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Nigeria: As CBN, Efina Unveil Framework for Women’s Financial Inclusion

Nigeria: As CBN, Efina Unveil Framework for Women’s Financial Inclusion

Lagos — With the growing global focus and debate over gender-based discrimination across almost all levels of human interaction, forward-thinking leaders are clamoring for the needed change to close the gender gap.

According to UN Women, over the past decade, 131 countries have passed laws to support gender equality. However following the outbreak of the Covid-19 pandemic, some of these gains may have been lost, particularly with regards to the financial inclusion and economic empowerment of women.

Several studies confirm the disproportionate impact of the COVID-19 pandemic on women, pushing them out of both formal and informal employment, businesses and in some cases entirely from the financial system.

These are some of the thoughts that led to the development and launch of the Framework for Advancing Women’s Financial Inclusion in Nigeria by the Central Bank of Nigeria (CBN) in partnership with the Financial Inclusion Special Interventions Working Group (FISIWG), Enhancing Financial Innovation and Access (EFInA) and Women’s World Banking (WWB).

At the e-Launch of the Framework, which held recently, Deputy Governor, Financial System Stability, CBN, Mrs. Aishah N. Ahmad, presented a clearer picture on financial inclusion of women in Nigeria.

“According to EFINA, the female financial exclusion rate was 40.9 per cent in 2018 compared with 32.5 per cent for men. This gap may have widened as a result of the coronavirus pandemic given women’s primary responsibility for caregiving, likelihood to be frontline health workers and their predominance in the informal sector which has been severely affected by the coronavirus induced-lock down”

She further stated that, “the negative effects of the pandemic on women’s financial inclusion have manifested in the context of existing structural challenges which have kept women out of the financial system such as cultural norms, lower education and financial literacy levels, poverty, high cost of financial services,

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CBN, EFInA, Women’s World Banking unveil framework for women’s financial inclusion

CBN, EFInA, Women’s World Banking unveil framework for women’s financial inclusion

BY DAPO AKINTOYE

With the growing global focus and debate over gender-based discrimination across almost all levels of human interaction, forward-thinking leaders are clamoring for the needed change to close the gender gap. According to UN Women, over the past decade, 131 countries have passed laws to support gender equality. However following the outbreak of the Covid-19 pandemic, some of these gains may have been lost, particularly with regards to the financial inclusion and economic empowerment of women. Several studies confirm the disproportionate impact of the COVID-19 pandemic on women, pushing them out of both formal and informal employment, businesses and in some cases entirely from the financial system.

These are some of the thoughts that led to the development and launch of the Framework for Advancing Women’s Financial Inclusion in Nigeria by the Central Bank of Nigeria (CBN) in partnership with the Financial Inclusion Special Interventions Working Group (FISIWG), Enhancing Financial Innovation and Access (EFInA) and Women’s World Banking (WWB).

At the e-Launch of the Framework, which held recently, Mrs. Aishah N. Ahmad, Deputy Governor, Financial System Stability, CBN presented a clearer picture on financial inclusion of women in Nigeria. “According to EFINA, the female financial exclusion rate was 40.9% in 2018 compared with 32.5% for men. This gap may have widened as a result of the coronavirus pandemic given women’s primary responsibility for caregiving, likelihood to be frontline health workers and their predominance in the informal sector which has been severely affected by the coronavirus induced-lock down”

She further stated that “the negative effects of the pandemic on women’s financial inclusion have manifested in the context of existing structural challenges which have kept women out of the financial system such as cultural norms, lower education and financial literacy levels, poverty, high cost of financial services, concentration of women

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As CBN, EFInA Unveil Framework for Women’s Financial Inclusion

As CBN, EFInA Unveil Framework for Women’s Financial Inclusion

By Dapo Akintoye

With the growing global focus and debate over gender-based discrimination across almost all levels of human interaction, forward-thinking leaders are clamoring for the needed change to close the gender gap.

According to UN Women, over the past decade, 131 countries have passed laws to support gender equality. However following the outbreak of the Covid-19 pandemic, some of these gains may have been lost, particularly with regards to the financial inclusion and economic empowerment of women.

Several studies confirm the disproportionate impact of the COVID-19 pandemic on women, pushing them out of both formal and informal employment, businesses and in some cases entirely from the financial system.

These are some of the thoughts that led to the development and launch of the Framework for Advancing Women’s Financial Inclusion in Nigeria by the Central Bank of Nigeria (CBN) in partnership with the Financial Inclusion Special Interventions Working Group (FISIWG), Enhancing Financial Innovation and Access (EFInA) and Women’s World Banking (WWB).

At the e-Launch of the Framework, which held recently, Deputy Governor, Financial System Stability, CBN, Mrs. Aishah N. Ahmad, presented a clearer picture on financial inclusion of women in Nigeria.

