Thursday, April 15, 2021

HUMA & IMTFI Book Launch (4/19) Disrupting Africa: Technology, Law, and Development


Join us! This Monday (4/19) 9amPT/12pmET/6pmSAST
HUMA-IMTFI book talk of the forthcoming Disrupting Africa: Technology, Law, and Development by Funmi Arewa, published with Cambridge University Press





"Elites, Ornamentation, and Future Visions" with Olufunmilayo B. Arewa 
Monday 19 April 9amPT/12pmET/6pmSAST

Introductory Remarks
Divine Fuh, HUMA Director

Panelists
Olufunmilayo B. Arewa, Temple University Beasley School of Law
Bill Maurer, UC Irvine, IMTFI Director
Rogers Orock, University of Witwatersrand

About the book
In the digital era, many African countries sit at the crossroads of a potential future that will be shaped by digital-era technologies with existing laws and institutions constructed under conditions of colonial and post-colonial authoritarian rule. In Disrupting Africa, Olufunmilayo B. Arewa examines this intersection and shows how it encompasses existing and new zones of contestation based on ethnicity, religion, region, age, and other sources of division. Arewa highlights specific collisions between the old and the new, including in the 2020 #EndSARS protests in Nigeria, which involved young people engaging with varied digital era technologies who provoked a violent response from rulers threatened by the prospect of political change. Using materials from extensive archival research, Arewa demonstrates how lawmaking and legal processes during and after colonialism continue to frame contexts in which digital technologies are created, implemented, regulated, and used in Africa today.

About the author
Olufunmilayo (“Funmi”) Arewa is the Shusterman Professor of Business and Transactional Law at Temple University Beasley School of Law. She received an M.A. and Ph.D. (Anthropology) from the University of California, Berkeley, an A.M. (Applied Economics) from the University of Michigan, a J.D. from Harvard Law School, and an A.B. from Harvard College. Her research focuses on technology, music, film, business, and Africana studies. 

For enquiries and optional readings contact: huma@uct.ac.za or imtfi@uci.edu.

Wednesday, March 31, 2021

The Politics of Fiscal Sentiments in Pakistan

From the series: Majoritarian Politics in South Asia, Society for Cultural Anthropology

By Noman Baig, Habib University

Photo by Mythri Jegathesan.

In March 2015, Ayyan Ali, a Pakistani supermodel, was arrested at the Islamabad International Airport for attempting to carry half a million dollars in cash onto a flight to Dubai. Ayyan’s arrest quickly became a national sensation once rumors and reports that she was laundering money for prominent politicians and businessmen began to circulate. Public interest and outrage only intensified when the customs officer who had confiscated the money was murdered soon after Ayyan’s arrest. The involvement of a glamorous model, foreign currency, political corruption, Dubai (a dreamland of sorts for the majority of Pakistanis), and now murder ensured that the case dominated the news cycle in Pakistan for months on end.

Ayyan’s glamorous lifestyle—the parties she attended, the men she dated, the clothes she wore, the brands she endorsed—had been the subject of much discussion in Pakistan even before her arrest. The fact that she was caught carrying so much money thus seemed entirely reasonable (if still scandalous) given the elite social circles of which she was part. This was, many ordinary commentators at the time mused, exactly the kind of salacious affair in which the rich would be involved. The misogynistic media coverage of the case, which focused on Ayyan’s body, clothing, tattoos, and makeup, only strengthened ordinary people’s conviction that Pakistani elites were dissolute. Ayyan’s case became emblematic of what many in Pakistan believed was an ayyash—debauched—society. The Urdu term ayyashi describes a transgressive excess, a hedonism that is thought to defile the very soul. For many ordinary people in Pakistan, Ayyan’s ayyash lifestyle and her eventual arrest mirrored the malaise in which the country itself was mired. Ayyan’s arrest had only revealed the already fraying moral-ethical boundaries of the nation.

The scandal raked up by Ayyan’s arrest played an important role in setting the stage for Imran Khan’s victory in the 2018 national election. In speeches leading up to the election, Khan cited Ayyan’s case as an example of the deep political and moral corruption that needed to be rooted out in order to build a “naya” or new Pakistan. He laid particular emphasis on Ayyan’s alleged links with former Prime Minister Nawaz Sharif, whom he variously called “a mafia don” and “the grandfather of corruption.” Indeed, when Ayyan was eventually granted bail, Khan claimed that the judicial decision was the outcome of a “deal” between political rivals Nawaz Sharif and Asif Zardari. Corruption, he seemed to suggest, was the one thing that could smooth over even the most long-standing antagonisms.

