SMART REGULATION FOR SUSTAINABLE FINANCE: ARTIFICIAL INTELLIGENCE AND WOMEN-LED ENTERPRISES IN KENYA

It has been argued that throughout history, women have often been overlooked, and their contributions have been recorded in anonymity.1 However, despite this, women entrepreneurs, innovators, and managers have provided innovative solutions that are crucial not only in household matters but also in various industries and sectors on both global and domestic levels. Women-led enterprises have untapped potential to address and tackle the challenges of our time, including the urgent issues of climate change, biodiversity degradation, pollution, and the emergence of artificial intelligence. While Kenya is undeniably making significant progress as the Silicon Savannah by promoting financial inclusion through mobile money and advanced technological initiatives, there are still challenges that hinder bridging the gap for women and marginalized communities. These challenges pose a threat to the sustainability of these initiatives. This paper contends that artificial intelligence (AI), when implemented responsibly and ethically, can have a transformative impact in addressing these challenges. AI can enhance financial services, promote inclusion, and foster sustainable economic growth. However, the paper identifies unequal access faced by women-led enterprises to AI, technology, financial services, and economic opportunities as a significant challenge. This unequal access can worsen existing social and economic disparities, hindering women’s inclusive and sustainable development within the financial system.