GENDER NORMS AND DEMOGRAPHICS IN ENTREPRENEURSHIP AND DIGITAL FINANCIAL SERVICES UTILIZATION

Abstract

This study sought to estimate gender norms and demographics in entrepreneurship impact in the utilization of digital financial services (DFS) in the context of Kenya using the 2021 FinAccess Survey, which is a joint initiative of the Kenya National   Bureau of Statistics (KNBS), Financial Sector Deeping (FSD) Kenya, and the Central Bank of Kenya (CBK). It also aims to identify the obstacles and difficulties that women encounter when embracing and utilizing digital financial services. The study employed the Probit Model to identify the gender differences in access to DFS in Kenya. Consumer behavior theory was used to determine consumer demand for digital financial services (DFS).  The findings showed that education level, gender, digital credit, mobile ownership, age, and income levels significantly explain the utilization of diverse digital financial services, including digital credit. A significant 78 percent of the population was found to have adopted digital financial services (DFS). The study recommends robust enactment and implementation of policies with a sole focus on the adjustment of income, mobile acquisition, and improvement of education levels amongst individuals, which would enhance the usage and access of digital financial services in Kenya, particularly among women. To overcome mobile ownership barriers, subsidized smartphone initiatives and expansion of network coverage in rural and underserved areas have emerged as pivotal strategies. These actions would effectively improve access to digital financial services by increasing mobile ownership, particularly among women. This study adds to the expanding corpus of research on gender studies and digital financial services. Scholars, researchers, and academics interested in these fields will be invaluable resources.