CBN, EFInA push reforms to bridge gender financial gap
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The Central Bank of Nigeria and Enhancing Financial Inclusion and Advancement have issued a joint call for a radical shift in policy and product design to address the persistent barriers preventing women from accessing formal financial services.
Speaking at the “Gather, Gain, Grow” convening held in Abuja to commemorate International Women’s Month 2026, leaders from across the financial ecosystem argued that Nigeria’s inclusive growth is inextricably linked to intentional investment in women. Despite women making up a massive segment of Nigeria’s adult population and driving the majority of micro, small and medium enterprises, a significant gap remains in their integration into the formal banking sector.
The Chief Executive Officer of EFInA, Foyinsolami Akinjayeju, noted that the gathering was not merely a celebration but a strategic mandate for change. “Inclusive growth cannot be achieved without intentional investment in women, particularly women entrepreneurs who drive economic activity across markets, workshops, and communities in Nigeria,” Akinjayeju stated.
The Central Bank of Nigeria emphasised that the responsibility lies with both regulators and service providers to bridge this divide. The Director of the Consumer Protection and Financial Inclusion Department at the CBN, Dr Aisha Isa-Olatinwo, highlighted that the path forward requires more than just participation; it requires relevance.
“Advancing women’s financial inclusion requires clear and enabling policy pathways. Financial service providers must develop products and services that are responsive, affordable, and relevant to women’s realities,” Isa-Olatinwo noted.
This sentiment was echoed by the Technical Adviser to the President on Financial Inclusion, Nurudeen Zauro, who linked the success of these initiatives to broader national prosperity. “Supporting women is equivalent to supporting national development. Ongoing efforts continue to focus on improving outcomes for them as a priority segment of our National Financial Inclusion Strategy,” Zauro added.
A central theme of the convening was the power of “women-centred design”. Experts argued that financial institutions have long overlooked the grassroots associations and collectives that women already use to manage their finances. The EFInA Gender Lead, Emezino Afiegbe, challenged supply-side actors to look closer at these community-based structures to find the answers they seek.
“Supply-side actors should beam their searchlight on women’s collectives, patiently understand them, and utilise the ‘women-centred design’ methodology in building solutions around women’s lived realities and use cases,” Afiegbe noted.
The event concluded with a shared resolve among stakeholders, including representatives from the World Bank and the Ministry of Women Affairs, to move beyond dialogue. Michael Ilesanmi, Senior Financial Sector Specialist at the World Bank, described the timing of the policy shift as essential, noting that “women-led enterprises represent a critical segment for achieving inclusive growth and strengthening financial system stability”.
As EFInA’s Gender Centre of Excellence prepares to scale its capacity-building efforts for financial service providers, the Abuja convening stands as a pivot point toward a financial system that finally reflects the economic weight of the Nigerian woman.
Despite being a leading economy in Africa, Nigeria has historically struggled with a “gender gap” in financial inclusion. Data from previous years, such as the EFInA Access to Financial Services surveys, consistently show that women are less likely than men to have a bank account, use mobile money, or access formal credit.
A large percentage of Nigerian women operate in the informal economy, trading in open markets or running small home-based businesses, where transactions are predominantly cash-based.
Common hurdles include a lack of formal identification, lower literacy levels in certain regions, and a lack of collateral, like land titles, which are often traditionally held by men.
EFInA is a Nigerian financial sector development organisation funded by international partners like the UK’s Foreign, Commonwealth & Development Office and the Bill & Melinda Gates Foundation.