It was precisely this shared bond of corruption that Khan vowed to break if elected prime minister. As a start, Khan promised, the PTI (his political party) would bring back the two hundred billion dollars of national wealth that corrupt politicians had supposedly siphoned off and stashed in illegal bank accounts in Switzerland and Panama (see note 1). This promise resonated deeply with many ordinary Pakistanis who viewed corruption as a theft of their dreams and aspirations. What was being stolen by politicians was not just money, but Pakistan’s future, its very possibility of becoming a prosperous nation. By the same token, what Khan promised to restore was not just Pakistan’s fiscal balance, but also its diminished purity and strength.

Read the full blogpost here: https://culanth.org/fieldsights/the-politics-of-fiscal-sentiments-in-pakistan


Notes

1. This massive figure is based on debunked news reports.

Tuesday, March 2, 2021

Top Five Digital Financial Service Features That Impact Women’s Access and Use

Research in Kenya and Côte d’Ivoire provides guidance for DFS providers and regulators

By Helene Smertnik, Senior Researcher at Caribou Digital and Savita Bailur, Research Director at Caribou Digital 

A focus group discussion discussing women’s experiences with DFS, Yopougon, Côte d’Ivoire. Photo credit: Caribou Digital
A focus group discussion discussing women’s experiences with DFS
Yopougon, Côte d’Ivoire. Photo credit: Caribou Digital

This blog links to a longer paper we published on SSRN on the impact of DFS features on women in Kenya and Côte d’Ivoire based on primary research with “end users”. For more information, please see the paper and please feel free to contact us at helene@cariboudigital.net or savita@cariboudigital.net at any point.

In 2019 (pre-COVID-19), with the support of the Gates Foundation, Caribou Digital and the DFS Lab embarked on a research project to identify which digital financial service (DFS) features impacted women’s access and use the most, compared to men in Kenya and Côte d’Ivoire. Mid-way through our research, we shared our initial findings, and with our research now complete, we’re able to take a closer look at these features. There were five that stood out the most:

  1. Ubiquitous agent networks.
  2. Real-time SMS notifications and seamless interoperability.
  3. Transparent fees.
  4. Help users avoid the need to revoke payments.
  5. Less stringent ID requirements as part of a tiered KYC approach.


Ubiquitous DFS networks 

Uniting tech and touch is critical for women. Women were quite vocal about the importance of a ubiquitous agent network (with no gender preference for agents) in order for them to have trust and confidence in DFS. In fact, a few women mentioned that they were dissuaded completely from using a financial service if it did not have any shops or agents, as was the case with the loan app Tala, which only provided a customer service number to call.

Older and less digitally savvy women relied the most on agents, indicating a generational divide which is sometimes even greater than the gender divide. Though older women said they sometimes ask their children for help, they were also cautious about disclosing how much money they had to their family. As a result, they would often go to agents for help.

Recommendation: DFS providers’ investment in physical agent networks is therefore critical to ensure the uptake of their services by women.


Real-time SMS notifications and seamless interoperability 

As part of our research, we observed men and women conducting mobile money transactions at shops. A key difference in their behaviors was that women tended to wait in the shop until they received the SMS notifications confirming their transactions, while men would simply drop off the money and continue on their way, expecting the SMS to come later. Because women require the official confirmation before moving on, real-time SMS notifications are key for their continued use of mobile money. If they have to wait too long, they will eventually go back to using cash to avoid wasting time. 

The issue of timely SMS notifications comes up especially when using interoperable services, highlighting the need for more seamless interoperability. For example, Equity Bank and M-Pesa are interoperable, meaning they connect to each other and transfers can be made between their accounts. However, the transfers sometimes take time to process, and the confirmation messages do not arrive or are late, leading women to go back to manual cash transfers. 

Recommendation: Ensuring SMS notifications are received in near real time is critical for DFS providers to best serve women.


Transparency in fees and cost structures 

“The units disappear without anyone knowing why. This colleague is telling us it is because of subscriptions done without our agreement but until now I had no clue,” said one of our interviewees, Elodie. Such hidden and nontransparent fees discourage women from using DFS, as we found that women were more sensitive to fees than men and also less likely to find workarounds to avoid them. For example, in both Kenya and Côte d’Ivoire, younger men knew that they could reduce transaction fees by conducting smaller transactions multiple times rather than one higher cost transaction, while most women were not aware of this strategy. 

