Photo credit: e2matrix.com
ReFinD is pleased to announce the successful completion of seven projects funded through its first and second rounds of Request for Proposals. The projects, implemented across Ghana, Nigeria, Kenya and Indonesia address critical questions around women's access to finance, vendor incentive structures, transparency, and gender parity in the digital financial sector. The studies provide data-driven insights and practical solutions that will drive meaningful change and reshape future policies and interventions in Africa and beyond.
“The completion of these projects is a pivotal moment for ReFinD, as it underscores our commitment to the mission to providing evidence to improve or extend digital financial services to underserved communities through agent banking,” said ReFinD Executive Director, Prof. Peter Quartey. Since its launch in June 2022, ReFinD has awarded 20 sub-grants, supporting high-impact research that informs policy and bolsters efforts to promote financial inclusion. The completion of these seven projects marks a significant milestone in ReFinD’s ongoing work to expand digital finance access for women, small businesses, and underserved populations.
Below are highlights of the completed research projects.
Highlights from the completed projects
Researchers from the Institute of Statistical, Social and Economic Research (ISSER) examined the integration of digital financial technologies (DFT) among informal female entrepreneurs in the Ga Central municipality in the Greater Accra Region of Ghana. The findings revealed that empowering women with DFT can significantly enhance financial inclusion, promote gender equality, and drive economic empowerment in their communities.
The Makerere University led this study, which explored the impact of rural-specific grants and marketing incentives on agent bank performance and financial inclusion indicators in Kenya. The research concluded that targeted incentives for vendors could significantly improve financial services in rural areas, leading to greater financial inclusion.
.
This project, led by the University of California, Berkeley, was conducted across 18 communities in the Eastern Region of Ghana, involving 67 agents and 377 mobile money customers. The study highlighted that incentivizing transparency in the mobile money ecosystem fosters trust and efficiency, benefiting underserved communities both in Ghana and beyond.
The Centre for Sustainable Agricultural Environment (CSAE) in Ilorin, Nigeria conducted an exploratory study to identify viable interventions to overcome barriers to entry in Nigeria’s digital finance market. The research provided key recommendations for promoting financial inclusion by easing access for new entrants into the market.
In this project, the University of Ghana Business School explored the reach, usage, and constraints of digital finance retail agent networks in rural and peri-urban communities in Ghana. The study aimed to examine how these networks could be leveraged to promote financial inclusion and improve women’s access to finance in these areas. Additionally, the research proposed interventions to address the identified constraints, with the goal of expanding agent networks and enhancing financial access for underserved populations, particularly women.
Led by the University of Nairobi, the study investigated gender disparity in Kenya’s digital finance market. The research identified socio-cultural and demand-supply barriers that hinder women’s participation and proposed solutions to close the gender gap in rural areas.
Northwestern University and Universitat Pompeu Fabra conducted this study to investigate the effects of increased competition on take-up, the role of agents’ marketing strategies targeted at increasing trust, and their interactions with higher levels of competition and evaluate the role of different marketing strategies agents can use to increase trust and capitalize on increased competition.
The completed projects have been widely shared among relevant stakeholders and are accessible through the ReFinD website. These resources provide valuable data and insights for policymakers, financial institutions, and development organisations working to promote inclusive growth and sustainable access to financial services.