SOCIOECONOMIC CHARACTERISTICS, FINANCIAL INCLUSION AND ECONOMIC EMPOWERMENT OF WOMEN IN SOMALIA
Abstract
Purpose of the Study: The study is set to explore association between socioeconomic characteristics, economic empowerment and financial inclusion of women in Somalia.
Statement of the Problem: The women in Somalia continue to significantly experience disadvantages such as financial dependence, access to job opportunities and financial services. In a situation or a process of women empowerment one of the most important factors that bring harmony is the creation of financially inclusive systems that give provision for the women to find a job, obtain financial facilities, make investments and save. Despite all the measures and strategies by the different governmental and non-governmental organization to encourage financial inclusion among women. The challenge has continued to persist due to cultural norms and beliefs.
Research Methodology: The descriptive research design was utilized in this study. The Somali National Household Data were the sources from which the study used secondary data. Methodologically, study estimated influence of financial access, work status, income, and education on women's economic empowerment using logistic and firth logistic regression modeling in STATA software. Inferential statistics were used to ascertain the significance of associations among important variables, diagnostic tests were used to verify the validity of the model, and descriptive statistics were used to evaluate properties of the variables.
Findings: The study found that only 12.35% of women were financially included and 1.73% was economically empowered. Key factors that significantly influenced empowerment included higher education levels, business ownership, and being in the 25–49 age groups. The study recommended expanding access to tertiary and vocational education, supporting female entrepreneurship, implementing nationwide financial literacy campaigns, and designing gender-sensitive financial products to enhance women’s inclusion and empowerment in Somalia.
Conclusion: That despite the availability of mobile financial service in Somalia, it is not sufficient to contribute to meaningful financial inclusion among women.
Recommendation: The Central Bank of Somalia and financial institutions should develop gender-sensitive banking products, simplify documentation requirements, and ensure better integration of mobile money systems with formal banking channels.
Keywords: Financial inclusion, women, Empowerment, Social-economic, Diagnostic
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