The impact of village banking on financial inclusion for female marketeers: c case study of Masala market in Ndola.

Abstract

The main aim of this study was to investigate the impact of village banking on financial inclusion for women marketers at the Main Masala market in Ndola district of Zambia. Village banking in Zambia is increasing at a faster rate, and it is said to be a tool that can provide financial inclusion to the unbanked. The research has three objectives: to identify the social economic problems faced by women marketers in village banking, investigate measures on how village banking can alleviate poverty among female marketers, and understand the benefits of village banking on female marketers. The researcher used a qualitative approach with a sample size of 80 women marketeers and five stakeholders selected purposively as part of the study. Descriptive statistics were used to analyse the data. Data was collected using questionnaires and an interview guide with key informants. The study found that village banking has accommodated women from different educational backgrounds, religious affiliations, and age groupings incorporated in various village banking groups. According to the findings, village banking groups need to formulate strict rules and regulations to deal with and prevent defaulting among group members; such as police callouts is one of the measures that would assist in curbing defaulting on loans and strict adherence the groups' constitution. The study concludes that when village banking is adopted and used wisely, it can be employed as an economic empowerment tool that provides unbanked financial inclusion.