CBN, EFIna to Launch new Financial Inclusion Report

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele

The Central Bank of Nigeria (CBN) and EFIna are set to launch a new scheme to show improving financial inclusion rate for Nigerian Women.

The scheme would be  in the area of savings, borrowing, making payments, sending and receiving money. This follows the understanding that Nigerian women are significantly more likely to be financially excluded than men, and may not have access to bank accounts, microfinance bank accounts, insurance, pension, or other financial services such as mobile money.

According to a statement, the two institutions believe that financially excluded women often tend to save at home; while they are not likely to patronise formal financial institutions to borrow to expand their businesses.

They also noted that without insurance, such women are financially vulnerable when crises occur while the death or serious illness of a family member, a change in market prices, or a natural disaster can wipe out a woman’s savings and put her family at risk.

It was in consideration of these challenges that seek to understand gender gap in access to financial services, that the CBN Financial Inclusion Secretariat and Enhancing Financial Innovation & Access (EFInA) have conducted in-depth research about women’s financial inclusion in Nigeria.

Based on a nationwide survey, in-depth discussions with women and men, and interviews with financial service providers, the research identified significant factors associated with women’s financial exclusion and opportunities to address the gender gap in financial access.

These findings will be shared at the EFInA Financial Inclusion Conference, which takes place on December 9, at Eko Hotels and Suites from 8:30am.

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The CBN Deputy Governor for Financial Systems Stability, Aishah Ahmad, will share insights from the research, in a session to be opened by the British Deputy High Commissioner, Harriet Thompson.

The topic of women’s financial inclusion and economic empowerment will be further discussed by Joseph Attah, Head of the Financial Inclusion Secretariat; Mayowa Kuyoro, Associate Partner at Mckinsey & Company;  Bunmi Lawson, Managing Director of EdFin Microfinance Bank; Ini Abimbola, CEO of ThistlePraxis Consulting and Zino Afiegbe, Senior Relationship Manager at Women’s World Bank, among others.