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[ISSN 2519-5883]
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The Relationship between gender-inclusive access to agricultural credit and household food security: evidence from Kirinyaga County
(Strathmore University, 2025) Muchira, B. M.
Numerous households in developing nations, notably in Africa, grapple with insufficient and nutritious food despite food insecurity interventions. Exclusionary agricultural financing, especially impacting women smallholder farmers, hampers food security by limiting credit, resources, and inputs, reducing crop yields, and hindering food production and household well-being. Addressing gender disparities in agricultural credit access is crucial to unlocking the potential of the agriculture industry, fostering sustainable food production, and improving livelihoods. This research investigates the relationship between household food security in Kirinyaga County, Kenya, and gender-inclusive access to agricultural credit. Objectives include exploring gender dynamics' influence on credit accessibility and its effect on household food security. The study delved into women's empowerment effects, scrutinized gender disparities in credit access, and assessed implications for food security. Cooperative membership's relationship with household food security is also examined. The exploration is guided by theoretical frameworks such as feminist theory, intra-household dynamics theory, and the Social Capital Food Theory (SCT). The study targeted approximately 50,782 farmers actively engaged in farming in Kirinyaga County, comprising 43,113 coffee cooperative farmers, 6,430 dairy farmers, and 1,239 irrigation cooperative farmers. Using the Yamane formula, a sample size of 397 farmers was determined for data collection. The research employed a stratified probability sampling methodology to ensure an impartial opportunity for every individual within the population to be chosen for inclusion in the sample. A Multivariate Probit analysis revealed that the ease of securing funds for farming by women and equal chances for men and women to get money for farming had a positive and highly significant influence on Food Availability, Food Utilization, and Food Accessibility. Women's involvement in farming and decision-making also had a positive and significant impact on household food security dimensions. However, challenges in accessing money for farming needs negatively affected Food Availability and Food Accessibility. Cooperative membership had a positive and highly significant effect on all three dimensions of food security. The study concludes that gender-inclusive access to agricultural credit, women's empowerment, addressing gender disparities, and strengthening cooperative membership are crucial for enhancing household food security. Recommendations include implementing gender-sensitive policies and initiatives, prioritizing women's empowerment in agriculture and decision-making, promoting inclusive lending practices, and strengthening cooperative membership. Stakeholders should adopt gender-inclusive practices such as targeted interventions, capacity-building programs for women farmers, and awareness campaigns promoting cooperative membership. Key words: Gender-Inclusive, Access to Agricultural Credit & Household Food Security
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The Effects of financial inclusion on agricultural productivity in Kiambu, Kenya
(Strathmore University, 2025) Onyango, B. A.
Agriculture is the dominant sector in Kiambu County, significantly contributing to the local economy and providing livelihoods to the community. Financial inclusion refers to the accessibility of quality financial services at a reasonable cost, is recognized as a powerful force that can boost agricultural productivity. Despite its potential benefits, the agricultural sector faces a significant gap in access to financial services, that is accounts, credit, savings, and agricultural insurance. While empirical studies have provided insights that illustrated the positive effect of financial inclusion on agricultural productivity, there is limited evidence of a comprehensive approach that integrates multiple financial inclusion indicators along with socio-demographic factors such as gender and education. This research utilized financial intermediation theory and endogenous growth theory to understand the phenomenon. The financial intermediation theory emphasized the role of financial intermediaries and explained why farmers are financially excluded, while the endogenous growth theory highlighted the importance of internal factors such as knowledge, innovation, and human capital in driving economic growth. The study aimed to establish the relationship between financial inclusion and agricultural productivity at the household level by analyzing financial inclusion indicators while considering socio-demographic factors, gender, and education with fertilizer consumption included to isolate the specific effect of financial inclusion on productivity. Using descriptive and correlational research design, primary data was collected from 100 households in Kiambu through a one-year household survey. The multivariate Ordinary Least Squares (OLS) regression model revealed that financial access and utilization—specifically bank accounts and credit—and socio-demographic factors, gender and education are crucial in determining agricultural productivity. Other variables, including mobile accounts, agricultural savings, insurance, mode of payment, and fertilizer type, did not show statistically significant effects. The study contributed to empirical literature by providing a context-specific analysis of financial inclusion's effect on agricultural productivity in Kiambu. The findings are useful for policymakers and financial institutions as they highlighted the need for tailored interventions to address the financial inclusion gap thereby enhancing the farmers’ economic well-being. The study's limitations included a small sample size and the exclusion of factors like market access and climate conditions, which may affect agricultural productivity.
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The Effects of public debt on monetary policy in the Gambia: moderating role of political leadership
(Strathmore University, 2025) Nyang, B.
