CBN prioritising women financial inclusion to bridge gender gap — Cardoso

Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the apex bank is prioritising financial inclusion for women to close the gender gap.

Cardoso said this during a question-and-answer session at the 30th Nigeria Economic Summit (NES30) in Abuja on Wednesday. He said that the CBN was taking deliberate measures to bridge the gender gap within the banking sector and empower women economically.

According to him, women play essential roles in the country’s economy.

“Women constitute a significant portion of the workforce and contribute extensively across various sectors.

“Women’s resilience and silent influence go a long way in advancing economic activities, particularly in the country and other parts of Africa,” he said.

Cardoso said that some recent CBN initiatives were aimed at strengthening financial opportunities for women.

Read also: CBN reaffirms commitment to financial system stability, safety of depositors’ funds

“A week or so ago, the CBN signed a code for women entrepreneurs financing, and it is going to implement a framework that will hopefully lead to greater financial inclusion for women in the country.

“This new initiative, which is backed by partnerships with the Development Bank of Nigeria and the Bank of Industry, is designed to expand financial services access and improve economic opportunities for female entrepreneurs.

“We need to go back to addressing the fundamentals. Without a strong economic base, trade-offs will only offer short-term solutions,” the CBN governor said.

The session also addressed pressing issues surrounding Nigeria’s economy, monetary policy, and rising inflation.

Cardoso said that the recent monetary policy decisions included raising interest rates from 26.75 percent to 27.25 percent, and adjusting the bank’s Cash Reserve Ratio (CRR) to 50 per cent for commercial banks. He said that the policies were aimed at curbing inflation.

Cardoso noted that high inflation eroded purchasing power, discouraged investment, and ultimately impacted the productive sector.

“Taming inflation is key because if you do not tame it, it has a major throwback. It can deter investment and significantly reduce purchasing power. We hope that as inflation begins to moderate, interest rates will start to come down,” he said.

He said that a balanced approach would eventually allow for lowered interest rates as inflation moderated, making it easier for businesses to thrive.