial benefits by men and women, indicate

lopsidedness that favors men. For instance, ‘The Global Findex’, which is a

comprehensive database used in measuring people’s behavior with respect to

saving, borrowing, and risk management in 148 countries, revealed the disparity

in men against women’s possession of bank accounts. The same data base

disclosed that women are 20% less likely than men to have a bank account in a

formal financial institution.

An Inter-American Development Bank (IADB) analysis on semi-formal and formal

financial institutions in six Latin American countries indicated that besides

institutional barriers and normal obstacles, which both male and female micro-

enterprises encounter, women additionally encounter a number of cultural and

social challenges that hinder their access to financial services such as sex

discrimination,( Taylor et al, 2006).

A study in Kenya disclosed that women were able to obtain only 7 % of the

available formal credit, while it has also been documented that in South Asia,

women have less than 10 % access to credits, (Ellis et al, 2007). Records further


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have it that woman In Africa, data has indicated that women accessed as low as

10 % of the aggregate credit granted to small farmers and only 1 % of the

aggregate credit to agriculture. In Pakistan, male investors have three and half

times more access to credits than female investors, while 91 % of the larger loans

are granted to the male investors, (Napier et al, 2013).

Women in developed nations have been observed to face similar challenges in

accessing start-up capital. For example, in the United States of America, women-

owned enterprises were granted only 4.2 % of the $19 billion venture fund in 2003.

It was also revealed that women commence business ventures with only one third

of the start-up capital, (UN,2009)

Gender concerns on access to finance is nothing new as it was presented for

discourse as far back as 1975, in the first International Women’s Conference held

in Mexico where the Women’s World Banking network was constituted.

Furthermore, in the early 1990s, programs on micro finance began to target

women specifically, so at to promote their access to financial benefits.

Despite recent initiatives to stimulate increased accessibility by women to finance

in developing countries, the disparity in the level of access to finance by men

and women still exists. A range of other constraints impede women’s full

opportunity to access finance. These include high level of financial illiteracy, lack

of economic empowerment and cultural practices that discourage women’s

right to property (which is a form of collateral for credit), and which similarly

encourage women to sit at home attending to family domestic needs only, rather

than seek enterprising ventures that can give them access to finance.

Gender differentials in access to finance are wider in some regions. For example,

areas like the Sub-Saharan Africa have relatively small gender gap with the ratio

of 27% of men against 22% of women with bank accounts at formal institutions,

when compared to the gender gap in the MENA region with 23 % of their men

having formal accounts while only 13 % of their women have bank accounts with

formal institutions. Similarly, in the four North African countries namely; Algeria,

Egypt, Morocco and Tunisia, where data is available, the percentage of female

account owners have consistently remained half of the men. For example, in

Egypt, the percentage is 12.8% for the men and 6.5 % for the women, and in

Morocco, 52% of the men and 26.7 % of the women have formal bank accounts,

(Susan, 2014).

3.2. Women and the Financial Market

A financial market is a platform for the sale and purchase of financial products

and services such as bonds, equities, credits, derivatives and currencies, as


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dictated by forces of demand and supply. It consists of organized and

unorganized financial institutions, individuals, rules, regulations and instruments

that are involved in the mobilization of funds from surplus entities to the deficit

ones in the economy. Financial activities that take place in the financial market

basically mobilize funds from areas of surplus to areas of deficit, according to the

market forces of demand and supply.

Financial markets are typically classified under two main groups namely; money

market (which typically trades in treasury bills, repurchase agreements (repos),

negotiable certificates of deposits, banker’s acceptances and commercial

paper over a short term less than one year) and capital market (which trades in

stocks and bonds over a medium to long term ranging from one year and

above). Each of these two markets has primary and secondary segments. While

the primary market trades in new and fresh securities, the secondary market

trades in already existing securities.

Men and women are entitled to equal opportunities to participate in the money

and capital markets. However, it has been observed that women participate less

as a result of being low risk takers that prefer to save in livestock and jewelries,

rather than in the stock and capital markets, which they consider quite risky. They

rather rely on their husbands and fathers to take financial decisions for them in

this context.

Researches on investor’s behavior, which confirmed women’s high level of

intolerance to risk taking, has attributed the above behavior to women’s general

low possession of appetite for risk taking. A survey of a random sample of 1,300

respondents representative of a Swedish population, showed a significant gap in

stock market participation between men and women, (Almenberg et al, 2012).

The survey revealed that men are more willing than women to allocate a higher

proportion of their investment portfolio to stocks.

Another study on 600 female respondents with a median house hold income in

investible assets of $145,000 and $455,000 in the United States of America,

reported that 34 % of the respondents considered investment in stock market a

risky venture, while 41 % of the respondents believe that growing saving through

investment in stock market is not ideal, (Simon,2014).

Women are therefore less active than men in stock market participation though it

is an important economic activity, thus creating gender gap and lopsided

gender participation. Financial literacy has been identified to be associated with

female non-participation in the financial market. A study on a representative

sample of a Dutch population revealed that basic measures of financial literacy


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numeracy can be used to predict gender stock and capital market participation,

(Beck et al, 2006).

