MOBILE MONEY, GENDER & ENTREPRENEURSHIP INSIGHTS STUDY (2020)
Femfinance implemented a consumer insights study in Somaliland to examine the impact mobile financial services have had on female entrepreneurs' lives. Our study showed, through the use of 400 In-depth interviews (female and male entrepreneurs) across every industry:
Significant gender-based barriers and demographic factors influence the entry and setting up of micro and SME business in Somaliland.
There is a huge gender disparity between banking, savings, and using readily available digital financial products. Although smartphone usage between the genders is relatively similar, women are still not using the dedicated mobile wallet for business owners or Banks.
The mobile money wallet is usually the preferred and only saving platform utilized by women entrepreneurs.
Women entrepreneurs expressed a profound lack of financial literacy knowledge that they felt hindered their ability to make sound financial management decisions.