Northern women remain underserved in financial services – Moniepoint boss

Tosin Eniolorunda, chief executive officer and co-founder of Moniepoint Inc. has said that despite the increasing recognition of the benefits of gender-inclusive finance, a significant gap exists, especially for women in the northern region.

Speaking at the 2nd edition of the International Financial Inclusion Conference, during a panel session themed “Leveraging Data to Accelerate Access to Finance for Women-Owned and Women-led Enterprises in Nigeria,” he stated that despite efforts to foster financial inclusion for all Nigerians, access to finance for women-owned and women-led enterprises in the North remains limited.

“Understanding the underlying factors behind this gap is essential for creating sustainable solutions that not only drive inclusivity but also tap into the untapped economic potential of women in these regions,” he added.

According to him, Moniepoint has over 2 million small businesses, and only 37 percent are owned by women. “While the South shows near-equal representation of male and female business ownership, the numbers shift significantly in the North, where fewer women own businesses.”

He added that women-owned businesses are likelier to stay active and show higher engagement rates in financial transactions. In cases where financial support has been extended—through investments, KYC compliance, or the provision of tools like point-of-sale devices—female-led businesses have a 7.2 percent higher activity rate than their male counterparts.

“Additionally, Northern women with access to business cards are 9.2 percent more likely to use them actively, pointing to their willingness to participate in the formal financial system when given the opportunity,” Eniolorunda stated

He said research indicates that women-owned businesses have an 87.5 percent lower loan non-performance rate (NPL) than male-owned enterprises.

The CEO also disclosed that financial service providers play a vital role in supporting gender-inclusive finance.

He said, “By collecting and analysing data on gender trends in small business performance, they can craft better policies, targeted products, and support services that encourage more women entrepreneurs. As one industry expert noted, “Data is the new oil,” and its application in the financial sector could be transformative for women-led businesses.”

Ultimately, he said, this data-driven approach goes beyond corporate social responsibility (CSR). “It underscores the economic potential of investing in women entrepreneurs, who have proven to be diligent and enhance profitability,” Eniolorunda added.