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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

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

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.

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