Financial Inclusion - A Driving Force for Women's Entrepreneurship Development
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Abstract
The financial inclusion of women has become an important issue for the academic community and policymakers as it is one of the crucial factors for the development of women’s entrepreneurship. This study examines the impact of socio-demographic factors on women's financial inclusion in the Western Balkans (Albania, Bosnia and Herzegovina, Croatia, North Macedonia and Serbia). The data from the Global Findex Database 2021 were used. Financial inclusion is measured by the financial inclusion index modified by the inclusion of digital payments variables. The sample consisted of 2,683 women from the Western Balkans region. Multiple linear regression was used to examine the influence of age, education, employment status and income on financial inclusion. The results indicate that education, employment status and income have a positive influence on women's financial inclusion. However, an inverted U-shaped relationship was found between age and financial inclusion, suggesting that inclusion increases up to a certain point and then decreases.
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References
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[47] Shankar, A., Jebarajakirthy, C., & Ashaduzzaman, M. (2020). How do electronic word of mouth practices contribute to mobile banking adoption?. Journal of Retailing and Consumer Services, 52, 101920. https://doi.org/10.1016/j.jretconser.2019.101920
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[49] Soumaré, I., Tchana, F.T., Kengne, T.M. (2016), Analysis of the determinants of financial inclusion in Central and West Africa. Journal of Transnational Corporations Review, 8(4), 231-249.
[50] Szopiński, T. S. (2016). Factors affecting the adoption of online banking in Poland. Journal of business research, 69(11), 4763-4768.
[51] Trivelli, C., Invest, B. I. D., Marincioni, M., Pels, F. J., & Di Tella, E. N. I. (2018). Financial inclusión for women: a way forward. Gender economic equity: An imperative for the G20, 88.
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[55] Yang, X., Huang, Y., & Gao, M. (2022). Can digital financial inclusion promote female entrepreneurship? Evidence and mechanisms. The North American Journal of Economics and Finance, 63, 101800.
[56] Zhang, Q., & Posso, A. (2019). Thinking inside the box: A closer look at financial inclusion and household income. The Journal of Development Studies, 55(7), 1616–1631.
[57] Zins, A., & Weill, L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6, 46–57.
[2] Achakpa, P., & Radović-Marković, M. (2018). Employment women through entrepreneurship development and education in developing countries. Journal of Women's Entrepreneurship and Education, (1-2), 17-30.
[3] Antonijević, M., & Domazet, I. (2024). Relationship between Digital Financial Inclusion and Country Development. Proceedings, 101, 10. https://doi.org/10.3390/proceedings2024101010
[4] Antonijević, M., Ljumović, I., & Ivanović, Đ. (2022). Is there a Gender Gap in Financial Inclusion Worldwide?. Journal of Women's Entrepreneurship and Education, (1-2), 79-96.
[5] Asaduzzaman, M., Kabir, R. A., & Radović-Marković, M. (2015). Gender inequality in Bangladesh. Journal of Women's Entrepreneurship and Education, (3-4), 54-64.
[6] Asuming, P. O., Osei-Agyei, L. G., & Mohammed, J. I. (2019). Financial inclusion in sub-Saharan Africa: Recent trends and determinants. Journal of African Business, 20(1), 112-134.
[7] Awaworyi Churchill, S., Nuhu, A. S., & Smyth, R. (2020). Financial inclusion and poverty: Micro-level evidence from Nigeria. Moving from the Millennium to the Sustainable Development Goals: Lessons and Recommendations, 11-36.
[8] Bakhshi, P., & Agarwal, T. (2020). Impact of Education on Financial Inclusion: Study for India. Journal of Xi'an University of Architecture and Technology, XII, 1179-1194.
[9] Balliester Reis, T. (2022). Socio‐economic determinants of financial inclusion: An evaluation with a microdata multidimensional index. Journal of International Development, 34(3), 587-611.
[10] Bogdanović, M. (2016). Women entrepreneurship and access to capital. Journal of Women's Entrepreneurship and Education, (3-4), 20-34.
[11] Botrić, V., & Broz, T. (2017). Gender differences in financial inclusion: Central and South Eastern Europe. South-Eastern Europe Journal of Economics, 15(2).
[12] Bradić-Martinović, A., & Banović, J. (2018). Assessment of digital skills in Serbia with focus on gender gap. Journal of Women's Entrepreneurship and Education, (1-2), 54-67.
[13] Cabeza-García, L., Del Brio, E. B., & Oscanoa-Victorio, M. L. (2019). Female financial inclusion and its impacts on inclusive economic development. In Women's Studies International Forum (Vol. 77, p. 102300). Pergamon.