3.3. Women and the Credit Market

A recent research in the Europe and Central Asia (ECA) region on gender issues

revealed that female-managed firms are more disadvantaged in credit markets.

The study reported that women are 5.4 % less likely than men to obtain credits,

which also attracted 0.6% higher interest rates than those by their male

counterparts. Similarly, it was observed that women are more discouraged than

men in applying for loans and other forms of credits, (Goheer, 2003). A study in

Papua, New Guinea, disclosed that 27% of female respondents compared with

17 % male respondents did not bother to apply for loan because they were not

confident that they could be successful in obtaining it, (World Bank, 2014).

Another major factor that was observed to be deterring women from applying

and obtaining loans from formal financial sources is lack of collateral. A type of

discrimination encountered by women in many credit markets such as in South

Africa was the requirement that a male member of the family, usually the

husband, should authorize with a signature, the granting of a credit or opening of

an account for a female applicant. This requirement that women must obtain

written approval and signatories of their husbands for all banking transactions,

negatively affects women’s level of accessibility to credits.

3.4. Women and Microfinance

The era between 1970 and 1980 recorded large scale exclusion of women from

the formal financial sector and credits provided by the government for reduction

of poverty level. The exclusion was traceable to the requirement for collateral for

lending of credits, which women lacked and the irregularity of the means of their

livelihoods. Furthermore, commercial banks interest charges were very high, with

lending preferences for big loans to the well tried and tested credit seeking

clientele dominated by men, thus reducing formal credits to the small and micro

enterprises, where women are largely engaged.

Micro finance, while providing a range of financial services including

microcredits, is aimed at; filling the gap created by the failure of the formal

financial institutions to provide credits to the poor populace, and compensating

for the existing gender bias in access to formal financial services, by providing

credits to the micro, small and medium enterprises. It was pioneered by Non-

Governmental Organizations (NGOs) and supported financially by; donors,

foundations, Governments, Monetary Authorities and Commercial banks. The

goal of microfinance is essentially to achieve poverty reduction through the

provision of credit facilities to the ‘bankable poor’ particularly, women in micro,

small and medium sized enterprises.


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It is noteworthy that a key defining feature of micro finance is its outreach to

women. Microfinance is also considered a female-oriented type of lending, due

to its role in providing initial investment capital for female enterprise owners, thus

empowering them and promoting sustainable growth and self-reliance.

Microfinance experts revealed that regardless of the lopsided gender access to

credits, women interestingly are more reliable in handling microfinance facilities

than men as they are less likely to default on their credit terms. Data retrieved

from industrial statistics from 2006 indicated that 52 million clients received loans

from 704 Microfinance institutions, (World Bank, 2014). Out of this number, 93.3 %

who were men were issued loans using the individual methodology, while another

group (51%) of clients who were women, were issued loans using the solidarity

methodology. The result indicated that the delinquency rate for the two

methodologies differed quite significantly, with the solidarity lending

methodology yielding only 0.9% delinquency rate after 30 days, while the

individual lending method yielded 3.1 % delinquency rate. It was also discovered

that the smaller loans (with tighter operating margins) which was mostly opted for

by female clients, performed better that the bigger loans, which was mostly

granted to male clients.

Microfinance is also considered a female-oriented type of lending due to its role

in providing initial investment capital for female enterprise owners, thereby

empowering them and promoting sustainable growth and self-reliance.

The Microfinance industry in Nigeria is aimed at promoting inclusive and stable

financial system, through the provision of access to financial services by a vast

number of the active poor by the year 2020, and particularly, improving women’s

access to credits annually by 15 %.

The Central Bank of Nigeria in its developmental efforts to promote a sound and

stable financial system launched the Microfinance Policy, Regulatory and

Supervisory Framework for Nigeria on December 15, 2005. To further address the

funding needs of the Micro, Small and Medium Enterprises (MSME) sub – sector,

the CBN launched the Micro, Small and Medium Enterprises Development Fund

(MSMEDF) on August 15, 2013 with the sum of N220 billion earmarked to be

disbursed through the Microfinance institutions. Sixty percent of the fund is to be

granted to women with a view to increasing women’s access to finance.

3.5. Gender Relations and Financial Inclusion

Financial inclusion is the delivery of financial products and services to the poorest

of poor and disadvantaged segments of the economy at an affordable price. A

World Bank Study reported that an estimated 2 billion working-age adults are


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unbanked and lack access to financial services and infrastructure. Financial

inclusion thus ensures that a vast number of people in an economy have bank

accounts, and save their money in formal ways through regulated financial

agents, (World bank, 2014).

Women account for the greater percentage of the poorest of the poor and

disadvantaged segments of the economy, and therefore constitute the bulk of

the financially excluded. More women than men store and save their monetary

values in informal ways. It was also observed that at similar level of income,

women tend to be more financially excluded than men.