Because of these fees, there was a strong sense among low-income women that money didn’t “grow” when left on their phone. Consequently, they did not associate mobile money with the possibility of savings, preferring savings groups or keeping money in cash at home, despite potential security issues. 

Recommendation: To ensure women use DFS, it is key for providers to have ethical cost structure designs as well as transparent communications about possible fees.


Help users avoid the need to revoke transactions 

Most digital financial service providers offer an option for revoking a payment after it has gone through. However, this process is complex, and the use of this option has the potential to hinder women’s usage of DFS more than men’s. In neither Côte d’Ivoire nor Kenya were there clear instructions from the DFS providers for how to go about revoking a payment, and if the money had already been withdrawn it became impossible. 

In a focus group discussion with women merchants in the outskirts of Nairobi, we also heard about how revoking features could lead to fraud, as some of the women had been cheated by customers who paid but then reversed their payments. The women were considering reverting back to cash due to these experiences. 

Recommendation: Given the complexity and cost of revoking payments and the lack of standards in place, it is important for providers to help users avoid the need to revoke payments by guaranteeing clear and sufficient cancelling features in place before the user hits send. For example, confirmation messages should appear which explicitly state the phone number and amount being sent, and should give enough time to review all the information without the phone shutting down. 


ID requirements and the need for a tiered KYC approach

In theory, women said they appreciated the importance of requiring an ID for security measures, both for agents and customers. However, in practice they privileged going to agents who didn’t ask for their ID. Since many women do not have an ID, they often rely on their husbands’ ID, or simply do not use digital financial services if an ID is required. 

In response to this reality, in Côte d’Ivoire, some agents intentionally do not ask for ID in order to gain a competitive advantage over agents that required it. In Kenya, agents would not always ask for ID when they already knew the customer. We also saw scenarios where agents would only require ID for transactions over a certain amount. 

Recommendation: While these agents are improvising to respond to the needs of their customers, ID requirements should be adjusted and standardized to meet women’s needs. A tiered KYC (know your customer) approach would encourage women’s usage by allowing them to make small mobile money transactions without providing identification. 


*****

The women’s experiences shared above highlight how important it is for DFS providers and policy makers to consider women’s needs and wants in order to make sure they are financially included. The risk of women’s financial exclusion is even greater in the context of COVID-19, as payments are increasingly digital and access to DFS is crucial. These five features can help ensure that digital tools make women more - not less - financially included. 

*****

Watch our webinar, What Digital Financial Services features might matter more to women than men and why?

This research was conducted with AFROES in Kenya, led by Gathoni Mwai and Sylvia Oloo and Empow’Her, led by Chloe Roncajolo and Serge Kouadio in Côte d’Ivoire. A special thanks to them.



Thursday, January 7, 2021

New Book: Reimagining Money: Kenya in the Digital Finance Revolution by Sibel Kusimba

Reminagining Money Book
Reimagining Money: Kenya in the Digital Finance Revolution, Stanford University Press by Sibel Kusimba

JANUARY 2021
240 PAGES
FROM $28.00

Hardcover ISBN: 9781503613515
Paperback ISBN: 9781503614413
Ebook ISBN: 9781503614420

Abstract
Technology is rapidly changing the way we think about money. Digital payment has been slow to take off in the United States but is displacing cash in countries as diverse as China, Kenya, and Sweden. In Reimagining Money, Sibel Kusimba describes the rise of M-Pesa, and offers a rich portrait of how this technology changes the economic and social landscape, allowing users to create webs of relationships as they exchange, pool, borrow, lend, and share digital money in user-built networks. These networks, Kusimba argues, will shape the future of financial technologies and their impact on poverty, inclusion, and empowerment. She describes how urban and transnational migrants maintain a presence in rural areas through money gifts; how families use crowdfunding software to assemble donations for emergency medical care; and how new financial groups invest in real estate and fund weddings. The author presents fascinating accounts that challenge accepted wisdom by examining the notion of money as wealth-in-people—an idea long-cultivated in sub-Saharan Africa and now brought to bear on the digital age with homegrown financial technologies such as digital money transfer, digital microloans, and crowdfunding. The book concludes by proposing a new theory of money that can be applied to designing better financial technologies in the future.

About the author
Sibel Kusimba has conducted over twenty years of ethnographic research and archaeological fieldwork in Kenya. She is Associate Professor of Anthropology at the University of South Florida and is the author of African Foragers (2003).

