March 13, (THEWILL) – The Deputy Governor, Corporate Services Directorate of the Central Bank of Nigeria (CBN), Ms. Emem Usoro, has reiterated the Bank’s commitment to bold, data-driven policies aimed at expanding financial access, driving investment, and fostering a more inclusive economy, particularly for women and underserved groups.
Speaking at Citibank’s inaugural Women in Central Banking event in London, United Kingdom, on March 10, 2025, Usoro emphasised the need for strategic initiatives to bridge Nigeria’s gender gap in financial access.
Her presentation, titled Accelerating Women’s Financial Inclusion: Unlocking Opportunities for Growth and Investment, underscored the CBN’s resolve to enhance financial participation for women and marginalised communities.
“With macroeconomic stabilization taking hold, the Central Bank is shifting focus to broader financial sector reforms, including financial inclusion—an area of particular importance to Governor Olayemi Cardoso,” Usoro stated.
She noted that financial inclusion is a crucial driver of sustainable growth, particularly for women-led businesses seeking capital, professionals planning their financial futures, and rural communities accessing banking services for the first time.
“It is undeniable that when women thrive, economies prosper and opportunities multiply,” she added.
In celebration of the 2025 International Women’s Day, Usoro outlined the CBN’s targeted policies and strategies designed to close the gender gap in financial access.
She revealed that a recent assessment conducted in collaboration with development partners identified key obstacles, including low trust in financial service providers and limited financial literacy.
The study found that Nigerian women face a 9% financial access gap compared to their male counterparts.
To address these challenges, Usoro said the CBN has established a Gender Desk within its Financial Inclusion Unit to tackle barriers affecting women’s financial participation.
She also highlighted the launch of the Women Entrepreneurs Finance (WE-FI) Code Commitment, a collaboration between the CBN, the Development Bank of Nigeria (DBN), and the Bank of Industry (BoI), aimed at enhancing access to capital for women-owned businesses.
Another initiative, the Framework for Advancing Women’s Financial Inclusion in Nigeria (FAWFIN), was introduced to provide a structured approach to reducing the financial gender gap. In addition, the CBN inaugurated a Special Interventions Working Group focused on empowering women economically.
Usoro urged financial institutions and private sector players to support these initiatives by expanding credit facilities for women-owned businesses, investing in fintech solutions that enhance digital financial access, and funding capacity-building programs to improve women’s financial literacy and entrepreneurship.
She expressed confidence that with sustained collaboration and investment, Nigeria can unlock economic opportunities for women and underserved groups, ultimately driving broader national prosperity.