Public debt is crucial in shaping a country's macroeconomic environment, influencing monetary policy decisions, economic stability, and growth. Managing these debts is critical for developing economies, particularly in sub-Saharan Africa, especially Gambia, where fiscal imbalances often intersect with monetary policy challenges. This study examines the impact of public debt on monetary policy indicators in The Gambia from 1983 to 2022. The method employed was the ARDL approach for the Short-Run, as the results from the F-bound tests indicated that there is no co-integration existing among variables. The correlation results suggested that an increase in foreign debt growth is associated with an increase in the money supply and exchange rate of The Gambia. The study found a moderate positive correlation between public debt and foreign debt, with a weak relationship with inflation and a negative correlation with interest rates. Foreign debt showed a moderate negative correlation with inflation and a strong correlation with both interest and exchange rates. Relationships between foreign debt and money supply or political leadership were weak. Conversely, strong positive correlations were observed among exchange rates, money supply, and political leadership. Increases in public debt positively affect money supply, interest rates, and inflation. Higher public debt correlates with rising exchange rates. Foreign debt significantly affects monetary policy and also positively affects interest rates, inflation and exchange rates. Public and foreign debts significantly influence key economic indicators, with political leadership moderating their effects on monetary policy. The study recommends that The Gambia should prioritize effective foreign debt management alongside domestic debt to achieve sustainable growth and inflation control. Enhanced collaboration between fiscal and monetary authorities, stable political leadership, and adopting proactive fiscal strategies and flexible monetary policies are also recommended to bolster resilience against external economic pressures and ensure long-term stability. Keywords: Short-Run ARDL, Public Debt, Monetary Policy, Political Leadership, Debt Management, Economic Stability, The Gambia.
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Determinants of financing decisions to fund startups by venture capital firms in Kenya
(Strathmore University, 2025) Wambua, D. K.
Kenya’s startup ecosystem presents unique dynamics that distinguish it from those of more developed economies, warranting a tailored examination of venture capital determinants. The local ecosystem is shaped by specific needs such as access to scalable funding, sector-focused support (especially in technology and agribusiness), and strategic guidance suited to an emerging market. Unlike established markets, regulatory frameworks in Kenya are evolving, creating an environment where venture funding decisions must consider varying levels of compliance and market volatility. The growing presence of incubators and accelerators further shapes the investment climate by offering essential mentorship, networks, and early-stage funding, which are crucial to the survival and growth of Kenyan startups. These context-specific elements underscore the importance of a region-focused study on venture capital financing and address gaps in existing literature predominantly focused on developed markets. This study sought to address this gap by investigating the determinants of Kenyan venture capital firms’ financing decision for startups Kenya. The specific objectives of the research were to investigate the influence of internal organizational determinants, external determinants, and incubation on Kenyan venture capital firms’ decision to finance startups in Kenya. The study was anchored on the Theory of Equilibrium Credit Rationing. The positivism philosophy was adopted for this research, which was performed using the cross-sectional research design. The sample for the current study comprised of finance and operation managers of venture capital firms in Kenya. The population of the study comprised 50 venture capital firms listed on the East African Venture Capital Association (EAVCA). A census was selected. Primary data was collected using structured questionnaires through a drop and pick approach and analyzed using Statistical Package for Social Sciences (SPSS). The findings showed that internal organizational determinants had a significant positive regression coefficient, suggesting a positive effect on Kenyan venture capital firms’ decision to finance startups. The analysis also showed that external determinants had a significant positive coefficient, indicating the positive influence of external determinants on the decision by venture capital firms to finance startups. Moreover, the findings indicated that incubation had a significant positive regression coefficient, which suggests a positive effect. Based on the findings of this study, it is recommended that policy makers should consider formulating policies to improve the external determinants and support incubation of startups. It is also recommended that owners and managers should improve their internal organizational determinants in order to favorably position themselves among venture capitalists. Keywords: Venture capital, financing, startups, Kenya
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Determinants of blockchain adoption readiness in Kenyan commercial banks’ remittance systems: the moderating role of bank size
(Strathmore University, 2025) Anjichi, E. C.
Remittances contribute to economic and social development, stimulating growth, enhancing stability, reducing poverty, and facilitating upward mobility for millions of families. They are leading and stable sources of foreign exchange for many countries. As such, remittances are expected to grow in the foreseeable future, especially in low and middle-income countries. However, current remittance systems are plagued by inefficiencies attributed to reliance on traditional methods that suffer from high transaction costs, a lack of transparency, sluggish processing times, and several other complexities. Blockchain technology is presented as a solution to these challenges, offering a faster, cheaper, and more secure way to send and receive money across borders. However, while plenty of research on blockchain exists, there is scant empirical evidence on its integration into banks’ remittance systems. This study aimed to contribute to this field by examining the readiness of Kenya’s commercial banks for blockchain integration into their remittance systems. The study examined these banks’ organisational readiness, technical readiness, and regulatory readiness. The study was grounded in the contingency theory and technology acceptance model, followed positivist research philosophy, and adopted a descriptive cross-sectional research design. 39 commercial banks constituted the units of analysis, whereby a cohort of 156 representatives was targeted. Primary data was collected using structured questionnaires and analysed using descriptive statistic and the PLS-SEM model to establish the relationship between variables. The structural modelling analysis showed that organisational readiness and technical readiness exert a positive and significant influence on blockchain adoption, whereas the effect of regulatory readiness was negligible. Furthermore, firm size had a negative moderating effect on organisational readiness, but its moderation of technical and regulatory readiness was not significant. Therefore, this research advocates for regulatory reforms and the formulation of strategic decisions aimed at driving banks’ technical capabilities and internal environments to drive blockchain integration into remittances.