Présentation d'un Projet pour appel à financement à une conférence internationale organisée par le Patnership for Economic Policy. Ce projet fait aujourd'hui l'objet d'unn travail d'article qui sera soumis dans une revue à Comité d'auteur

1. FINANCIAL INCLUSION AND WOMEN
INVESTMENT IN LOW INCOME COUNTRIES
Research proposal
MPIA-20426
PEP-Meeting, 2-6 Setpember –Saly, Senegal

2. OUTLINE OF PRESENTATION
 Background
 Scope and justification
 Team
 Objectives
 Methods
 Expected result
 Stakeholders
 Strategy of diffusion

3. BACKGROUND
 Financial inclusion policy is targeted by all policy maker in developing
countries.
 Since 2016, in UEMOA its is clearly address even in CEMAC through the
central Bank strategies
 This generate an improvement among people using financial services
moving around 35% in the two sub-region.
 Unfortunately this financial inclusion strategies, even address by financial
authorities in each Franc Zone countries implemented less gender aspect.
 Women having no access to financial service in Franc Zone turn around
72% (World Bank, 2018).

4. BACKGROUND
 In fact, as access to financial services remains a challenge, usage of
financial services still preserve for the better-off and better educated
segment of the population.
 Gender gap in financial services usage estimated at 11 percent in low-
income countries, in Franc zone stands at 19 percent (Findex,2017).
 As Porta and al., (2015) found that women have less than 20 % of chance
than men to have access financial service and less than 17% of chance
than men to have a bank account.
 And Yunus (2007), blaming the fact that Women are not credit worthy.
Given credit to a poor women is able to increase her productive ability and
bring benefit to the whole family and the entire community (Yunus, 2007;
Abdul-Razack and al, 2012 and Sharma,2019).

5. BACKGROUND
 Women expose to financials insecurities, have fewer opportunities for
entrepreneurship due to the limited access to asset used as collaterals to
access credit.
 The remaining option is informal sector, the following graph expose the
state of financial inclusion in this area.

6. WHY FOCUS ON THIS ISSUE ?
 Women in micro-scale business or farm remain on the use of informal
financial services.
 In a certain way it seems to enable, reduction of trials about how to serve
more women facing hard living conditions to reach financial services.
 Meanwhile it is not sure that, these informal institution can guarantee
women after access, a better follow-up and management of financial
resources.
 Financial inclusion popularised on four main words, access; usage; quality
and Impact. Yunus (2007) insist to pay attention on the fact that access
and use required accompaniment.
 Unfortunately less attention have been put on the dimension of
accompaniment.

7. WHY FOCUS ON THIS ISSUE
 It is clear that Women need resources. And Sharma (2019) thinks that
financial inclusion is highly needed for women.
 As having access to financial service is the first step, usage regarding the
way day to day problem required liquidity may discourage women in micro-
entrepreneurship or women in business creation decisions.
 This conduce to think that an attention have to be given in the issue,
addressing how women after having access to financial services have to use
their resources in order to generate wealth and improve their well-being
moreover well-being of community
 This leaves a room for an investigation aimed at establishing what may be the
effects of financial inclusion on women investment in franc-zone countries.
This lead to this question what are effects of financial inclusion on women
investment in Franc zone countries?
Especially:
-What are determinants of women access to financial services?
-What effects may women use of these financial services have on their business
creation decisions?

8. SCOPE AND JUSTIFICATION
 Financial education remains weak in Franc Zone countries.
 Both suppliers side with employees in financial institution and demand side
with user of financial services highly need financial education.
 Lack of specific fund to support women's entrepreneurship despite many
projects developed indicates that they mostly use their one financial resource
for their empowerment.
 Therefore they need assistance, necessary follow up for better use and
manage of their financial resources
 Working in this issue will easier encourage policy maker to be focuses on;
1. Reduction of the lower level of financial literacy in CEMAC and UEMOA
through, financial education, coaching and accompanying women having
access to financial service.
2. Reinforce financial infrastructure in burgeoning financial branch in rural area
this to reduce barrier that hinder or limit women in acceding financial
services.
3. Improve and reinforce sensitization and campaign for women whom are not
well inform and crow-funding for those whom can acceded financial
services.
4. Why not in nearest future introduce financial education as subject in
educational system in order to boost behavioral and entrepreneurship spirit

