As Nigeria navigates the path to inclusive financial growth, the role of men as allies and catalysts for shaping financial and economic inclusion has never been more critical. The 2024 International Men’s Day provides an opportunity to reflect on how men can be positive role models that foster inclusive finance and champion systemic changes that empower women economically and drive equitable access to financial services, particularly in communities and institutions where gender disparities remain a significant challenge.
The EFInA 2023 Access to Financial Services Survey shows that while Nigeria has made significant progress in financial inclusion, disparities remain as 70.1% of men are formally included compared to 58.8% of women, revealing an 11.3% gender gap. More women (85.2%) run out of money than men (83.8%), just as there are more men (71%) than women (66%) that budget for their money. There are also more men (52%) than women (46%) who keep track of their income and expenditures. Also, SANEF data as of September 2024 shows that only 675,991 (35%) of Nigeria’s 1,931,421 financial services agents are women, limiting the influence of women, who are often trusted community builders with greater potential of driving financial inclusion. Men dominate financial inclusion metrics across savings, credit, pension, insurance uptake, and identity document (ID) ownership. The stats are against women, and this data underscores a critical challenge: the need to empower women and encourage men as role models, allies and mentors who champion women’s financial and economic inclusion.
Why Men Matter in Financial Inclusion
Men hold influential positions as household heads, community leaders, and decision-makers in workplaces, making them critical advocates for women’s agency. When men actively encourage women to make independent financial decisions, engage in savings, and invest in income-generating activities, they help create a more inclusive and resilient financial ecosystem. By influencing these spheres, men can help create environments where everyone can access essential financial tools like credit, savings, payments, insurance and pensions. Here’s how:
1. Men as Gatekeepers of Access: Men are the primary financial decision-makers in many households. When financially literate, they can encourage investments in women’s education, businesses, and financial independence.
2. Community Leadership: As community leaders, men can advocate for equitable access to financial services, particularly in underserved rural areas where 62% of formally excluded adults live.
3. Promoting women’s agency by mitigating the adverse effects of entrenched norms and opening doors for women to participate equally in financial and economic systems. Men encouraging women’s participation in community savings groups or micro-investments can significantly reduce the gender gap in financial inclusion.
4. Professional influence through a push for policies that bridge gender gaps, such as offering gender-sensitive financial products, solutions and processes.
The Economic Case for Inclusion
Bridging gender disparities in financial inclusion can significantly boost Nigeria’s economy. The EFInA 2023 Access to Financial Services in Nigeria survey shows that 62% of Nigerian adults earn less than N100,000 monthly, with men often earning more. This income gap affects women’s ability to save, invest, or access credit. Men can demonstrate the value of disciplined saving and prudent investment decisions as mentors, fathers, or community leaders. Encouraging women to save through mobile wallets or participate in cooperative savings schemes can promote financial resilience, unlock economic independence, and growth pathways.
Driving Individual and Systemic Change
The Gender at Work framework addresses systemic barriers and power imbalances hindering women’s economic empowerment. Men, as allies, can be instrumental in driving both individual and systemic changes by:
1. Creating inclusive work environments where male leaders champion workplace policies that promote equal pay, flexible work arrangements, and mentorship opportunities, introduce initiatives such as financial literacy programs tailored for female employees, helping them understand investment options, manage debt, and build long-term wealth.
2. Driving advocacy for women’s participation in decision-making positions by dismantling systemic barriers perpetuating gender inequalities in financial and economic spheres.
3. Advocating for policy reforms where male policy-makers push for gender-sensitive financial policies, such as incentives for women-led businesses or easier access to credit for female entrepreneurs.
Key Recommendations for Action
1. Promote male role models by spotlighting men who champion inclusive financial practices in their communities, demonstrating the social and economic benefits of inclusion.
2. Expand financial literacy programs by designing initiatives that promote men as advocates for inclusive financial behaviors within households and communities.
3. Encourage male mentorship programs where successful male entrepreneurs mentor women and youth on financial management and business growth.
4. Support women agents by leveraging male-dominated networks to recruit and support female financial service agents, enhancing women’s representation and trust in underserved areas.
5. Incentivize male-led organizations to integrate women into decision-making roles.
6. Collaborate with male leaders to promote cultural shifts, encouraging women’s participation in financial ecosystems.
Conclusion
As Nigeria celebrates International Men’s Day, the focus should shift to how men can lead the charge for inclusive finance. Men can become the ideal role models championing financial inclusion as a driver of equitable economic growth. By bridging the gender gap, fostering community trust, and supporting innovative solutions, males in several works of life can help build a society where financial and economic inclusion becomes a shared reality, accelerating our collective efforts towards sustainable prosperity.
Immanuel Umukoro is the Policy and DFS Manager at EFInA
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