More women use informal financial services

By Collins Nweze


Joint reserach conducted by the Central Bank of Nigeria (CBN) and Enhancing Financial Innovation & Access (EFInA) has shown that women have greater access to informal financial services than men.

The Assessment of  Women’s Financial Inclusion in Nigeria report, launched yesterday in Lagos,  showed that women exhibit relatively high access and usage of informal-only financial services than men.

This report presents a clear call to achieve gender equity by helping women access and use financial services to create and sustain economic opportunities, reduce poverty, and build financial resilience.

“These services play an important role to manage liquidity, transact efficiently, build resilience from shocks, and create opportunities. However, they are often costly and can be high risk, particularly given the lower level of consumer protection they provide. By addressing these downsides, informal financial services could strengthen the customer experience and…

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