Breaking: CBN Launches Framework For Advancing Women’s Financial Inclusion

September 29, 2020.

• Central Bank of Nigeria (CBN) has virtually launched a framework for advancing women’s financial inclusion.

Ekohotblog reports that CBN made this known in an online event on September 29th tagged “Access to Finance Framework for Women” and anchored by Dr Paul Olukpe.

The framework was conceptualized by the Financial Inclusion Special Intervention Working group and developed by the CBN in collaboration with EFInA and Women’s World Banking with input from over 50 stakeholder institutions.

The overarching vision of the framework is for Nigeria to be globally recognized, with an inclusive financial sector that has closed the gender gap by 2024.

The framework further itemizes 8 strategic imperatives for driving improved access to finance for women in Nigeria.

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In the online event monitored by Nairametrics and reported by NewsOnline Nigeria, the Deputy Governor, Financial System Stability of the Central Bank of Nigeria, Mrs. Aisha Ahmad justified the new initiative by citing EFInA’s last report on financial inclusion in 2018 as a yardstick.

Ekohotblog recall that EFInA 2018 Financial Inclusion report indicated gender imbalance and a clear need to attend to the issue of growing female financial exclusion.

For example, the report stated that 40.9% of females were financially excluded as against 32.5% of males. Mrs. Ahmad remarked that perhaps, the figures might even be wider if unattended to especially in this period of crisis.

Mrs. Ahmad urged financial institutions to address structural issues limiting women’s access to finance by understanding and developing products that are specifically tailored to address such issues.