Excerpts and more

Tuesday, November 17, 2020

Mobile Money and the (Un)Making of Social Relations in Chivi, Zimbabwe

Article in the Journal of Southern African Studies by Simbarashe Gukurume, Great Zimbabwe University & Innocent T. Mahiya, University of KwaZulu Natal 

Mobile money agents booths at Chivi Growth Point;
Photo Credit: Simbarashe Gukurume 

Abstract

The rapid expansion of mobile money technologies in Zimbabwe has substantially altered the monetary ecology and the payment landscape. This article examines the ways in which the adoption, usage and meanings attached to mobile money (re)configure social relationships in the rural community of Chivi. We demonstrate the ways in which mobile money technologies mediate the politics of everyday social relations and shape local social relations in profound ways. Drawing on ethnographic fieldwork, we explore the complex ways through which mobile money makes and unmakes social relations between transacting parties and between the agents themselves. Our main finding is that the impact of mobile money on social relations in the community is predominantly ambivalent. We observed that mobile money triggers contestation, hostility and conflict while simultaneously fostering social solidarity and convivial relationships. The main sources of contention in mobile money transactions in Chivi involved space, currency conversion exchange rates, identification and charges. These are, however, unintended consequences of mobile money usage in Chivi.

Access Journal of South African Studies: https://www.tandfonline.com/doi/full/10.1080/03057070.2020.1823682

To obtain digital copies of the full paper, email Simbarashe Gukurume, sgukurume1@gmail.com.

Read about the original IMTFI-funded research: http://www.imtfi.uci.edu/research/2015/mahiya_gukurume_2015.php#

Monday, October 12, 2020

Oct. 22 Zoom Event - Financial Legacies: Slavery and the History of Banking

A redlining map of Los Angeles in 1939.

UCI Humanities Center presents The 1619 Project in 2020
October 22, 2020 | 5:00 PM-6:30 PM PT


Moderator:
     • Keeanga-Yamahtta Taylor (Princeton)

Speakers: 
     • Bill Maurer (Social Sciences, IMTFI Director)
     • Peter Hudson (UCLA)
     • Mehrsa Baradaran (UCI Law)


This event is 60 minutes and will include a Q&A session. For those who are interested, please stay for a bonus 30 minute facilitated discussion.

Discussion Facilitators:
     • Tonya Bradford (Business)
     • Mrinalini Tankha (Portland State University)

Suggested Podcast/Readings:
• Matthew Desmond, “If you want to understand the brutally of American capitalism, you have to start on the plantation,” The 1619 Project And Photo essay by Dannielle Bowman; text by Anne C. Bailey
• Mehrsa Baradaran, “Mortgaging the Future,”  p. 32; “Good as Gold,” p. 35; and “Fabric of Modernity,” p. 36
• Tiya Miles, “How Slavery Made Wall Street,” p. 40
• Trymaine Lee, “A vast wealth gap, driven by segregation, redlining, evictions and exclusion, separates black and white America,” The 1619 Project
1619 Podcast 2: The Economy that Slavery Built

Access The 1619 Project Curriculum through the Pulitzer Center: (https://pulitzercenter.org/lesson-plan-grouping/1619-project-curriculum)

***
The 1619 Project in 2020
#UCI1619Project

The 1619 Project, published by the New York Times, retells the history of the U.S. by foregrounding the arrival 401 years ago of enslaved Africans to Virginia. Through a series of essays, photos, and podcasts, the 1619 Project charts the impact of slavery on the country’s founding principles, economy, health care system, racial segregation of neighborhoods and schools, popular music and visual representations. Conversations around the 1619 project have served as a flashpoint for intensive ideological debates about its content and impact. It has been both widely lauded and subjected to critiques from academics, journalists, pundits and policymakers who challenge its accuracy and its interpretation of history. Conservative politicians even seek to defund schools that teach the project. What is the power of the 1619 Project to reframe our understanding of U.S. history and our contemporary society? How might we go beyond the 1619 Project to develop an even fuller understanding of the centrality of slavery and race in the U.S. and in the broader Atlantic world?  Join us for month plus exploration of The 1619 Project, which culminates in the visit of Nikole Hannah-Jones, the Pulitzer Prize winning author of the project.

