Women and financial services: what impact studies reveal
The Grameen Crédit Agricole Foundation conducted three impact studies with its microfinance partners. OXUS Tajikistan, OXUS Kyrgyzstan and Ugafode Uganda. This research offers valuable insights into the actual effectiveness of women's financial inclusion and the persistent barriers.
Positive but incomplete results
Microfinance services generate tangible improvements: increased income, strengthened financial confidence and improved quality of life. In Tajikistan, 83% of clients report an improvement in their income. In Uganda, 97% of loan recipients report a positive change.
However, these figures mask a more complex reality. Financial resilience remains fragile Only 56% of Ugandan clients can cope with an unexpected expense. Traditional success measures, such as loan volume and number of clients, do not capture this underlying vulnerability.
Three major challenges
The exclusion of women from financial decisions This problem persists, particularly in rural areas and among less educated women. In Kyrgyzstan, more than one in seven women is completely excluded from decisions regarding the use of their own loans. This dynamic extends beyond the reach of financial institutions and requires multi-sectoral partnerships.
Operational frictions Hidden fees, rigid repayment schedules, low digital adoption, and perceived punitive collection practices damage customer satisfaction. These obstacles create mistrust despite initial confidence in the institution.
Refugee populations face cumulative constraints. In Uganda, refugee clients underperform on almost all indicators: lower incomes, reduced financial resilience, and significantly lower satisfaction.
From study to action
These findings catalyzed concrete changes. In Tajikistan, the institution is adapting its new savings products to the needs of women and increasing the proportion of female staff. In Kyrgyzstan, a dedicated action plan has been integrated into the 2026 budget, including gender-sensitive training, enhanced financial literacy, and improved transparency.
Lessons for the sector
Financial inclusion is not a binary objective. Access to credit is a starting point, not a destination. Non-financial services—training, savings, insurance, business support—are essential multipliers of results.
The Grameen Crédit Agricole Foundation remains committed to transforming these learnings into lasting impact, supporting its partners so that women's financial inclusion truly becomes empowering.
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