[14] Chaudhary, V., Mandaviya, M., Sameen, H. S., Maroor, J. P., & Bharti, A. (2022). A study on effect of various demographic factors on preference of consumers towards online banking usage. Materials Today: Proceedings, 51, 84-87.
[15] Chavali, K., & Kumar, A. (2018). Adoption of mobile banking and perceived risk in GCC. Banks & bank systems, 13(1), 72-79.
[16] Deléchat, M. C. C., Newiak, M. M., Xu, R., Yang, M. F., & Aslan, G. (2018). What is driving women’s financial inclusion across countries?. International Monetary Fund.
[17] Demirgüç-Kunt, A., & Singer, D. (2017). Financial inclusion and inclusive growth: A review of recent empirical evidence. World Bank Policy Research Working Paper, (8040).
[18] Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank Publications.
[19] Domazet, I. S., & Marjanović, D. (2024). Digital Progress and Information Society: Evidence From EU Countries and Serbia. In Driving Decentralization and Disruption With Digital Technologies (pp. 1-20). IGI Global.
[20] Domazet, I. S., Marjanović, D., Ahmetagić, D., & Stantić, J. (2023). Innovation and ICT: Key Factors of Successful Business. In Innovation, Strategy, and Transformation Frameworks for the Modern Enterprise (pp. 327-345). IGI Global.
[21] Eze, E., & Alugbuo, J. C. (2021). Financial inclusion and poverty reduction in Nigeria: A survey-based analysis. GSC Advanced Research and Reviews, 7(3), 075-084.
[22] Hasler, A., & Lusardi, A. (2017). The gender gap in financial literacy: A global perspective. Global Financial Literacy Excellence Center, The George Washington University School of Business.
[23] Institute of Economic Sciences. (2022). Effects of the COVID-19 pandemic on poverty and income inequality in Serbia and cost-benefit analysis of the implemented income support measures. Policy brief. https://ien.bg.ac.rs/cms_upload/pages/files/4910_policy_brief_effects_covid19_pandemic_on_poverty_income_inequality_inserbia.pdf
[24] International Telecommunication Union – ITU. (n.d.). Skills development for the digital economy. Retrieved January 23, 2024, from https://www.itu.int/en/mediacentre/backgrounders/Pages/skills-development-digital-economy.aspx
[25] Ivanović, D., Simović, V., Domazet, I., & Antonijević, M. (2021). Average Matching Levels for Two DigComp Competence Areas of the Female Entrepreneurs in Serbia. Journal of Women's Entrepreneurship and Education, (3-4), 42-60.
[26] Jebarajakirthy, C., & Shankar, A. (2021). Impact of online convenience on mobile banking adoption intention: A moderated mediation approach. Journal of Retailing and Consumer Services, 58(23), 102312–102323. https://doi.org/10.1016/j.jretconser.2020.102323
[27] Jevtić, B., Vucekovic, M., & Tasić, S. (2023). The Effects of Digitalization and Skills on Women’s Labor Market Inclusion-Serbian Gap Study. Journal of Women's Entrepreneurship and Education, 58-75.
[28] Jiménez, J. R. Z., & Díaz, I. A. (2019). Educational level and Internet banking. Journal of Behavioral and Experimental Finance, 22, 31-40.
[29] Kambale, L. (2017). Digital financial services: a case of Malawi. Malawi Communication Regulatory Authority. https://www.itu.int/en/ITU-D/Capacity-Building/Documents/IG_workshop_August2018/Presentations/Session8_LindaKambale.pdf
[30] Kumar, N., Sharma, S., & Vyas, M. (2019). Impact of digital banking on financial inclusion: An investigation on youngsters in Rupnagar city, Punjab. International Journal of Management, IT and Engineering, 9(5), 365-374.
[31] Kuroda, R., Lopez, M., Sasaki, J., & Settecase, M. (2019). The digital gender gap. W20 Japan, EY-GSMA.
[32] Lazić, M., Vukmirović, V., & Banović, J. (2022). Digitalne kompetencije osoba sa invaliditetom u Srbiji i uključivanje u rad na onlajn platformama (Digital Competencies of Persons with Disabilities in Serbia and Inclusion in Online Platform Work). Policy brief. Institute of Economic Sciences, Belgrade, Serbia. https://ien.bg.ac.rs/cms_upload/pages/files/7793_digcomposi_sazetak_za_javne_politike.pdf
[33] Lazić, M., Vukmirović, V., Banović, J., Simović, V., & Paunović, M. (2023). Digital Competences as a Precondition for an Inclusive Digital Economy-Is There a Gender Gap Among Persons with Disabilities in Serbia?. Journal of Women's Entrepreneurship and Education, (1-2), 51-71.
