• Sunday, July 14, 2024
businessday logo

BusinessDay

CBN,EFInA launch new evidence to address gender gap in financial access

financial access for women

Across Nigeria, women are dealing with money-saving, borrowing, making payments and sending and receiving money. Yet Nigerian women are significantly more likely than Nigerian men to be financially excluded, meaning that they do not have access to bank accounts, microfinance bank accounts, insurance, pension, or other financial services such as mobile money. When financially excluded women save, they save at home; if they borrow, they borrow from family members or friends. Without insurance, they are financially vulnerable when crises occur. 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.

In order to understand and address the gender gap in access to financial services, the Central Bank of Nigeria’s 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, this research has 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 Monday, December 9 at Eko Hotels & Suites from 8:30 am. The Central Bank of Nigeria’s Deputy Governor for Financial Systems Stability, Aishah Ahmad, will share insights from the research, in a session 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; Zino Afiegbe, Senior Relationship Manager at Women’s World Banking; and Ashley Immanuel, Head of Programmes at EFInA.

Interested attendees should visit  www.efinafic.org.ng to register for the event.