The Politics of Financial Inclusion of Women in South Africa: Evolution and Lessons (Gender and Cultural Studies in Africa and the Diaspora)

This book presents the assumptions, narratives, and institutions that underpin the key concepts and investigates the limits and potential of financial inclusion development strategy for gender equality. Using South Africa’s women entrepreneurs as a central case, the book interrogates the logic and politics of financial inclusion and gender equality globally and locally. It also examines conditions that explain financial inclusion and women’s empowerment concerning women-owned businesses in post-apartheid South Africa. Finally, it presents a debate on the socio-economic factors enabling and limiting women’s access to and using financial products to improve their socio-economic empowerment and the future suggestions, policies and recommendations on financial inclusion for women entrepreneurs in South Africa. Contents Acronyms List of Figures List of Tables 1 Introduction Introduction Situating the Context Approach and Content References 2 The Story of Inclusion, Development, Economy and Women in South Africa Introduction Conceptualisation of Inclusion Inclusive Development and Gender Feminisation of Poverty Effectiveness of Financial Inclusion in Alleviating Poverty Financial Empowerment for Women The Post-2015 Development Agenda Sustainable Development Goals—Agenda 2030 and National Development Plan (NDP) 2030 Role of the South African National Development Plan (NDP) and the Sustainable Development Goals SDGs and women’s Empowerment 2063 Aspiration 6 and Women Empowerment Financial Inclusion and Inclusive Development Financial Inclusion of Women Conclusion References 3 Theorising Feminist Political Economy Analysis Introduction Political Economy Analysis Structural Inequality Role of the State in the Economy Poverty and Inequality Political Economy and Women’s Empowerment Theory of Feminist Political Economy Historical Account of Financial Exclusion in South Africa Poverty and Inequality Inequality in the Labour Market Inequality and Gender Exclusion Intersections on Financial Exclusion in Line with Inequality According to Race, Class and Family Values Conclusion References 4 Gendered Narratives on Financial Inclusion: Global and Continental Context Introduction The Global Context of Financial Inclusion Policies and Determinants of Financial Inclusion Financialisation of the Global Economy Analyses of the 2017 Global Findex Database Account Ownership The Unbanked Payments Savings, Credit and Financial Resilience Investments and Savings as a Key to Financial Inclusion Lessons on Financial Inclusion from Developed Economies Continental Context on Financial Inclusion Financial Sector Development in Africa Gender and Financial Inclusion in Africa Conclusion References 5 Benchmarking Financial Inclusion for Women in South Africa: Evolution and Lessons Introduction The Political Economy of Financial Inclusion in South Africa Inequality, Race and Gender Disparities Trade and Investment Industrialisation Poverty Patterns State Interventions Risk-Based Approach Pilot Project Promotion of Benefits on Financial Services Usage Inclusion Policy Coordination and Advocacy and Enabling SME Inclusion Funeral Insurance Economic Empowerment Financial Inclusion in South Africa The Financial Authorities Responsible for Financial Inclusion in South Africa Impact of South African Government Policies on Gender Financial Services Challenges Facing South African Financial Inclusion for Women Citizens’ Perception That Banking Services Are Expensive Lack of Trust in the Banking Sector Fear of Fraud as Regards Convenience of Digital Banking Engaging with the Informal Financial Sector Diverse Complexities in the Banking Sector Informal Businesses Unemployment Insufficient Earnings to Save and Indifference Opportunities for Women’s Financial Inclusion Attempts of Financial Institutions Towards Financial Inclusion for Women Mzansi Account Capitec Bank National Credit Act Shoprite and Pick’n Pay Money Transfer Mobile Banking Conclusion References 6 South African Government and Digital Financial Inclusion Introduction Fourth Industrial Revolution Digital Financial Inclusion for Women State of Digital Financial Inclusion in Africa Challenges and Proffered Solutions on Digital Financial Inclusion Conclusion References 7 Impact of Financial Inclusion on Women’s Empowerment in South Africa: Perspectives and Lessons Introduction Role and Impact of Financial Inclusion and Socio-Economic Empowerment of Female Entrepreneurs in South Africa Female Entrepreneurs’ Perspectives on the Role and Impact of Financial Inclusion Financial Institutions’ Perspectives on the Role and Impact of Financial Inclusion Policymakers’ Perspectives on the Role and Impact of Financial Inclusion State of Financial Inclusion and Socio-Economic Constraints Female Entrepreneurs’ Perspectives on the State of Financial Inclusion Financial Institutions’ Perspectives on the State of Financial Inclusion Policymakers’ Perspectives on the State of Financial Inclusion Existing Government Measures to Promote Financial Inclusion and Women Empowerment Female Entrepreneurs’ Perspectives on Existing Government Measures Financial Institution Perspectives on Existing Government Measures Policymakers’ Perspectives on Existing Government Measures Views on Savings and Investment as a Critical Tool for Financial Inclusion for Women Female Entrepreneurs’ Perspectives Financial Institutions’ Perspectives Policymakers’ Perspectives Reasons for the Gender Gap in Financial Services of Savings and Investments Female Entrepreneurs’ Perspectives Financial Institutions’ Perspectives Policymakers’ Perspectives New Policy Approaches to Empower Women in South Africa to Achieve Inclusive Development Discussion and Analysis General Conclusion References References Index