A study on financial inclusion for women and youth in Tunisia has found that despite a network of financial institutions and diverse products, significant barriers prevent access to formal financial services. The study, conducted by the Financial Inclusion Observatory in collaboration with the United Nations Development Programme, the Ministry of Economy and Planning, and supported by Canada, covered seven governorates and targeted women and youth aged 18-30. The results show that 41% of women have a formal financial account, with 18% having a bank account and 27% a postal account.
The study also found that only 0.3% of women have accounts with payment institutions, and 33% have obtained a loan from a bank or microfinance institution. Additionally, 16% of women have a valid insurance contract, excluding basic health coverage. The economic situation is a major obstacle to financial inclusion for women, with 45% of women in the sample being unemployed or housewives, and 58% of working women earning a monthly income of less than 500 dinars. These women often resort to informal financial solutions, such as home savings and cash payments.
The study highlights that 51% of women consider lack of financial resources a major factor in financial exclusion, while other obstacles include lack of trust in financial institutions, fear of debt or hidden fees, and the complexity of some services, particularly insurance. Furthermore, 55% of active women still receive their salaries in cash, promoting cash transactions and informal channels. For youth, the study found that 41% have a formal financial account, mostly with the Tunisian Post, and 27% have a postal account, often linked to administrative procedures such as paying grants or university fees.
The study also reveals that only 8% of youth have an electronic wallet, and 92% have never obtained a formal loan. Additionally, 23% of youth are unemployed, and 90% of active youth have a monthly income of less than 1500 dinars, limiting their access to services like loans, insurance, and institutional savings. Moreover, 70% of financially excluded youth attribute their situation to lack of financial autonomy. Cash transactions remain prevalent among youth, with 99% using cash, and 46% expressing distrust in digital financial services due to concerns about errors or data loss.
The study notes that there are geographical disparities in access to financial institutions, particularly in rural areas. Nationally, 86% of the population can access a financial institution within 30 minutes, but this rate drops to 81% in the south. Only 32% of women in rural areas consider the nearest financial institution to be accessible within 15 minutes, compared to 54% in urban areas. The study also found that the range of products designed specifically for women remains limited, with only three banks, one microfinance institution, and one insurance company offering women-oriented products.
In terms of financial offerings, the study found that the use of digital channels is limited, particularly since opening accounts and subscribing to some products is not yet fully available online. The study concludes that promoting financial inclusion requires simplifying financial information and services, developing financial education and on-site support, improving customer relationships and complaint handling mechanisms, and adopting targeted communication campaigns that meet the needs and specificities of women and youth.
The study's findings highlight the need for a more inclusive and accessible financial system in Tunisia, particularly for women and youth. By addressing the identified barriers and obstacles, financial institutions and policymakers can work towards increasing financial inclusion and promoting economic growth and development in the country. The study's recommendations provide a roadmap for stakeholders to enhance financial inclusion and ultimately improve the lives of women and youth in Tunisia.
Key points
- Only 41% of women and youth in Tunisia have formal financial accounts.
- Economic situation and lack of financial resources are major obstacles to financial inclusion for women.
- Geographical disparities in access to financial institutions persist, particularly in rural areas.
