The Central Bank of Nigeria (CBN) is making significant strides in financial sector reforms, with a strong focus on enhancing financial inclusion as the country experiences improved macroeconomic stability. Emem Usoro, Deputy Governor of the CBN, recently emphasized the importance of financial access in driving economic growth, particularly for women-led businesses and underserved communities, during Citibank’s inaugural Women in Central Banking event in London.
A recent study conducted by the CBN revealed a nine percent gender gap in access to finance, attributing this disparity to low trust in financial service providers and limited financial literacy among women. In response to these challenges, the CBN has established a Gender Desk within its Financial Inclusion Unit and launched initiatives such as the Women Entrepreneurs Finance (WE-FI) Code Commitment and the Framework for Advancing Women’s Financial Inclusion in Nigeria (FAWFIN).
Usoro reiterated the CBN’s commitment to implementing data-driven policies that aim to expand credit access, improve financial literacy, and support innovative fintech solutions. She emphasized the importance of collaboration among various stakeholders to effectively bridge the financial inclusion gap and empower women in Nigeria’s economy.
The CBN’s efforts to promote financial inclusion and address gender disparities in access to finance are crucial steps towards fostering sustainable economic growth and development in Nigeria. By prioritizing initiatives that support women entrepreneurs and underserved communities, the CBN is playing a pivotal role in advancing financial inclusion and driving inclusive economic growth in the country.
