Effect of Financial Education, Access to Finance and Decision Making on Sustainable Financial Inclusion of Rural Women in Garissa County, Kenya

Abstract

Women constitute more than half of the Kenyan population yet rural women are denied the opportunity to participate in influential business decisions that could help them grow their income businesses. The objective of this study was to identify and assess the factors hindering sustainable financial inclusion of rural women in Kenya. This study used descriptive survey in soliciting information in the area of research of barriers faced by rural women in financial inclusion in Kenya. The target population was the 7820 women in Dadaab in Garissa County. 365were sampled using proportionate stratified random sampling. Data was collected using a structured questionnaire. Data pre-analysis was achieved using descriptive statistics and then multiple regression analysis. The study revealed that sustainable financial inclusion of rural Kenyan women is either low or not present. The study concludes that financial education moderately and negatively affects the sustainable financial inclusion of rural Kenyan women; access to finance highly and positively influences the sustainable financial inclusion of rural Kenyan women and that participation of rural women in decision-making highly and positively influences sustainable financial inclusion of rural Kenyan women at a significance level of 0.05.The study recommends that the Kenyan government and non-governmental organizations should create opportunities for rural women to gain exposure on awareness of financial information and should provide a platform for conducive financing environment for rural women to access finance freely, easily, and comfortably. Also, rural women should be included in decision making committees and groups by the national and county governments as well as in social groups.