The Central Bank of Nigeria (CBN) and Enhancing Financial Innovation and Access (EFInA) have called for a radical shift in financial policy and product design to dismantle barriers preventing Nigerian women from accessing formal financial services.
The call was made during the “Gather, Gain, Grow” convening held in Abuja to mark International Women’s Month 2026, where leaders from across the financial ecosystem emphasised that Nigeria’s economic progress depends heavily on empowering women financially.
Despite representing a large portion of Nigeria’s adult population and driving the majority of micro, small and medium enterprises (MSMEs), women remain significantly underrepresented in the formal banking sector.
Chief Executive Officer of EFInA, Foyinsolami Akinjayeju, said the gathering was designed not only to celebrate women but also to set a clear agenda for change.
“Inclusive growth cannot be achieved without intentional investment in women, particularly women entrepreneurs who drive economic activity across markets, workshops, and communities in Nigeria,” Akinjayeju said.
The Central Bank of Nigeria stressed that both regulators and financial service providers must play an active role in closing the gap.
Director of the Consumer Protection and Financial Inclusion Department at the CBN, Dr Aisha Isa-Olatinwo, noted that expanding women’s access to finance requires policies that are not only inclusive but also practical.
“Advancing women’s financial inclusion requires clear and enabling policy pathways. Financial service providers must develop products and services that are responsive, affordable, and relevant to women’s realities,” Isa-Olatinwo said.
Technical Adviser to the President on Financial Inclusion, Nurudeen Zauro, linked the success of these efforts to Nigeria’s broader development goals.
“Supporting women is equivalent to supporting national development. Ongoing efforts continue to focus on improving outcomes for them as a priority segment of our National Financial Inclusion Strategy,” Zauro added.
A major theme of the convening was the importance of “women-centred design” in developing financial products. Experts argued that many banks and fintech firms have historically overlooked the informal savings groups and collectives that many women already rely on to manage their finances.
EFInA’s Gender Lead, Emezino Afiegbe, urged financial institutions to study these grassroots financial structures more closely.
“Supply-side actors should beam their searchlight on women’s collectives, patiently understand them, and utilise the ‘women-centred design’ methodology in building solutions around women’s lived realities and use cases,” Afiegbe said.
Stakeholders at the event, including representatives from the World Bank and the Federal Ministry of Women Affairs, agreed that the time had come to translate discussions into concrete action.
Senior Financial Sector Specialist at the World Bank, Michael Ilesanmi, said empowering women entrepreneurs is crucial for sustainable economic growth.
“Women-led enterprises represent a critical segment for achieving inclusive growth and strengthening financial system stability,” Ilesanmi noted.
The convening also highlighted Nigeria’s longstanding gender gap in financial inclusion. Surveys such as EFInA’s Access to Financial Services studies have consistently shown that women are less likely than men to own bank accounts, use mobile money services, or obtain formal credit.
Many Nigerian women operate in the informal economy, particularly in open markets and home-based enterprises, where transactions remain largely cash-based.
Other barriers include limited access to formal identification, lower literacy levels in some regions, and the lack of collateral such as land titles, which are traditionally owned by men.
EFInA, a financial sector development organisation supported by international partners including the UK’s Foreign, Commonwealth & Development Office and the Bill & Melinda Gates Foundation, said its Gender Centre of Excellence will scale up capacity-building programmes for financial service providers.
With renewed commitments from policymakers, regulators, and development partners, stakeholders believe the Abuja convening could mark a turning point toward a financial system that better reflects the economic contributions of Nigerian women.
