The Role of Technology in Enhancing Financial Inclusion for Women and Youth in Cameroon

By Chefor Ngwenyi Meungwe (Download Pdf)

Introduction

Cameroon’s digital finance landscape has expanded rapidly, yet women and youth still face significant barriers to accessing formal financial services. Financial inclusion disparities remain wide. About 37% of women and 42% of youth aged 15-24 currently engage with formal financial institutions, compared to 54% of adult men (Enongene et al., 2024). This gap limits the economic autonomy of these groups, restricting their ability to save, borrow, and invest in ways that promote long-term financial security. Such disparities are especially pronounced in rural areas, where physical financial infrastructure is limited and where socio-economic barriers further compound the digital divide.

Although fintech and digital financial services have shown potential to provide more inclusive financial solutions, key barriers persist. Limited digital literacy among women and youth, coupled with high costs of internet and mobile device access, prevent many from using digital platforms effectively. For women, social and cultural norms  like restrictions on mobility, unequal inheritance rights, and stigmas around female emancipation. that discourage economic independence further impede their access to these services. Youth, similarly, face age-related restrictions and lack sufficient financial education to make effective use of digital financial tools. Moreover, high transaction fees and data costs remain prohibitive, especially for low-income individuals who rely on small, irregular incomes and need affordable, flexible services (Demirgüç-Kunt et al., 2018).

As the use of mobile money grows, a digital divide continues to exclude a large portion of women and youth from the benefits of financial services that could enhance economic resilience and promote sustainable livelihoods. Understanding the specific constraints that women and youth face in accessing financial services is essential for crafting effective policies. This brief assesses the barriers to financial inclusion for women and youth, highlights opportunities, and proposes actionable policies to harness digital technology for inclusive growth.

Understanding Financial Inclusion

Financial inclusion refers to the ability of individuals and businesses to access affordable, timely, and adequate financial products and services that meet their needs—be it for transactions, payments, savings, credit, or insurance (Ahodode et al 2024). It is a key driver of economic growth, enabling people to invest in education, health, and entrepreneurship while mitigating economic shocks.

In Cameroon, financial inclusion remains a pressing challenge, particularly for marginalized groups such as women and youth. For women, societal norms often limit their autonomy in financial decision-making, leaving them dependent on male relatives or partners. Youth face barriers tied to their age, such as limited access to credit due to perceived lack of financial stability or collateral. These constraints prevent millions of individuals from fully participating in the economy, exacerbating cycles of poverty and inequality (Tidjani et al 2024).

The advent of digital financial services, including mobile money platforms, has created opportunities to overcome these barriers. However, access alone is not enough. Effective financial inclusion requires addressing systemic issues such as digital literacy, affordability of services, and regulatory frameworks that enable innovation while protecting users. A nuanced understanding of these barriers and their intersection with gender and age is essential for crafting policies that truly enhance financial inclusion.

Challenges and Opportunities of Financial Inclusion for Women and Youth in Cameroon

The experience of women and youth in Cameroon is not homogenous however, they often face common impediments that stem from systemic social norms, practices, and values, which result in certain identity groups being marginalized and disempowered. One of the key challenges for women and youth in Cameroon is limited access to finance, or ‘financial inclusion. In some instances, cultural norms can restrict access to financial services, as it might be seen as a man’s role to write off debts. Additionally, legal and regulatory barriers often create obstacles to formal economic participation. With these systemic barriers in place, it becomes difficult for women and youth to finance financial capital. This is a problem with deeper implications, as it reinforces gender and age-based socio-economic inequalities.

 Another challenge hindering women’s financial inclusion is the high cost of mobile devices and internet access, which restricts the ability of women and youth to leverage digital financial tools. For instance, only 20% of rural women own mobile phones, compared to 37% of rural men (Girrollet, 2023). Limited digital literacy further exacerbates this divide, with just 15% of women in Cameroon familiar with mobile banking applications, thus keeping financial inclusion far away from these limited majority.

Despite these challenges, opportunities for financial inclusion abound. Mobile money services such as MTN MoMo and Orange Money are providing accessible entry points to financial services, particularly for the unbanked. Public-private partnerships are driving digital and financial literacy initiatives, equipping women and youth with the skills needed to navigate the digital economy. Fintech innovations are also targeting these demographics with tailored solutions such as microcredit and mobile savings platforms (Hickoutcha et al 2024).

These opportunities highlight the potential of technology to bridge the financial inclusion gap. However, realizing this potential requires deliberate policy interventions to address existing barriers and create an enabling environment for inclusive growth.

Policy Recommendations

To foster financial inclusion for women and youth, Cameroon must adopt a comprehensive approach that combines targeted interventions with systemic reforms. Providing affordable access to digital devices and internet services is essential for bridging the digital divide. Subsidized programs for low-income groups, particularly in rural areas, could significantly enhance digital accessibility.

Digital and financial literacy must also be prioritized. Nationwide programs integrating these skills into school curricula, coupled with community-based workshops, can empower women and youth to make informed financial decisions. Collaborative efforts between government, private sector players, and non-governmental organizations can amplify the reach and impact of these initiatives.

Regulatory reforms are equally critical. Simplifying compliance requirements and reducing licensing fees can encourage the growth of fintech startups that cater to underserved populations. Incentives for partnerships between mobile money providers and microfinance institutions can further expand access to tailored financial products, including microloans and savings accounts.

Conclusion

M Technology holds immense potential to bridge the financial inclusion gap for women and youth in Cameroon, fostering access to banking, credit, and entrepreneurial opportunities that are essential for poverty reduction and economic growth. However, realizing this potential requires overcoming barriers such as digital literacy gaps, infrastructural limitations, and societal constraints that disproportionately affect marginalized groups. By investing in digital literacy initiatives, expanding rural digital infrastructure, and implementing inclusive policies, Cameroon can enable women and youth to fully participate in the digital economy. Enhanced financial inclusion will empower these groups to make more autonomous financial decisions, invest in businesses, and improve their economic resilience. In embracing a digital transformation that leaves no one behind, Cameroon can advance toward a more inclusive, equitable, and prosperous future, where technology serves as a tool for empowerment and sustainable development.

References

• Ahodode, B. G. C., & Okala Eloundou, E. B. (2024). Financial innovation, financial inclusion, and enterprise performance: A sectoral analysis. African Journal of Science, Technology, Innovation and Development, 1-20.
• Demirgüç-Kunt, A., Pedraza, A., Pulga, F., & Ruiz-Ortega, C. (2024). Global bank lending under climate policy. IMF Economic Review, 72(2), 858-901.
• Enongene, G. N., Isoh, A. V. N., Mbarika, V., Fofanah, S., & Itoe, M. M. (2024). The Effects of Financial Education on the Adoption of Financial Technology (FinTech) Services in the Buea Silicon Mountain Community of Cameroon. Business Management and Strategy, 15(1), 51-76.

• Girollet, D. (2023). Digital inclusion and performance of informal firms in sub-Saharan Africa (Doctoral dissertation, Université de Bordeaux).

• Hikouatcha, P., Foka, A. G. T., Fossi, A. D., & Asongu, S. A. (2024). Empirical investigation of the Fintech and financial literacy nexus: Small business managers’ insights in Cameroon. African Journal of Science, Technology, Innovation and Development, 16(2), 219-237.
• Tidjani, C., & Madouri, A. (2024). Fintech, financial inclusion, and sustainable development in the African region. Frontiers in Applied Mathematics and Statistics, 10, 1276218.