The 1619 Project series is presented by UCI Humanities Center and is co-sponsored by: UCI Illuminations: The Chancellor’s Arts & Culture Initiative, UCI Black Thriving Initiative, School of Humanities, Claire Trevor School of the Arts, School of Education, School of Law, School of Social Ecology, School of Social Sciences, UCI Libraries, Academic English, Composition Program, Center for Latin American Studies, Center on Law, Equality, and Race, Center for Medical Humanities, International Center for Writing and Translation, Literary Journalism and Center for Storytelling, Office of Inclusive Excellence, Student Affairs, Staff Assembly, AAPI Womxn in Leadership and Academic and Professional Women of UCI.

Tuesday, October 6, 2020

Do women need their own financial services?

by Erin B. Taylor and Anette Broløs

Historically, few financial tools have been developed with women in mind or marketed to them directly[i].  Today, however, new financial services are appearing on the market that respond to practical everyday economic needs including design and marketing. Currency converters, financial management apps, investment apps, and alternative credit sources, are now being developed specifically for women, or primarily marketed to them. A plethora of websites, blogs and podcasts for women offer advice, information, and educational courses on finance. Many of these are community-based initiatives and aim to create a dialogue with women. 


But do women really need their own financial services? What can these new fintech products offer women that gender-neutral products can’t? We explore these questions in two new publications. One is a book chapter called “Financial technology and the gender gap: Designing & delivering services for women” (in Malefyt and McCabe 2020), and an industry report called Female Finance: Digital, Mobile, Networked (EWPN/Keen Innovation 2020)

The financial gender gap exists for many reasons, including income inequality, women taking time off for child-rearing or caring for a family member, fewer investment opportunities for women, and the tendency for women to manage daily budgets while men tend to take care of long-term financial management[ii].  Lower (or different) financial literacy, lack of confidence in financial knowledge, and differences in investment behavior can limit women’s ability to achieve financial security[iii].  And in some areas of the world poverty, limited access to technology and legal restrictions hinder women’s access to financial tools and confidence in using them[iv]. 

However, to our surprise, we discovered that there is neither an overview of existing financial solutions offered to women, nor an overview of research on women’s engagement with their finances. Through our work as co-organizers of research activities within the European Women Payments Network (EWPN), we also noticed that industry professionals are not very aware of what the market in fintech for women looks like. Few professionals could name any fintech products designed specifically for women. 

So we set out to discover what this market consists of, how extensive it is, what kind of women it serves (as well as where they’re located), and – most importantly – how fintech products claim to serve women. Along with the EWPN and Keen Innovation, we identified as many fintech products for women as we could. This is a very new field: most of the companies we found were founded during the last 5-10 years). The resulting report not only maps out these products, but also begins to analyse how they serve women in five areas: payments and credit, financial management, insurance, investment, and capital for entrepreneurs.

Common features in services for women 

  • Storytelling in a language that speaks to women's life contexts 
  • Accessible solutions that are digital and mobile 
  • Learning opportunities (blogs, support, "academies") 
  • Social features (mentors, events, networking, communities) 

Through our analyses of the concrete product and service offering, we realized that women tend to engage with finances differently to men. They value financial services that understand their life situation (young professionals, young families with housing and children on their minds, single parents or women establishing their own company to allow more flexibility in their daily lives). They prefer services that are readily available, uncomplicated to use, and provide a fast overview of economic transactions and decisions. Women are increasingly investing money, and their investment decisions are often based on a broader range of criteria than investment advisers usually take into account.  They look to understand how their wealth can best be invested to ensure fulfilling their wishes over time, and tend to focus on social issues such as sustainability, local development and inclusion. 


Indeed, this social aspect of finance is critical to understanding how women can differ from men. Women appreciate being able to work and learn with experts and like-minded people. We suspect that is a reason why Voleo, a new investment club app that allows users to interact, has 40% female customers while not even being directed particularly at women. Similarly, Nav.it, a money management app, tries to harness women’s preference for social proof to encourage women to engage more with their finances. The app’s founder, Erin Papworth, claims that women lack the “financial vocabulary” to talk about money in ways that are relevant to their lives and goals. The financial system is still geared towards men and tends to exclude women, who, Erin says in a Nav.it podcast,  are not confident discussing things like investing and compound interest. Thus the goal of the app is not only to help individuals manage their finances, but change the ways women engage with finances and build a system “that has the feminine experience integrated into the overall system”. Women’s socioeconomic situation is rapidly changing, she says, and women now have the “power of the purse” to effect broader change.

