Beneficiary Characteristics and Sustainability of Financial Inclusion Fund Program, a Case of Mavoko Constituency, Machakos County.

Abstract

The fundamental goal of this research was to examine the factors affecting the long-term viability of Machakos County's financial inclusion fund program as a function of recipient characteristics. The unique qualities, features, and situations of Project recipients are known as beneficiary characteristics. "Project Beneficiaries" are those who stand to gain financially as a result of the project's execution. One key aspect of financial inclusion programs is their sustainability. Sustainable financial inclusion programs are those that are able to continue providing financial services to beneficiaries even after the completion of the program. Details about the recipient's gender, age, education level, marital status, and prior involvement in the program were among the demographic attributes examined in this descriptive-analytical study. Other attributes included the beneficiary's financial literacy and income level. Only 67 out of 203 women's self-help groups in the Mavoko constituency really took the time to fill out the survey. Statistical software for the social sciences, SPSS version 22, developed by IBM, was utilized to evaluate data collected via trustworthy questionnaires. We used content analysis to qualitatively examine the dependent variable and the emerging independent components. Secondly, the link between the dependent and independent variables was found using inferential statistics such as regression and correlation analysis. Nearly three quarters of the target group (49 people) took the time to fill out the survey. Financial literacy, income level, demographics, and experience are the four independent variables that significantly and positively affect the sustainability of the financial inclusion fund program, according to the study. This study examined the factors influencing the sustainability of a financial inclusion fund program in Mavoko Constituency, Machakos County. Data was collected from 49 respondents through questionnaires, with a 73.1% response rate. The majority were female (83.7%), aged 31-40 years (28.5%), with secondary education (63.3%). Findings showed respondents had positive perceptions of financial literacy and faced challenges meeting basic needs due to low income levels. They were aware of gender-based financial disparities and believed in ongoing financial education. The program's response time, value for beneficiaries' time, and minimization of barriers were satisfactory. Multiple regression analysis revealed that financial literacy (β=0.722), beneficiary's income level (β=0.632), demographic characteristics (β=0.714), and experience (β=0.564) significantly influenced program sustainability, explaining 63.6% of the variance. Financial literacy had the highest impact. The study concludes that gender-inclusive financial inclusion programs are essential, and financial literacy, income levels, demographics and experience are critical factors for success. Recommendations include integrating financial literacy training, addressing income disparities, adopting gender-sensitive approaches, and streamlining processes to enhance sustainability. Future research should examine long-term impacts of financial literacy programs and the success of gender-inclusive initiatives on socioeconomic development.