A number of studies have illustrated the existence of gender gap in access to

finance in developing nations. For example, a World Bank project revealed the

inequality in access to credits amongst men and women in Kenya, where the

women that constituted up to 40% of small holder farm managers, have access

to less than 1% of the available credits, (Ellis et al, 2007). Similarly, a United Nations

report showed that women’s deposits in Bangladesh make up 27% of bank

deposits while they receive only 1.8 % of the available credits, (Narain, 2007).

Furthermore, available data shows that although there are about 3.5 million

female small enterprise owners in developing countries and 2.5 million male

enterprise owners, only 43% of the female enterprise owners have bank accounts

while for the men, it is 52%.

In Nigeria, up to 80% of the economy is unbanked of which women constitute the

greater percentage. More so, the Nigerian Government and the Monetary

Authority aim at reducing the percentage of the unbanked and financially

excluded to less than 20%.

Financial inclusion strategies are framed towards engendering adequate access

to a wide range of financial services and products, regardless of sex, to a

substantial number of the population so as to enable them save, obtain credits,

and invest in the economy there by promoting economic growth and national

development.

The Nigeria’s National Financial Inclusion Strategy was launched on October 23,

2012, by the former Governor of Central Bank, Sanusi, Lamido Sanusi. The aim of

the Nigerian financial inclusion strategy by the CBN was to increase access to a

broad range of financial services such as payments, savings, remittances,

insurance, pension and credit, at affordable costs. It was documented that 46.3

% of the total population of Nigeria is excluded from financial services of which

women account for 54.4 % of the excluded population, (Central Bank of Nigeria,

2012). In view of the above financial condition in Nigeria, the CBN, initiated and


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launched Nigeria’s Financial Inclusion Strategy to reduce the percentage of the

financially excluded to 20 % by 2020, which will enhance women’s access to

finance in Nigeria.


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SECTION FOUR

Constraints to Gender access to Finance

Gender access to finance is constrained by demand-based factors and supply-

based factors.

4.1. Demand-Based Constraints

1. Non-affordability due to income level. The income level of women is

usually lower than that of men as a result of the nature of work they do to

earn a living, thereby constraining them from affording financial services

2. Low educational level. The level of women’s education is generally lower

than that of men, which makes men more financially literate than women,

thus exposing them to the benefits and information required to access

finance.

3. Poor mobility. Men are more privileged to freedom of movement than

women due to the pressure that women face in carrying out domestic

chores which also leave them with little or no time for mobility.

4. Fear of taking risk. Most women consider seeking credits or investing on

stock and capital markets very risky. This attitude inhibits them from taking

loans as well as participating in the financial market.

5. Formal Statutory laws. Some Statutory laws undermine women’s access to

certain credits.

6. Customary Laws and practices. Some customary practices do not

encourage women’s investment in formal financial institutions and

opportunity to seek credits from formal sources.

4.2. Supply –Based Constraints

1. Collateral Requirement. Women are underprivileged with respect to

possessing items or properties that can be considered as forms of

collateral, which is a requirement for obtaining credits.

2. Lack of access to financial infrastructure. Financial infrastructures facilitate

access to finance. However, women often lack access to these essential

facilities, thereby, reducing their chances of utilizing financial services.


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3. Marketing of financial services more often than not, do not target women

which excludes them from participating in financial activities and

accessing financial services.

4. High interest rate. High interest rate has posed a big barrier for women to

obtain loans from formal credit providers, thus leaving them with the

option of patronizing informal credit sources.

5. Lack of confidence from financial service providers and biased practices.

There is a general lack of confidence by financial providers on female

clients who they consider inexperienced and higher risk. They rather prefer

to deal with male clients who they have more confidence in.


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SECTION FIVE

Conclusion

Equitable gender access to finance is important for economic growth and

sustainable development. It promotes women’s empowerment and reduces

poverty levels. Individuals, regardless of sexual grouping in the society, require

adequate access to financial services and products for proper economic

positioning, which is necessary for improved standard of living as well as national

growth and development.

Balanced gender access to finance will be instrumental in promoting sound and

stable financial system. This can be achievable if policy makers begin to

incorporate adequately, gender concerns and needs in the formulation and

implementation of policies that impact directly or indirectly on access to finance.

5.1. Summary.

Gender is a social construct that explains the specified roles of men and women

in a society. While gender issues in access to finance refer to the opportunity of

men and women to access financial services in a society. There is, however, gap

in gender access to finance due to inadequate access of women to financial

services, attributed to gender specific barriers such; as lack of collateral for

credits, financial illiteracy, cultural practices, lack of access to financial

infrastructure and high interest rate amongst others.

Women participate less than men in the financial markets as a result their risk

taking attitudes. Women are also unwilling to invest in stocks due to their

consideration of saving in stocks as risky ventures. Additionally, women are more

disadvantaged than men in credit markets as result of their considered inability

by credit providers to manage credits appropriately, lack of collaterals for credits,

and high interest rate. Microfinance is a strategy to reduce poverty and enhance

gender empowerment by providing credits and start-up capitals for female

entrepreneurs and the poorest of poor segment of the society.

Finally there is need for policy makers to incorporate gender based concerns in

the formulation and implementation of financial policies with a view to promoting

stable and sustainable financial system.


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