“According to EFINA, the female financial exclusion rate was 40.9 per cent in 2018 compared with 32.5 per cent for men. This gap may have widened as a result of the coronavirus pandemic given women’s primary responsibility for caregiving, likelihood to be frontline health workers and their predominance in the informal sector which has been severely affected by the coronavirus induced-lock down”
She further stated that, “the negative effects of the pandemic on women’s financial inclusion have manifested in the context of existing structural challenges which have kept women out of the financial system such as cultural norms, lower education and financial literacy levels, poverty, high cost of financial

Read the rest
CBN, EFInA, WWB Unveil Framework For Women’s Financial Inclusion

CBN, EFInA, WWB Unveil Framework For Women’s Financial Inclusion

With the growing global focus and debate over gender-based discrimination across almost all levels of human interaction, forward-thinking leaders are clamoring for the needed change to close the gender gap. According to UN Women, over the past decade, 131 countries have passed laws to support gender equality. However following the outbreak of the Covid-19 pandemic, some of these gains may have been lost, particularly with regards to the financial inclusion and economic empowerment of women. Several studies confirm the disproportionate impact of the COVID-19 pandemic on women, pushing them out of both formal and informal employment, businesses and in some cases entirely from the financial system. These are some of the thoughts that led to the development and launch of the Framework for Advancing Women’s Financial Inclusion in Nigeria by the Central Bank of Nigeria (CBN) in partnership with the Financial Inclusion Special Interventions Working Group (FISIWG), Enhancing Financial Innovation and Access (EFInA) and Women’s World Banking (WWB).

At the e-Launch of the Framework, which held recently, Mrs. Aishah N. Ahmad, Deputy Governor, Financial System Stability, CBN presented a clearer picture on financial inclusion of women in Nigeria.   “According to EFINA, the female financial exclusion rate was 40.9% in 2018 compared with 32.5% for men. This gap may have widened as a result of the coronavirus pandemic given women’s primary responsibility for caregiving, likelihood to be frontline health workers and their predominance in the informal sector which has been severely affected by the coronavirus induced-lock down”

She further stated that “the negative effects of the pandemic on women’s financial inclusion have manifested in the context of existing structural challenges which have kept women out of the financial system such as cultural norms, lower education and financial literacy levels, poverty, high cost of financial services, concentration of women in rural, subsistence

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Swiatek, younger set thriving in women’s tennis

Swiatek, younger set thriving in women’s tennis

Iga Swiatek took note when Naomi Osaka was accumulating three Grand Slam trophies by age 22.



Poland's Iga Swiatek, suddenly becoming a Grand Slam champion at the age of 19, poses with her trophy during a photo call on the rooftop of Galeries Lafayette, Sunday, Oct. 11, 2020, after winning the final match of the French Open tennis tournament against Sofia Kenin of the U.S. at the Roland Garros stadium in Paris, France, Saturday. (AP Photo/Christophe Ena)


© Provided by Associated Press
Poland’s Iga Swiatek, suddenly becoming a Grand Slam champion at the age of 19, poses with her trophy during a photo call on the rooftop of Galeries Lafayette, Sunday, Oct. 11, 2020, after winning the final match of the French Open tennis tournament against Sofia Kenin of the U.S. at the Roland Garros stadium in Paris, France, Saturday. (AP Photo/Christophe Ena)

Swiatek also was paying attention, of course, when Bianca Andreescu won her first major at 19. And when Sofia Kenin added her name to the list of Slam champions at 21.

“For sure, it’s, like, inspiring. I know that there are no limits,” Swiatek, still just 19 herself, said Saturday after winning the French Open for the first tour-level title of her nascent career. “Even though you’re really young, and you’re an underdog, you can do a lot in a sport like tennis.”



Poland's Iga Swiatek, right, holds the trophy after winning the final match of the French Open tennis tournament against Sofia Kenin of the U.S., left, in two sets 6-4, 6-1, at the Roland Garros stadium in Paris, France, Saturday, Oct. 10, 2020. (AP Photo/Alessandra Tarantino)


© Provided by Associated Press
Poland’s Iga Swiatek, right, holds the trophy after winning the final match of the French Open tennis tournament against Sofia Kenin of the U.S., left, in two sets 6-4, 6-1, at the Roland Garros stadium in Paris, France, Saturday, Oct. 10, 2020. (AP Photo/Alessandra Tarantino)

The old guard of men’s tennis has been holding off the kids for years and years, with Novak Djokovic vs. Rafael Nadal in the French Open final Sunday just the latest example of the Big Three’s hold on that segment of the sport. For the women, there is a whole new wave of talent breaking through, time after time, and it augurs a fascinating future.

Swiatek is merely the latest example of a fresh face with the talent to make her a factor for years.

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