Digital Money Services, Regulatory Framework and Performance of Women Owned Table Banking Schemes in Kenya

Abstract

The global imperative to strengthen gender equity, equality, and foster a social-solidarity-based economy serves as a driving force for achieving sustainable development that caters to the needs of all individuals. The identified barriers of insufficient capital and limited decision-making capacities emerge as primary obstacles, hindering the swift progress towards crucial development milestones. Addressing these challenges becomes essential for empowering women in financial endeavors, allowing them to leverage the benefits of digital money within table banking frameworks, thereby contributing to the broader goals of sustainable and inclusive development. The purpose of this study was to analyze the impact of digital money services, regulatory frameworks on the Performance of Table Banking among Women in Kenya. This study was anchored on Innovation Diffusion Theory and the Modern economics theory. This study primarily employed a qualitative methodology, specifically opting for a systematic literature review, commonly referred to as desktop research. The findings revealed that the adoption of digital financial services, particularly mobile money, significantly contributes to women's economic empowerment through table banking initiatives. Notably, mobile money facilitates faster transfers, broad risk-sharing, improved privacy, enhanced decision-making, and improved savings balances. The evidence consistently highlighted enhanced financial control, improved savings, improved credit and access to entrepreneurial opportunities. This collective insight underscores the pivotal role of digital payments in positively shaping the landscape of women's financial inclusion and empowerment within the context of table banking initiatives. To harness these benefits, stakeholders in table banking initiatives should prioritize the adoption and integration of digital money platforms, ensuring that rural women have the necessary resources and knowledge to leverage these technologies for their financial advancement. The stakeholders, including financial institutions and policymakers, should actively promote digital literacy programs tailored for women owned table banking schemes in Kenya.