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  • DIN Resource Centre

IWD 2023: Innovation and technology for women's financial inclusion

Updated: Mar 10, 2023

"This 8 March, we are calling on governments, activists and the private sector alike to power on in their efforts to make the digital world safer, more inclusive and more equitable." UN Women

This year we are celebrating International Women's Day under the theme "DIGITall: Innovation and technology for gender equality.

Under Nigeria's financial inclusion strategy, the target is that by 2024, at least 75% of adult Nigerians will be financially served (formally and informally). Presently, only 64.1% are financially served.*

Here are some facts:

  • 40% of adult women in Nigeria compared to 32% of men are financially excluded in the sense that they have no access to or use formal or informal services.*

  • As at the end of December 2020, only 2.6 million females were contributing to pension schemes compared to 6.3 million males.**

  • Nigeria's adult population of women is 55 million out of which 12% have no formal education.**

Closing the gender gap in financial services goes beyond just driving uptake of financial products by relying on the use of digital channels and platforms.

Women need access to affordable financial products that are tailored to their lifestyles and capacities.

Furthermore, appropriate and timely financial education is crucial given the increased consumer risks, for example, digital frauds, from the use of unfamiliar technologies.

To conclude, progress towards goal 5 of the Sustainable Development Goals (achieving gender equality and empowering all women and girls) means closing the gender gap in financial services.

*Source: EFINA

** Source: CBN

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