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The Central Bank of Nigeria and Enhancing Financial Innovation and Access have called for a strategic overhaul of financial policies and product design to address the persistent barriers limiting women’s access to formal financial services in Nigeria.
The call was made during the “Gather, Gain, Grow” convening held in Abuja to mark International Women’s Month2026, where stakeholders across the financial ecosystem emphasised that inclusive economic growth depends on targeted investment in women.
Despite women playing a critical role in Nigeria’s economy—particularly within micro, small, and medium enterprises—a significant gap remains in their participation in the formal financial system.
Chief Executive Officer of EFInA, Foyinsolami Akinjayeju, described the event as a catalyst for action rather than a symbolic gathering.
“Inclusive growth cannot be achieved without intentional investment in women, particularly women entrepreneurs who drive economic activity across communities,” she said.
From a regulatory standpoint, the apex bank stressed that closing the gap requires coordinated efforts between policymakers and financial service providers. Director of Consumer Protection and Financial Inclusion at the CBN, Dr Aisha Isa-Olatinwo, highlighted the need for more responsive financial solutions.
“Financial inclusion for women must go beyond access—it must ensure that products are affordable, relevant, and aligned with women’s realities,” she noted.
Echoing this position, Technical Adviser to the President on Financial Inclusion, Nurudeen Zauro, linked women’s economic empowerment directly to national development outcomes.
“Supporting women is equivalent to supporting national development,” he said, noting that improving financial inclusion remains a priority under Nigeria’s broader strategy.
A key takeaway from the convening was the importance of “women-centred design” in financial services. EFInA’s Gender Lead, Emezino Afiegbe, urged financial institutions to better understand informal systems already used by women, such as savings groups and cooperatives.
“Providers must study and integrate existing women’s collectives into product design to build solutions that reflect real-life use cases,” she said.
Stakeholders, including representatives from the World Bank and the Ministry of Women Affairs, also stressed the urgency of translating discussions into actionable reforms. Senior Financial Sector Specialist at the World Bank, Michael Ilesanmi, described women-led enterprises as critical to achieving inclusive growth and financial system stability.
Nigeria continues to face a longstanding gender gap in financial inclusion, with data consistently showing that women are less likely than men to own bank accounts, access credit, or use digital financial services. Structural barriers—including limited access to formal identification, lower financial literacy in some regions, and lack of collateral—continue to constrain participation.
With a large proportion of women operating within the informal economy, stakeholders agree that bridging this gap will require not just policy reform, but innovative, inclusive, and context-driven financial solutions.
As EFInA advances its capacity-building initiatives through its Gender Centre of Excellence, the Abuja convening signals a renewed push toward building a financial system that better reflects and supports the economic contributions of Nigerian women.
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