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Financial Inclusion research shows business education works and drives change for people around the world

Published

One of Saïd Business School’s key ambitions is to bring Oxford University expertise and research to people around the world.

Business education transforms lives; providing not just understanding but opportunities to make an economic difference for individuals, families and communities.  How this can work in practice is explored in a new White Paper which has been delivered by Oxford Saïd’s Financial Inclusion Programme’s associate director Dr Revital Marom with Dr Sarah Burns, an Africa-based expert researcher and consultant specialising in ethical and sustainable private sector development in frontier markets. 

The Oxford Saïd White Paper: The Role of Microfinance Institutions and Financial Literacy in Strengthening Entrepreneurial Capacity Among Women in Zimbabwe – charts an extraordinary research project into the financial literacy needs of women entrepreneurs, to determine the most effective use of financial literacy courses – to help women micro-entrepreneurs succeed and thrive.  The aim is to meet a real need. In the White Paper, a representative from First Mutual, a Zimbabwean non-banking financial services group, noted: ‘Right now, financial literacy programmes only serve select groups, often in urban centres or among specific borrower segments. Without government involvement, it will be difficult to ensure these programmes reach the broader population, especially in rural and underserved areas.’ 

According to the paper, contextual business education is the key: ‘The research highlights a strong demand for practical, hands-on training tailored to real-world business challenges, with participants emphasising the importance of mentorship, follow-up support and community-based learning approaches. By addressing these gaps, financial literacy initiatives can become a powerful tool in strengthening women-led businesses, promoting economic resilience and fostering greater financial inclusion across Zimbabwe.’ 

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The researchers interviewed women micro-entrepreneurs, leaders of the microfinance institutions (MFI’s) and members of other financial organisations, which support those women by providing them with financial assistance and some business skills training.  

The White Paper revealed that, although many women micro-entrepreneurs have had some financial literacy training, existing programmes often do not cover critical issues such as: loan management, business formalisation and long-term financial planning and, according to Revital, they are not sustainable, since there is no follow-up or progression. The researchers also found there were structural barriers for women seeking to access affordable credit. Borrowing costs were also high and short repayment periods hindered business growth.  

Professor Thomas Hellman, DP World Professor of Entrepreneurship and Innovation at Oxford Saïd, said in the Paper’s forward: ‘Entrepreneurship drives economic prosperity, yet not everyone has an equal starting point. Inclusive ecosystems empower the talent of all its members, but women often face additional challenges in starting their own ventures. Naturally, entrepreneurship is all about overcoming barriers, but entrepreneurs also need to be properly equipped to have a fair chance.’ 

Speaking about the research, Revital maintained: ‘We have  a mandate from Dean Soumitra Dutta to start a programme of financial inclusion for micro-entrepreneurs, women and youth in India and Africa. We got out in the field to undertake an analysis of what was going to work for our target group in this case women micro-entrepreneurs.’ 

Carried out on the ground in Zimbabwe, the researchers worked closely with women micro-entrepreneurs, seeing and hearing about their journeys in building their businesses, the difficulties they encountered, and their goal in further growing their ventures. 

Our work is based on a needs analysis, providing data on how best to help women entrepreneurs succeed – filling a gap in knowledge.

Dr Sarah Burns

CEO & Founder at Nia

Sarah continued: ‘We conducted three focus groups of women micro-entrepreneurs in rural/semi-rural and urban areas and talked to them in their environment about what they do and the challenges that they are facing.’ 

Enthusiastically, Revital said: ‘We talked with them for hours.’ 

Sarah explained: ‘To expand the reach, we did a WhatsApp survey as well – that is the tool which will reach as many voices as possible in the region.’ 

Revital maintained: ‘We are now trying to raise funds to support a pilot project of the financial literacy programme in Zimbabwe for 600-800 women. Throughout the pilot, we will conduct an evaluation study which will help us better adopt the programme to the women’s need. We will then expand the programme for many more women micro-entrepreneurs in Zimbabwe. Our plan is to expand the pilot programme  across Africa and to reach as many women and young micro-entrepreneurs as possible.’ 

Crucially, it is essential for any financial literacy programme to have ‘entrepreneurs for entrepreneurs’. According to the White Paper: ‘An SME consultant (2025) also highlighted the importance of long-term support for borrowers, noting that, ‘The only thing that works is having a mentor and advisor walk along with the business for a long time. They need hands-on training, and someone they can trust who understands their culture and needs.’'

The White Paper concluded: ‘Ultimately, this research paves the way for initiatives that empower women, foster economic resilience and help break the poverty cycle for micro-entrepreneurs in Zimbabwe.’ 

Financial literacy in emerging markets