LONDON – The Central Bank of Nigeria’s (CBN) Deputy Governor, Corporate Services, Ms. Emem Usoro, has reiterated the Bank’s commitment to driving financial inclusion for women and underserved groups through bold, data-driven policies.
Speaking at Citibank’s inaugural Women in Central Banking event in London on March 10, 2025, Usoro emphasized the need to accelerate access to finance, drive investment, and foster an inclusive, dynamic economy.
Her presentation, titled “Accelerating Women’s Financial Inclusion: Unlocking Opportunities for Growth and Investment,” highlighted how the CBN’s strategic initiatives under Governor Olayemi Cardoso’s leadership are designed to empower women-led businesses, expand market participation, and strengthen financial resilience.
“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 Cardoso,” Usoro stated.
She stressed that financial inclusion is not just about access to banking but a catalyst for sustainable growth.
“It is undeniable that when women thrive, economies prosper and opportunities multiply,” she added.
In line with International Women’s Day celebrations, Usoro detailed the CBN’s efforts to bridge the gender gap in financial access. A recent assessment conducted by the Bank and development partners revealed a 9% disparity in financial access between men and women, largely due to limited financial literacy and low trust in financial institutions.
To tackle these challenges, the CBN has launched several initiatives, including:
- The establishment of a Gender Desk in its Financial Inclusion Unit.
- The Women Entrepreneurs Finance (WE-FI) Code Commitment, in partnership with the Development Bank of Nigeria (DBN) and the Bank of Industry (BoI).
- The Framework for Advancing Women’s Financial Inclusion in Nigeria (FAWFIN) to drive targeted interventions.
- The inauguration of a Special Interventions Working Group focused on improving financial access for women.
Usoro called on financial institutions to expand credit facilities for women-owned businesses and urged investors to support fintech innovations that improve digital finance accessibility. She also emphasized the need for capacity-building programs to enhance financial literacy and entrepreneurship for women.
As the push for financial inclusion gains momentum, Usoro’s call to action underscores the need for collaborative efforts to break barriers and unlock opportunities for women in Nigeria and beyond.
