Beyond traditional microfinance : financial inclusion for unbanked Kenyans
Author
Ali, Abd al-Rahman al-Zahi Said
Source
Islamic Research and Training Institute
Issue
Vol. 2016, Issue 1-3, 9-12, 14 (31 Dec. 2016), pp.26-46, 21 p.
Publisher
Islamic Development Bank (IDB) Islamic Research and Training Institute (IRTI)
Publication Date
2016-12-31
Country of Publication
Saudi Arabia
No. of Pages
21
Main Subjects
Abstract EN
This study investigates whether Kenya would be able to achieve better financial inclusion by going beyond traditional microfinance through the adoption of mobile microfinance, rather than just transfering and receiving through mobile money.
The study used survey and structured questionnaires to check the readiness of the unbanked Kenyan community, microfinance providers, mobile operators, and the government for adopting effective mobile microfinance.
The results showed that the unbanked Kenya are engaged in microfinance enabled jobs such as self-employment and retailers.
The community, which was found to be highly connected with mobile phone has a lower awareness of mobile microfinance.
While respondents admitted using electronic payment on limited situations, cash is still the dominated medium of making payment.
Since the unbanked Kenyan are living in remote areas, mobile microfinance would help to improve their access to finance through reducing the cost of services, minimizing the physical distance to the access point, better documentation, and improving outreach by opening the untapped markets.
The results recommend that mobile microfinance intuitions and mobile operators need to exert joint efforts to promote more awareness and develop appropriate mobile microfinance products.
On the other hand, the regulator intervention is needed to eradicate barriers such as high tariff, bad corporate governance, and dispute resolution.
American Psychological Association (APA)
Ali, Abd al-Rahman al-Zahi Said. 2016. Beyond traditional microfinance : financial inclusion for unbanked Kenyans. Islamic Research and Training Institute،Vol. 2016, no. 1-3, 9-12, 14, pp.26-46.
https://search.emarefa.net/detail/BIM-748772
Modern Language Association (MLA)
Ali, Abd al-Rahman al-Zahi Said. Beyond traditional microfinance : financial inclusion for unbanked Kenyans. Islamic Research and Training Institute No. 1-3, 9-12, 14 (2016), pp.26-46.
https://search.emarefa.net/detail/BIM-748772
American Medical Association (AMA)
Ali, Abd al-Rahman al-Zahi Said. Beyond traditional microfinance : financial inclusion for unbanked Kenyans. Islamic Research and Training Institute. 2016. Vol. 2016, no. 1-3, 9-12, 14, pp.26-46.
https://search.emarefa.net/detail/BIM-748772
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 46
Record ID
BIM-748772