Gender exclusion in finance and business transactions: new innovation in banking in Nigeria and Uganda

Abstract

Women have been found to operate their businesses in three digits rather than six digits which signifies millions. They however have firm control over most small and medium enterprises in Southwestern Nigeria and Kampala, Uganda, to the extent that these businesses dominate stalls, markets (‘katale' in Uganda) and in-house shops. Women find it safe to keep their proceeds at home, or with thrifts merchants (‘Alajo’ in Yorubaland). This saving system has given way to women traders banking their proceeds, due to increased risks and crime rates. More people banking (especially women), and inter-bank competition has made the banking system improve its services with new innovations like the Automated Teller Machine (ATM), SMS alert, electronic mail services, mobile money, internet banking and so on. However, more women than men lack adequate information and education to successfully operate some of these devices. The prevalence of ATM and other related frauds perpetrated mostly by men with many women being victims is the outcome, while more women have suffered loss of their hard-earned cash savings because they relied on the assistance of people found around the ATMs or in banking halls, who defrauded them. This paper examines the gender relations or differences in the use of emerging ICT innovations in the banking sector in Nigeria and Uganda. It also examines gender as a factor in victim ratio in 4 banks in Ibadan, Nigeria and Kampala, Uganda and among 200 randomly selected male/ female bank customers. Recommendations are made for a gender-friendly ICTs and its related innovations. Financial literacy education should be offered in banks, libraries and schools to stem the tide of financial loses. Gender friendly information fliers in local languages should be provided for bank customers and provision made for them to select language on the ATM for independent financial transactions.