The Deputy Governor (Corporate Services) of the Central Bank of Nigeria (CBN), Ms. Emem Usoro, has emphasized the importance of financial inclusion for women and other underserved groups in Nigeria.
Speaking at Citibank’s inaugural Women in Central Banking event in London, United Kingdom, Usoro highlighted the need for bold, data-driven policies to accelerate access to finance and drive investment.
Usoro reiterated the CBN’s commitment to driving financial inclusion, particularly for women and other underserved groups. She noted that financial inclusion is a catalyst for sustainable growth, as it enables individuals and businesses to access financial services, invest in their futures, and contribute to economic development.
Usoro cited a study conducted by the CBN, which revealed a nine percent gender gap in access to finance in Nigeria. She noted that this gap is largely due to low trust in financial service providers and limited financial literacy among women. To address this challenge, the CBN established a Gender Desk in its Financial Inclusion Unit to promote gender financial inclusion.
Usoro outlined several initiatives implemented by the CBN to promote financial inclusion, including:
- Women Entrepreneurs Finance Code Commitment: A commitment launched by the CBN in collaboration with the Development Bank of Nigeria and the Bank of Industry to promote access to finance for women entrepreneurs.
- Framework for Advancing Women’s Financial Inclusion in Nigeria: A framework launched by the CBN to promote gender financial inclusion and reduce the gender gap in access to finance.
- Inter-Agency Special Interventions Working Group: A working group inaugurated by the CBN to promote financial inclusion and address the challenges faced by women and other underserved groups.