CBN pledges to unlock economic potential of women with new financial Inclusion Initiatives

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The Central Bank of Nigeria (CBN) is shifting its focus towards broader financial sector reforms, with financial inclusion as a key priority, now that macroeconomic stabilisation is taking hold. Deputy Governor, Corporate Services Directorate of the CBN, Ms. Emem Usoro, made this known during her presentation titled “Accelerating Women’s Financial Inclusion: Unlocking Opportunities for Growth and Investment” at Citibank’s inaugural Women in Central Banking event in London, United Kingdom.

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The event, held in celebration of International Women’s Day, brought together female deputy governors from the central banks of Kenya, Turkey, Israel, Kazakhstan, Nigeria, and the United Kingdom. According to Usoro, financial inclusion remains a central concern for CBN Governor Olayemi Cardoso, as it plays a transformative role in economic growth, particularly for women-led businesses, professionals planning their financial futures, and rural communities gaining access to banking services for the first time.

Usoro emphasised, “It is undeniable that when women thrive, economies prosper and opportunities multiply.” She stated that the CBN, in partnership with development organisations, conducted an assessment of women’s financial inclusion in Nigeria, identifying key barriers such as low trust in financial service providers and limited financial literacy, revealing a nine percent gender gap in access to finance.

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In response to the findings, the CBN established a gender desk within its Financial Inclusion Unit to address these challenges. Usoro expressed confidence that the bank’s strategic initiatives under Governor Cardoso’s leadership will significantly improve financial inclusion for women and other underserved groups, thereby unlocking economic potential.

Usoro noted that the bank’s efforts will support entrepreneurship, expand market participation, and enhance financial resilience. She stated, “The Bank remains committed to bold, data-driven policies that accelerate access to finance, drive investment, and foster a more inclusive, dynamic economy.”

The CBN has launched several key initiatives to advance gender financial inclusion, including the Women Entrepreneurs Finance (WE-FI) Code Commitment, developed in collaboration with the Development Bank of Nigeria (DBN) and the Bank of Industry (BoI), and the Framework for Advancing Women’s Financial Inclusion in Nigeria (FAWFIN). Additionally, the CBN inaugurated an interagency Special Interventions Working Group, prioritising women’s access to finance.

Usoro called on participants at the event to collaborate with financial institutions to expand credit access for women-owned businesses. She also urged stakeholders to invest in the fintech ecosystem—particularly in digital finance infrastructure—and support capacity-building programs that enhance women’s financial literacy and entrepreneurship. According to her, these collective efforts will not only strengthen financial inclusion but also contribute to broader economic development.

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