Latest Enhancing Financial Innovation and Access (EFINA) report has revealed that 32 million Nigerian women remained unbanked, while the Northern region has the highest population of financially excluded women, and 15 percent of adult Nigerian women belong to collectives and use collective social capital to meet their financial and non-financial needs.
The report which focused on “Women Economic Empowerment” derived from the 2020 Access to Finance assessment, highlighted that women face significant market access challenges due to lack of finance, societal challenges, absence of essential business skills and prevailing gender norms.
According to the report, 4.2 million women are saving at home, 3.6 million women are remitting through family and friends, while 7 million women are borrowing from family and friends, 2.4 million are interested in micro-insurance and another 4.7 million women are interested in mobile money.
In the area of women empowerment which is key to addressing financial exclusion, EFINA advised the government and institutions to explore gender-responsive policies in the country.
“Enforcing social protection systems for women like pensions, unemployment benefits, maternity protection and equal pay. Revision, adoption and enforcement of legislation that mandates equality of rights and opportunities for women.
It stated, “Women’s economic empowerment is central to realizing women’s rights and gender equality. When more Nigerian women can access skills, resources and agency to improve their livelihood, they will be equipped to advocate for their rights both in their household and outside their home.”
EFINA further noted that when more women have a chance to work, they contribute to the country’s productivity and economic diversification. It is estimated that Nigeria’s gross domestic product (GDP) could grow by 23 per cent (or $229bn) by 2025 if women participated in the economy to the same extent as men.
