The Consequence of Financial Inclusion to People with Disabilities’ Welfare in Monduli District, Tanzania

Abstract

Financial inclusion is a critical tool for promoting economic empowerment and social well-being, particularly among vulnerable groups such as People with Disabilities (PwDs). This study examines the implications of financial inclusion on the well-being of PwDs in Monduli District, Tanzania, focusing on accessibility, usage, and the quality of financial services available to them. A sample of 134 respondents was selected using simple random sampling techniques. Data collection methods included structured questionnaires and were analysed using descriptive and inferential statistics. The findings reveal that while financial inclusion has the potential to enhance economic participation and reduce poverty among PwDs, several barriers persist. These include limited financial literacy, inadequate infrastructure, and restrictive policies that hinder access to financial services. The study also finds that age, gender, and education level, influence financial inclusion among PwDs. Despite the availability of the 2% Local Government Authority (LGA) loan for PwDs, access remains problematic, leading many to rely on informal means of survival, such as street begging. The study recommends targeted financial literacy programs, improved accessibility of banking services, and policy interventions to ensure that financial institutions cater to the needs of PwDs. Strengthening oversight mechanisms to ensure proper disbursement and utilization of LGA loans is essential for improving financial inclusion and enhancing the socio-economic well-being of PwDs.