Visa has announced the launch of a new white paper titled Privacy and Security for Women-Led SMBs in Digital Financial Services, which explores how women entrepreneurs perceive digital privacy and security risks and how these perceptions influence trust, adoption, and continued use of digital financial services.
Developed under the Digital Finance for All (DFA) initiative, a Visa-funded partnership with the GSMA Mobile for Development Foundation, the study focuses on women-led small and micro businesses and provides practical insights for digital financial service providers and ecosystem stakeholders aimed at strengthening trust, enhancing user control, and expanding safe access to digital finance.
Grounded in primary research conducted in Kenya, one of the world’s most advanced digital financial services markets, the white paper also draws on consumer insights from Visa’s research across Kenya and the broader Central and Eastern Europe, Middle East and Africa (CEMEA) region.
The report further notes that privacy and security are not only technical requirements but key trust drivers that determine whether women-led SMBs move beyond basic services such as person-to-person transfers to more advanced financial tools, including savings, credit, and business solutions.
The findings underscore how perceptions of privacy and security continue to shape digital financial services adoption and usage patterns.
According to the research, only 11% of consumers fully understand how their data is used, while a significant 85% remain concerned about unauthorized access. This lack of clarity reinforces caution and limits deeper engagement with DFS platforms.
However, transparency emerges as a critical trust factor, with over 79% of consumers indicating that clear communication about data usage strongly influences their willingness to continue sharing digital information.
The report also identifies a persistent gap between expectations and reality. Although women-led SMBs expect digital financial services to be safe, transparent, and user-friendly, many still perceive them as opaque or risky, resulting in restricted use and reduced access to broader financial tools.
The report further emphasizes that privacy and security are ecosystem-wide responsibilities, requiring collaboration among providers, fintechs, banks, regulators, and consumer organizations to strengthen protections, communication, and recourse mechanisms.
Highlighting the importance of trust in the digital financial ecosystem, Michael Berner, Senior Vice-President Southern & Eastern Africa at Visa, pointed to the company’s collaboration with GSMA under the Digital Finance for All initiative as a key driver of evidence-based solutions for providers.
“Trust is foundational to the digital economy. Through the Digital Finance for All partnership with GSMA, we are supporting evidence-based, practical guidance that helps providers build transparent, user-centred experiences,” said Michael Berner. ” This white paper offers a clear action framework to improve privacy, security, and recourse so more women-led SMBs can engage confidently with digital finance.”
To help bridge the trust gap, the paper sets out some practical steps for digital financial service providers. These range from building privacy into systems from the outset and simplifying communication around data practices to giving users more detailed control over their information and enabling discreet transaction options. It also stresses the importance of gender-sensitive complaint and resolution systems, partnerships to expand inclusive financial solutions, and the use of clear metrics to track improvements over time.
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