9. TEAM
 Team Is mixed, made up of four researchers involved in PhD training and two
government affiliated members working in institution,
 The first government affiliated works for women empowerment, Mrs Atangana
Mbezele Martine spouse Ongola Director of Women’s Economic Development in
the Ministry of Women’s Empowerment and the Family (MINPROFF French
acronym) acts for,
o empowerment of women and the socio-economic integration of girls implementing
Government's strategy for women's economic development
o promotion of female entrepreneurship and improvement of women's employment
 The second working in the Central Bank (BEAC), Mr NAFE DABA Head of Service
forecasting tools and economic surveys at the Central Bank of Central African
countries (BEAC) works for,
o Forecasting tools and model for macroeconomic projections for the central bank
and contribute in the control and implementation of monetary policy at the level of
financial authorities in each member countries
o Banks’ and companies’ surveys at the central bank in order to enable data
collection operations

10. OBJECTIVES
Show that
improving level of
access and use of
financial services
boost women's
investment capacity
Identify the
determinant that affect
female access to
financial service in
Franc Zone countries
Analyse impact that
accompaniment in the
use of financial services
have on their business
capacity

11. METHODS
 In order to accomplish objectives and evaluate impact that financial
inclusion in gender sensitive strategy oriented may have, we intended to
adopt a composite approach that is both quantitative and qualitative
 The quantitative component have an econometric estimation using a
GMM (Generalised Methods of Momemnt) in panel data
 The qualitative component will complete quantitative with key interviews
with key stakeholders driving the inclusive finance strategy process in
these two sub-regions.
 Also an extensive desktop consultation of the relevant literature from peer
review, including reports from institutions like the IMF and World Bank as
well as those produced by the central banks of these countries.
 Theoretical baseline model intended to use is inspired from Barro (1991)
model mostly implemented in empirical literature through Generalised
Method of Moments (GMM), system GMM.
 As well, adapted by Andrianaivo and Kpodar (2011) in the study of
financial inclusion analysis

12. METHODS
 Compilation of Andrianaivo & Kpodar (2011) work, and Jiang & al (2019)
who re-design the equation by replacing endogenous variables growth by
the rural investment. This enable us to introduce our constructed female
investment variable in this endogenous growth model.
 The theoretical equation consider as base of the econometric analysis is,
𝐅𝐈𝐢,𝐭 = 𝛛𝐅𝐈𝐢𝐭−𝟏 + 𝛃𝑭𝑭𝑰𝒊𝒕 + 𝛄𝑿𝒊𝒕 + 𝒖𝒕 + 𝛜𝐢,𝐭
 This empirical component shall make use of panel data covering
individual indicators from the countries of the CEMAC & UEMOA
regions over 2004-2016 period.
 Secondary data extracted from the World Development Indicator (WDI)
CD-ROM of 2019, International Monetary Fund's (IMF) Financial Access
Services (FAS) 2019 and the Global Findex CD-ROM of 2017 database.
 Data collected gives a synoptic view of all aspect related to financial
inclusion analysis.
 Moreover the choice of those variables is sustain by theoretical and
empirical literature Review.

13. EXPECTED RESULT
 The main contribution or results expected in the study its provide tools for,
 Financial inclusion policy in Franc zone targeting gender orientation, in
order to
o Intensifying financial culture of women trough financial education and
improve their access, usage of financial services
o Develop micro-insurance in order to covered women and provide more
dedication of women for investment
o Raise more partnership between commercial bank and Microfinance
Institutions (MFI) in order to increase access and use of credit for
better impact.

14. STAKEHOLDERS AND STRATEGY OF DIFFUSION
Stakeholders Strategy of diffusion
Phase I Phase II Phase III
Central banks in each
sub-region Meetings
Media,
Conference
Conference,
Media, reports,
web site
Ministries of Finance,
Ministries of social
actions for women Meetings
Meetings
Workshops
Conference,
Media,
Publication reports
Cameroon Chad Senega
l
Financial institutions
(banks and IMF…) Training actions
for women
Seminar and
sensitization on
investment for
women
Publication reports
UN-Women
Meetings
Meetings,
Conferences
Publication reports
Associations promoting
women empowerment
Academic institutions
Meetings,
Workshops
Workshops Publication articles
Cameroo
n
Chad Senega
l

15. OBJECTIVES OF STRATEGY OF DIFFUSION
 The strategy of diffusion consist to:
- Improve the level of financial inclusion int the
CEMAC and UEMOA area;
- Develop more strategies of financial inclusion
ine these countries;
- Valorize the results of the project.

16. THANK YOU FOR YOUR ATTENTION