Nigeria: Financial Inclusion – CBN Plans to Eliminate Gender Gap By 2024

The Central Bank of Nigeria, CBN, said it will eliminate gender gap in financial inclusion by 2024 using its latest released framework for advancing women’s financial inclusion in Nigeria.

The framework, according to the apex bank, builds on the revised targets of the 2018 National Financial Inclusion Strategy, which aims at reducing the financially excluded adult population to 20 percent by the end of this year.

But the apex bank has said that the achievement of the goal was disrupted by the emergence of the Corona Virus Pandemic.

According to Enhancing Financial Innovation and Access (EFiNA) 2018 survey report, the gender gap in financial access is present across regions, income groups and age groups, indicating that there are systemic obstacles to women’s financial inclusion in Nigeria and women are still more likely than men to rely exclusively on informal financial services.

It stated: “While women in the North West and North East are most likely to be excluded, the highest relative gender gap is in the South West (23 percent for women and 14 percent for men).”

The apex bank cited Demand-related barrier, supply related barrier, legal regulatory/supervisory barrier and financial and technical infrastructure barrier as key barriers to women financial inclusion in the country.

It however noted that the framework has set up eight strategies to enable the attainment of an equal gender financial inclusion by 2024.

The CBN said: “The strategic imperatives are consistent with the priorities identified and adopted in the 2018 National Financial Inclusion Strategy, in addition, they take into account the December 2019 Assessment of Women’s Financial Inclusion in Nigeria.