So, do women need their own financial services? The answer is both ‘yes’ and ‘no’. The financial gender gap is persistent across cultures and income groups. While financial services designed for women are unlikely to increase women’s incomes and close the gap, they can provide some very useful tools to help women manage their finances better and a way that suits their preferred modes of engagement. Women need their own financial services because existing solutions do not cater to their economic needs and expectations. And delivery is just as important as design: a financial tool may be theoretically perfect for women to use, but if it isn’t delivered in a way that speaks to women’s needs it will likely fail to reach its target market. 

However, we should warn that women are a very diverse group and experience both the financial gender gap and financial services themselves in diverse ways. Women’s financial practices therefore cannot be studied without taking into account the surrounding cultural, economic, legal and educational factors that make up the context of women’s lives. Moreover, what counts as “women’s lives” is in a constant state of change. For example, women’s investments are rising much faster that men’s. Women increasingly start their own companies or raise crowdfunded capital for their projects. Family patterns and job circumstances are also changing fast. When designing financial services for women we cannot treat women as a static, homogeneous group. We need nuanced research to feed into the intelligent design and delivery of financial services. 

There is plenty more to be done. We plan to develop new empirical research on women’s engagement with finances, covering issues such as how women engage with finances on the move, what services and products they use to grow their wealth, and how the digitization of ‘financial inclusion’ services such as microfinance impacts women. We particularly encourage companies and researchers to engage with women in practice by providing well-designed research that can contribute to the design of financial services that fit with women’s preferences, values and contexts. 

We also plan to update the overview of financial services for women to follow progress and changes in the market over time. A more complete analysis of financial services from different perspectives, focusing on factors such as economics, digital development, education, history, religion, consumer behavior, and more would be useful to build a more nuanced picture of women’s needs and the differences between women. 

And, most importantly, we need to be having broader conversations about these issues. Join us at the EWPN Research Network LinkedIn group to share your own ideas with industry professionals and academics who are working on these issues. You can also share your favorite books, articles, and white papers on the subject, or suggestions for companies we should look into and to include in our overview of the market. Above all, let us know if you agree with us or not. The more diverse and dynamic the conversation, the better placed we will be to understand why, and under what circumstances, diverse women may need their own financial services. 



The book chapter: Taylor, E.B. and A. Broløs. 2020. Financial technology and the gender gap: Designing & delivering services for women. In Women, Consumption and Paradox: Towards A More Humanistic Approach to Consumption, pp.103-128. Edited by Timothy de Waal  Malefyt and Maryann McCabe. Routledge.

The industry report: Broløs, A. and Taylor, E.B. 2020. Female Finance: Digital, Mobile, Networked. EWPN and Keen Innovation.


Endnotes
i Burton, Dawn. 1995. Women and financial services: Some directions for future research. International Journal of Bank Marketing 13(8): 21-28; Roderick, Leonie. 2017. Financial services brands ‘ignoring’ women in advertising. Marketing Week, 17 October, https://www.marketingweek.com/financial-brands-ignoring-women-ads/
ii E&Y. 2017: Banking on Gender Differences: Similarities and Differences in Financial Services Preferences of Women and Men in a Digital World; Hira, Tahira K. 2008. Gender differences in investment behaviour. In Handbook of Consumer Finance Research. Jing Jian Xiao, ed. 253-270. New York: Springer; Liébana-Cabanillas, Francisco José, Juan Sánchez-Fernández, and Francisco Muñoz-Leiva. 2014. Role of gender on acceptance of mobile payment. Industrial Management & Data Systems 114(2): 220-240; Morsy, Hanan, and Hoda Youssef. 2017. Access to Finance–Mind the Gender Gap. EBRD Working Paper No. 202.
 iii Almenberg, Johan and Anna Dreber. 2015. Gender, stock market participation and financial literacy. Economics Letters 137 (2015): 140-142; Bannier, Christina E. and Milena Schwarz. 2018. Gender-and education-related effects of financial literacy and confidence on financial wealth. Journal of Economic Psychology 67: 66-86; Driva, Anastasia, Melanie Lührmann, and Joachim Winter. 2016. Gender differences and stereotypes in financial literacy: Off to an early start. Economics Letters 146: 143-146.
 iv Morsy, Hanan, and Hoda Youssef. 2017. Access to Finance–Mind the Gender Gap. EBRD Working Paper No. 202; Servon, Lisa. 2017. The Unbanking of America: How the New Middle Class Survives. Houghton Mifflin Harcourt.