Paragraph 1: The Call for Inclusion and CBN’s Commitment
Ms. Emem Usoro, the Deputy Governor (Corporate Services) of the Central Bank of Nigeria (CBN), has emphasized the vital need for greater inclusion of women and other underserved groups within the financial ecosystem. Speaking at Citibank’s inaugural Women in Central Banking event in London, which coincided with International Women’s Day, Usoro highlighted the CBN’s dedication to implementing data-driven policies that promote wider access to finance, stimulate investment, and cultivate a more inclusive and dynamic economy. The event brought together female Deputy Governors from various central banks, including Kenya, Turkey, Israel, Kazakhstan, Nigeria, and the United Kingdom, creating a platform for shared insights and collaborative efforts towards achieving greater gender equity in the financial sector.
Paragraph 2: CBN’s Strategic Initiatives for Financial Inclusion
Usoro expressed confidence in the CBN’s strategic initiatives under the leadership of Governor Olayemi Cardoso, which are designed to significantly boost financial inclusion for women and other marginalized groups. She emphasized that these efforts are not merely about increasing access to financial services, but about unlocking economic value by fostering entrepreneurship, broadening market participation, and enhancing financial resilience. Recognizing the crucial link between women’s economic empowerment and overall economic prosperity, Usoro asserted that when women thrive, economies flourish, and opportunities expand for all. This focus on inclusivity underscores the CBN’s commitment to a more equitable and sustainable financial landscape.
Paragraph 3: CBN’s Targeted Policies and Strategies for Women’s Financial Inclusion
Looking ahead to International Women’s Day 2025, Usoro outlined the CBN’s specific policies and strategies aimed at accelerating women’s financial inclusion and narrowing the gender gap in access to finance. A key step taken by the CBN, in partnership with development organizations, was a comprehensive assessment of women’s financial inclusion in Nigeria. This study revealed a nine percent gender gap in access to financial services and identified key obstacles such as low trust in financial institutions and limited financial literacy among women. In response to these findings, the CBN established a dedicated Gender Desk within its Financial Inclusion Unit, demonstrating a proactive approach to addressing the specific challenges faced by women in accessing financial services.
Paragraph 4: CBN’s Reforms and Initiatives for Gender Financial Inclusion
Usoro acknowledged the challenges faced by the current CBN management team upon assuming office and outlined a series of crucial reforms implemented to refocus the CBN on its core mandate. Among these reforms, she highlighted the launch of the Women Entrepreneurs Finance Code Commitment, a collaborative effort between the CBN, the Development Bank of Nigeria, and the Bank of Industry. This initiative underscores the importance of providing targeted support to women entrepreneurs. Furthermore, the CBN introduced the Framework for Advancing Women’s Financial Inclusion in Nigeria, a comprehensive roadmap for achieving greater gender equity in the financial sector. The inauguration of an inter-agency Special Interventions Working Group, with a primary focus on women’s financial inclusion, further demonstrates the CBN’s commitment to collaborative action and policy implementation.
Paragraph 5: Addressing Challenges and Building Trust
The nine percent gender gap identified in the CBN’s study highlights the disparity in access to finance between men and women in Nigeria. The low trust in financial service providers, coupled with limited financial literacy, presents significant barriers to women’s full participation in the financial system. Addressing these challenges requires a multi-pronged approach, including building trust through transparent and ethical practices, enhancing financial literacy through targeted educational programs, and creating tailored financial products and services that meet the specific needs of women. These efforts are crucial for empowering women economically and fostering their financial independence.
Paragraph 6: A Call for Collaboration and Investment
Usoro concluded her presentation with a call to action, urging participants to join forces in promoting women’s financial inclusion. She encouraged partnerships with financial institutions to expand credit facilities for women-owned businesses, investments in the fintech ecosystem – particularly in infrastructure that enhances access to digital finance – and support for capacity-building programs that strengthen women’s financial literacy and entrepreneurial skills. By fostering collaboration among various stakeholders, including central banks, financial institutions, development organizations, and the private sector, the goal of achieving greater financial inclusion for women can be realized, leading to a more inclusive and prosperous future for all.
