March is dedicated to celebrating the achievements of women globally. It’s a month to recognize their contributions to society, raise awareness about the challenges they face, and advocate for a more equitable future.  On March 8th, we specifically celebrate International Women’s Day, a day to acknowledge women’s struggles and achievements and call for action towards gender equality.

This year’s themes for International Women’s Day are #InvestInWomen and #InspireInclusion. These powerful themes emphasize the ongoing commitment needed to empower women and create a truly inclusive society. At Sustainable and Inclusive Digital Financial Services (SIDFS), we wholeheartedly resonate with these themes and are passionate about driving financial inclusion for women.

Investing in women’s financial inclusion is not just a moral imperative; it is also a strategic choice that yields significant benefits for individuals and society as a whole. By prioritizing women’s financial inclusion, we can unlock their potential, drive economic growth, and foster a more equitable and prosperous Nigeria.

The Nigerian Landscape:

The need for investment in women’s financial inclusion is particularly critical in Nigeria, where a 2023 EFInA study revealed a concerning 12% gender gap. This means women are significantly less likely than men to have access to formal financial services like bank accounts, credit facilities, and insurance.

Several factors contribute to this gap. Lower levels of income and education among women, compared to men, limit their access to financial products and services that often require minimum income thresholds or financial literacy. Additionally, cultural norms that restrict women’s mobility and traditional practices that view men as the primary financial decision-makers further hinder their financial inclusion.

Beyond the Numbers:

Despite the challenges, the research also highlights variations within the gender gap:

• Geographic location plays a role, with women in the South experiencing higher inclusion rates compared to those in the North.
• Mobile phone ownership is positively associated with financial inclusion for women, indicating the potential of mobile banking solutions.
• Marital status and age also influence access, with married women and women in younger and older age groups showing higher inclusion rates.

Breaking the Barriers:

Addressing the gender gap in financial inclusion requires a multifaceted approach that tackles both systemic and societal barriers:

• Financial institutions need to develop products and services tailored to women’s needs, considering factors like limited mobility and cultural norms. Mobile banking and agent banking models can play a crucial role in reaching women in remote areas.
• Government policies should promote financial literacy training specifically targeted towards women, alongside addressing discriminatory practices that hinder their economic participation.
• Social norms and attitudes need to shift to recognize women’s agency in financial decision-making and encourage their equal participation in the formal financial system.

SIDFS champions this cause by partnering with key stakeholders like Women’s World Banking, CBN’s Financial Access for Women in Nigeria (FAWFIN), and EFInA. Through these partnerships, we work collaboratively to:

• Develop innovative financial products and services tailored to women’s needs and challenges.
• Increase financial literacy through targeted training programs and awareness campaigns.
• Advocate for policies and regulations that promote gender equality in the financial sector.
• Empower women entrepreneurs through access to financing and business support services.

Investing in the Future:

Investing in women’s financial inclusion is an investment in Nigeria’s future. By empowering women financially, we can:

• Unlock their entrepreneurial potential, leading to job creation and economic diversification.
• Empower them to invest in their children’s education and well-being, creating a ripple effect of positive change across generations.
• Strengthen families and communities, as women often reinvest their earnings back into their social circles.

The journey towards a more inclusive and prosperous Nigeria starts with empowering its women. By investing in women and fostering their financial inclusion, we can build a more inclusive and prosperous society for all. Let us all stand together and champion this critical cause. Together, with collective action and commitment, we can create a future where #InvestInWomen and #InspireInclusion are not just hashtags, but a lived reality.