INVESTIGATING THE BARRIERS TO ACCESS TO FINANCIAL SERVICES BY WOMEN OPERATING MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES IN ZAMBIA : A CASE OF LUSAKA AND CHOMA DISTRICTS

The aim of this study was to explore and investigate the barriers to accessing financial services by women operating Micro, Small and Medium-sized Enterprises (MSMEs) in Lusaka and Choma Districts of Zambia. This study therefore employed a descriptive qualitative research design while the targeted population was women aged 18 years and above, who owned Micro, Small and Medium-sized businesses, whose business physical addresses were, at the time of data collection, within Lusaka and Choma Districts of Zambia. Purposive sampling was used to sample 34 women, 17 participants from each of the two districts. A semi-structured interview guide was used for data collection, while the study employed systematic theming process, which was basically content analysis in analysing the data that was collected. This study revealed that the majority of business women that own MSMEs use cash and mobile money services for most of their business transactions. This study concluded that not all women operating MSMEs were accessing and utilizing the financial services available. It is recommended that investment in robust financial literacy, digital banking, and the deliberate setting up of various funds and other financial services aimed at empowering women and MSMEs.