10. Digital Financial Inclusion for Women in Africa: Prospects and Challenges

Digital finance is one of the fastest growing financial services in the world. The growth in digital finance can be attributed to an increase in the ownership of mobile phones which has triggered a tremendous increase in innovative digital tools, transactions and services worldwide. Digitization has contributed substantially to the GDP growth of many countries with the potential to further increase the GDP of all emerging markets by $3.7 trillion in 2025. This could increase new jobs, investments and overall productivity as e-commerce platforms are used to sell products and perform financial transactions across the world. Although digital finance is fast growing, many women in Africa do not have access to digital financial services, especially those living in poor and marginalized communities. They often do not have digital assets such as smartphones, internet services and also lack digital literacy to perform digital transactions. This chapter aims to discuss how women digital financial inclusion can be achieved in Africa, its prospects for women empowerment and likely challenges.