CBN Deputy Governor Calls for Greater Financial Inclusion for Women
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The Deputy Governor (Corporate Services) of the Central Bank of Nigeria (CBN), Ms Emem Usoro, has called for the financial sector to prioritise the inclusion of women and other underserved groups, describing it as a catalyst for economic growth.
Speaking at Citibank’s inaugural Women in Central Banking event in London—held to mark International Women’s Day—Usoro outlined the CBN’s commitment to policies that expand financial access, fuel investment, and drive a more inclusive economy.
Delivering her presentation, Accelerating Women’s Financial Inclusion: Unlocking Opportunities for Growth and Investment, Usoro highlighted the need for systemic reforms to close the gender gap in financial access. She noted that, under the leadership of Governor Olayemi Cardoso, the CBN is focused on strengthening financial resilience and creating opportunities for women-led businesses, professionals, and rural communities.
“With macroeconomic stabilisation taking hold, the Central Bank is shifting focus to broader financial sector reforms, including financial inclusion—an area of particular importance to Governor Cardoso,” she said. “Whether for women-led businesses seeking capital, professionals securing their financial futures, or rural communities accessing banking for the first time, inclusion is a catalyst for sustainable growth.”
Bridging the Gender Gap
The CBN, in collaboration with development partners, has assessed women’s financial inclusion in Nigeria, revealing a nine per cent gender gap in access to finance. Usoro acknowledged key obstacles, including low trust in financial service providers and limited financial literacy.
In response, the CBN has established a Gender Desk within its Financial Inclusion Unit to address these barriers. It has also launched targeted initiatives such as the Women Entrepreneurs Finance Code Commitment, developed in collaboration with the Development Bank of Nigeria and the Bank of Industry, and the Framework for Advancing Women’s Financial Inclusion in Nigeria.
The apex bank has also inaugurated an inter-agency Special Interventions Working Group, with a priority focus on enhancing financial access for women.
A Call for Action
Usoro urged stakeholders—including financial institutions, investors, and fintech players—to take bold steps in bridging the financial divide. She encouraged banks to expand credit facilities for women-led businesses, invest in fintech infrastructure to improve digital finance accessibility, and support capacity-building programmes aimed at enhancing women’s financial literacy and entrepreneurship.
“It is undeniable that when women thrive, economies prosper, and opportunities multiply,” Usoro said.
As Nigeria moves towards greater financial inclusion, the CBN’s reforms will play a pivotal role in shaping a more equitable economic future—one where access to finance is no longer a privilege but a fundamental right for all.
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