CBN Deputy Governor Advocates Financial Inclusion for Women, Underserved Groups

The Deputy Governor (Corporate Services) of the Central Bank of Nigeria, Ms. Emem Usoro, has emphasized the need for greater financial inclusion of women and other underserved groups in the economy.

Speaking at Citibank’s inaugural Women in Central Banking event in London, United Kingdom, to mark this year’s International Women’s Day, Usoro delivered a presentation titled “Accelerating Women’s Financial Inclusion: Unlocking Opportunities for Growth and Investment.”

She reaffirmed the CBN’s commitment to implementing bold, data-driven policies aimed at expanding access to finance, attracting investment, and fostering a more inclusive economy.

Addressing an audience that included female Deputy Governors from the central banks of Kenya, Turkey, Israel, Kazakhstan, Nigeria, and the UK, Usoro expressed confidence that under the leadership of Governor Olayemi Cardoso, the CBN’s strategic initiatives will enhance financial inclusion for women and other marginalized groups, ultimately unlocking economic potential.

She further stated that the Central Bank’s initiatives will drive entrepreneurship, enhance market participation, and improve financial resilience.

“It is undeniable that when women thrive, economies prosper, and opportunities multiply.”

To commemorate International Women’s Day 2025, Usoro highlighted the CBN’s targeted policies and strategies aimed at accelerating women’s financial inclusion and closing the gender gap in access to finance.

She revealed that, in collaboration with development partners, the CBN conducted an assessment of women’s financial inclusion in Nigeria. The findings identified key barriers such as low trust in financial service providers and limited financial literacy, contributing to a nine percent gender gap in access to finance. In response, the CBN established a Gender Desk within its Financial Inclusion Unit to address these challenges.

Acknowledging the difficulties faced by the current CBN leadership upon assuming office, Usoro outlined a series of critical reforms designed to realign the bank with its core mandate.

She also highlighted key initiatives spearheaded by the CBN to promote gender financial inclusion, including:

The Women Entrepreneurs Finance Code Commitment, launched in collaboration with the Development Bank of Nigeria and the Bank of Industry.

The Framework for Advancing Women’s Financial Inclusion in Nigeria to enhance access to financial services.

The establishment of an inter-agency Special Interventions Working Group, prioritizing financial inclusion for women.

These efforts, Usoro emphasized, demonstrate the CBN’s commitment to fostering a more inclusive financial ecosystem.

Usoro, therefore, called on participants to collaborate with financial institutions to expand credit access for women-owned businesses. She also encouraged investments in the fintech ecosystem, particularly in infrastructure that enhances access to digital finance, and the support of capacity-building programs aimed at improving women’s financial literacy and entrepreneurship.