Framework to boost women’s financial inclusion in Nigeria launched by the CBN

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The Central Bank of Nigeria has launched a framework that would advance women’s financial inclusion.

This was disclosed in an online event on Tuesday tagged “Access to Finance Framework for Women” and anchored by Dr Paul Olukpe.

The framework was developed by the CBN in collaboration with EFInA and Women’s World Banking with input from over 50 stakeholder institutions and developed by the Financial Inclusion Special Intervention Working Group.

According to plans, the framework aims at boosting Nigeria’s global profile with an inclusive financial sector that has closed the gender gap by 2024.

It also include eight strategies that would drive improved access to finance for women in Nigeria.

The Deputy Governor, Financial System Stability of the Central Bank of Nigeria, Mrs. Aisha Ahmad, had thrown her weight behind the new initiative by citing EFInA’s last report on financial inclusion in 2018 as a pivot.

It would be recalled that EFInA 2018 Financial Inclusion report showed gender imbalance and a clear need to attend to the issue of growing female financial exclusion. For example, the report stated that 40.9% of females were financially excluded as against 32.5% of males.

Mrs. Ahmad remarked that, perhaps, the figures might even be wider if unattended to especially in this period of crisis.

Ahmad tasked financial institutions to address structural issues limiting women’s access to finance by understanding and developing products that are specifically tailored to address such issues.

Reports indicate that supporting a stronger role or empowering women is a key enabler in reducing poverty, stimulating economic growth and ensuring sustainable development.

In his remarks, the Director of development finance department of CBN, Mr. Yusuf Philip Yila, citing ‘The Power Parity report by McKinsey’ stated that the economic consequences of pursuing gender equality include a potential addition of $28trillion to global annual GDP by 2025.

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