How impact investment can promote gender equality in financial inclusion

Alli, Razak and Dada, Lola and De Massis, Alfredo (2025) How impact investment can promote gender equality in financial inclusion. PhD thesis, Lancaster University.

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Abstract

There is a growing number of adults who have formal access to financial systems, but women still face greater difficulties than men with financial inclusion. This study examines how impact investment can promote gender equality in financial inclusion for women. Impact investment and financial inclusion are under-researched areas, and to the best of my knowledge, no study has examined how this type of investment strategy can foster financial inclusion for women. This thesis is divided into three different but related studies. The first paper explores the relationship between impact investment and gender equality in financial inclusion. The study developed a conceptual framework using the lens of stakeholder theory after performing a narrative literature review. The second paper examines gender equality in financial inclusion using the theoretical lens of intersectionality and Bourdieu's capital theory. The third paper looks at how gender lens investing (GLI), a strategy which is part of impact investment, can drive financial inclusion for women against the background of institutional theory and the human capabilities approach. These studies used data gathered through semi-structured interviews and focus group discussions (second paper) to answer the research questions, after they were analysed with Braun & Clarke’s reflexive thematic analysis (RTA). The results show that there is a complex and interconnected relationship between gender and social norms, cultures and education, and the implications of financial exclusion go beyond economic impact but also have social and cultural impacts. Furthermore, the study reveals that gender lens investing needs to provide holistic support that goes beyond financial assistance to effectively drive the financial inclusion of women. The thesis makes both theoretical and practical contributions.