Barriers and Interventions on the way to Empower Women through Financial Inclusion A Two Decades Systematic Review (2000-2020)

Abstract

Abstract Purpose This study aims to reduce ambiguity in theoretical and empirical underpinning by synthesizing various knowledge concepts through a systematic review on barriers and interventions to promote financial inclusion of women. Methodology We have used the PRISMA approach to explain various inclusions and exclusions extracted from Scopus & WOS databases and backward and forward search of important studies. Collaborative peer review selection with a qualitative synthesis of results was used to explain various barriers and interventions in financial inclusion that affected women's empowerment in the period 2000-2020. Interpretation Out of 1740 records identified, 67 studies were found eligible for detailed investigation. The pathway modulated had limitations and benefits of WOS and Scopus data. This study has identified patriarchy structures, psychological factors, low income/wages, low financial literacy, low financial accessibility and ethnicity as six prominent barriers and government & corporate programs/policies, microfinance, formal saving accounts & services, cash & asset transfer, self-help groups and digital inclusion as six leading interventions to summarize the literature and highlight its gaps. Originality The surrounding literature is vast, complex and difficult to comprehend, necessitating frequent reviews. But, due to the sheer size of the literature, such reviews are generally fragmented focusing only on the factors causing the financial exclusion of women while ignoring the interventions that have been discussed all along. Filling up this gap our study attempts to provide a bird's-view to systematically connect all the factors as well as mediations found in past studies with the present and future.