CBN Shifts Focus to Financial Inclusion, Prioritizes Women’s Access
By Patience Ikpeme
The Central Bank of Nigeria (CBN) is transitioning its focus from macroeconomic stabilization to broader financial sector reforms, with a strong emphasis on financial inclusion, particularly for women.
Ms. Emem Usoro, Deputy Governor of the CBN’s Corporate Services Directorate, made this announcement at Citibank’s inaugural Women in Central Banking event, held in London on March 10, 2025, in celebration of International Women’s Day.
“This is an area of particular importance to Governor Cardoso,” Usoro 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.”
She added, “It is undeniable that when women thrive, economies prosper and opportunities multiply.”
Usoro, speaking to female Central Bank Deputy Governors from Kenya, Türkiye, Israel, Kazakhstan, Nigeria, and the United Kingdom, shared the CBN’s strategies to accelerate women’s financial inclusion and reduce the gender gap in access to finance.
She revealed that the CBN, in collaboration with development partners, conducted an assessment of women’s financial inclusion in Nigeria. Following the study’s findings, which identified obstacles like low trust in financial service providers and limited financial literacy, the Bank established a Gender Desk in its Financial Inclusion Unit. The study showed a 9% gender gap in access to finance.
Usoro expressed confidence that the CBN’s strategic initiatives, under Governor Olayemi Cardoso’s leadership, will increase financial inclusion for women and other underserved groups, unlocking economic potential.
She described the challenges the current CBN management team faced upon assuming office and outlined reforms implemented to align the CBN with its core mandate.
Usoro said the Bank’s efforts will encourage entrepreneurship, expand market participation, and strengthen financial resilience.
She stated the Bank’s commitment to data-driven policies that increase access to finance, drive investment, and foster an inclusive economy.
Usoro listed several initiatives aimed at promoting gender financial inclusion. These include the launch of the Women Entrepreneurs Finance (WE-FI) Code Commitment, in collaboration with the Development Bank of Nigeria (DBN) and the Bank of Industry (BoI); the launch of the Framework for Advancing Women’s Financial Inclusion in Nigeria (FAWFIN); and the inauguration of an inter-agency Special Interventions Working Group with a priority focus on women.
She urged participants to partner with financial institutions to expand credit facilities for women-owned businesses, invest in the fintech ecosystem, and support capacity-building programs that enhance women’s financial literacy and entrepreneurship.
