The Deputy Governor, Financial System Stability, CBN, and Chairperson of the National Financial Inclusion Technical Committee, Mrs. Aisha Ahmad, has applauded stakeholders for their concerted efforts in closing the financial inclusion gender gap in Nigeria. The disclosure was made through a recent Financial Inclusion newsletter released by the CBN.
It was earlier reported the launching of the framework for advancing women’s financial inclusion in Nigeria, aimed at complementing existing initiatives of the CBN to expand access to finance for women in Nigeria.
In lieu of this, Mrs. Ahmad thanked all the partners; particularly, Enhancing Financial Innovation and Access (EFInA) and Women’s World Banking (WWB), for collaborating with the CBN on this very important initiative. She also appreciated the efforts of the FISIWG and those of other members of the National Financial Inclusion Technical Committee, comprised of public-private sector stakeholders.
While commending their hard work and dedication towards the successful development of the Framework, she also charged them to thoroughly review and drive the implementation of the Strategic Imperatives presented within the Framework.
Why it matters
The framework for advancing women’s financial inclusion in Nigeria is in line with the commitment made by the Central Bank of Nigeria (CBN) to the Alliance for Financial Inclusion (AFI)’s Denarau Action Plan (DAP), which aims to halve the global financial inclusion of gender gap by 2021.
What you should know
The Framework is meant to compliment some of the existing initiatives of the CBN to advance access to finance for women, some of these initiatives are;
The Micro, Small, and Medium Enterprise Development Fund (MSMEDF), which earmarked 60% of the fund to women and women-owned enterprises.
The establishment of the Financial Inclusion Special Interventions Working Group (FISIWG) as part of the National Financial Inclusion Governance structure, to address issues relating to the financial inclusion of Women, Youth and Persons with disabilities.
The Deputy Governor highlighted that about 134,000 women have accessed 62% of the MSMEDF, while over N9.5billion has been disbursed to over 3,600 women through the Agribusiness Small and Medium Enterprises Equity Investment Scheme (AGSMEIS). Women have also significantly benefitted from other interventions such as; Textile Sector Intervention Facility, Real Sector Support Facility, and Commercial Agriculture Credit Scheme.