[34] Marjanović J., Domazet I. & Miljković, J. (2023) Higher Education Branding through Instrumental Values. Journal of Women’s Entrepreneurship and Education 3-4, 75-94.
[35] Obiora, K. I., & Ozili, P. K. (2024). Comparative Analysis of Financial Inclusion in Nigeria, Sub-Saharan Africa, and the World. Perspectives on Global Development and Technology, 22(3-4), 217-238.
[36] Omar, M. A., & Inaba, K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Journal of economic structures, 9(1), 37.
[37] Onyia, O. P., & Tagg, S. K. (2011). Effects of demographic factors on bank customers’ attitudes and intention toward Internet banking adoption in a major developing African country. Journal of Financial Services Marketing, 16(3), 294-315.
[38] Organisation for Economic Co-operation and Development (OECD). (2018). Bridging the digital gender divide: Include, upskill, innovate. OECD.
[39] Pal, M., Gupta, H., & Joshi, Y. C. (2022). Social and economic empowerment of women through financial inclusion: empirical evidence from India. Equality, Diversity and Inclusion: An International Journal, 41(2), 294-305.
[40] Pavón Cuéllar, L. I. (2021). Financial inclusion as a pillar of sustainable growth: international experience. Economic Horizons/Ekonomski Horizonti, 23(2), 107-121.
[41] Pazarbasioglu, C., Garcia Mora, A., Uttamchandani, M., Natarajan, H., Feyen, E., & Saal, M. (2020). Digital financial services. World Bank Group. Retrieved January 23, 2024, from http://pubdocs.worldbank.org/en/230281588169110691/Digital-Financial-Services.pdf
[42] Peterlechner, L. (2021). Women’s Financial Inclusion Toolkit: Paving the way for women's economic empowerment. Deutsche Gesellschaft für Internationale Zusammenarbeit.
[43] Prompattanapakdee, S. (2009). The adoption and use of personal internet banking services in Thailand. The Electronic Journal of Information Systems in Developing Countries, 37(1), 1-30.
[44] Rashdan, A., & Eissa, N. (2020). The determinants of financial inclusion in Egypt. International Journal of Financial Research, 11(1), 123-136.
[45] Sanderson, A., Mutandwa, L., & Le Roux, P. (2018). A review of determinants of financial inclusion. International Journal of Economics and Financial Issues, 8(3), 1-8.
[46] Shabir, S., & Ali, J. (2022). Determinants of financial inclusion across gender in Saudi Arabia: evidence from the World Bank's Global Financial Inclusion survey. International Journal of Social Economics, 49(5), 780-800.
[47] Shankar, A., Jebarajakirthy, C., & Ashaduzzaman, M. (2020). How do electronic word of mouth practices contribute to mobile banking adoption?. Journal of Retailing and Consumer Services, 52, 101920. https://doi.org/10.1016/j.jretconser.2019.101920
[48] Sherwani, F. K., Shaikh, S. Z., Behal, S., & Siddiqui, M. S. (2023). Determinants of financial inclusion among women-owned enterprises: a case study of the informal sector. Arab Gulf Journal of Scientific Research. Ahead-of-print. https://doi.org/10.1108/AGJSR-05-2023-0193
[49] Soumaré, I., Tchana, F.T., Kengne, T.M. (2016), Analysis of the determinants of financial inclusion in Central and West Africa. Journal of Transnational Corporations Review, 8(4), 231-249.
[50] Szopiński, T. S. (2016). Factors affecting the adoption of online banking in Poland. Journal of business research, 69(11), 4763-4768.
[51] Trivelli, C., Invest, B. I. D., Marincioni, M., Pels, F. J., & Di Tella, E. N. I. (2018). Financial inclusión for women: a way forward. Gender economic equity: An imperative for the G20, 88.
[52] Tuesta, D., Sorensen, G., Haring, A., Cámara, N. (2015), Financial Inclusion and its Determinants: The Case of Argentina BBVA Research Working Paper No.15/03
[53] World Bank Group. (2018). Women, Business and the Law 2018. Washington, DC: World Bank.
[54] World Bank. (n.d.). Financial inclusion. Retrieved January 22, 2024, from https://www.worldbank.org/en/topic/financialinclusion/overview
[55] Yang, X., Huang, Y., & Gao, M. (2022). Can digital financial inclusion promote female entrepreneurship? Evidence and mechanisms. The North American Journal of Economics and Finance, 63, 101800.
[56] Zhang, Q., & Posso, A. (2019). Thinking inside the box: A closer look at financial inclusion and household income. The Journal of Development Studies, 55(7), 1616–1631.
[57] Zins, A., & Weill, L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6, 46–57.