Financial inclusion is the availability and utilisation of a wide range of financial services, such as savings, payment platforms, credit options, and insurance, which are offered by established financial institutions. Basic financial inclusion can be as straightforward as possessing a basic savings account at a bank or engaging in uncomplicated transactions via a mobile money service account. This accessibility to financial services plays a pivotal role in enhancing economic empowerment for women and nurturing a sense of inclusivity within communities and societies.
The gender imbalance in financial inclusion is evident in the statistics, with women experiencing a higher rate of financial exclusion compared to men. In specific terms, financial exclusion stands at 36% for women, while it registers at 24% for men. This gender-based discrepancy in financial inclusion hovers in the range of 20-30%, positioning Nigeria unfavourably compared to its peer nations and if this trend continues, the country will not be able to achieve the inclusion target set in its National Financial Inclusion Strategy (NFIS).
Addressing this gender disparity in access to financial services is imperative. Inclusivity is vital for achieving equitable and comprehensive economic growth. It is evident that women, in particular, encounter various obstacles that hinder their access to financial services, hampering their participation in the economy and their capacity to enhance their quality of life. Therefore, there needs to be concerted and strategic in dismantling these barriers to women’s financial inclusion. Empowering women with access to financial services is not only an essential aspect of promoting gender equality but also a fundamental driver of overall economic development and prosperity. Below are some of the benefits to be harnessed financially including women in Nigeria:
Poverty Reduction: When Nigerian women have access to financial services, they can better manage their finances, plan for the future, and respond to unexpected expenses. This can help lift women and their families out of poverty, contributing to SDG1.
Healthcare Access: Women who are financially included can afford better healthcare for themselves and their families. This leads to improved health outcomes and reduces maternal and child mortality rates in Nigeria, contributing to SDG 3.
Education and Skill Development: Access to financial services allows women in Nigeria to invest in education and skill development for themselves and their children. This can lead to improved quality education and increased opportunities for future generations.
Entrepreneurship and Business Growth: The financial inclusion of women provides the capital and resources needed to start and grow businesses. This, in turn, contributes to job creation and economic growth in Nigeria, as well as contribution to SDG 8.
Reduced Gender-Based Violence: Financially empowered women are less vulnerable to financial abuse and control by their partners, reducing the incidence of gender-based violence in Nigeria, and contributing to SDG 10.
As evident by the highlighted benefits above, the financial inclusion of women is not only a matter of social justice but also a sound economic and social investment. It empowers women, strengthens families and communities, and contributes to the development and prosperity of nations. The financial inclusion of women is also vital to the achievement of the 2030 Sustainable Development Goals targets.
Sustainable Development Goals for Her Initiative 