Majority Rural Women Can’t Access Financial Services – Centre

The Executive Director of the Policy Innovation Centre, Dr Osasuyi Dirisu has said that 80 per cent of poor rural women have difficulty accessing financial services. In a pre-conference press briefing, Monday in Abuja, Dr. Osasuyi also said the situation has further made it difficult for them to drive trade and inclusiveness. The Gender and Inclusion Summit, with the theme “Building Bridges: Advancing Gender and Inclusion through the Intersection of Trade and Health”, will hold on November 28 and 29, in Abuja, Nigeria. Analysts say the event would be a catalyst for positive change, uniting voices, inspiring commitments, and mobilizing stakeholders to advance gender equality. She said, “About 80 per cent of the 133 million people who are multi-dimensionally poor live in rural settings, who are talking about access to financial services to drive trade and inclusion. Who is talking about the gaps in infrastructure to drive productivity? The PIC Executive Director noted that it is becoming increasingly difficult for women and vulnerable groups to access healthcare making Nigeria one of the countries with the worst indices for maternal mortality, new-born to child birth. “There needs to be real conversation around gender inclusion centred around trade for that is the powerhouse that drives productivity and drives conversation around GDP that we are able to address issues around inflationary pressures and ensure that we have a productive society. “The summit is special because we are not just talking about health, we are talking about trade. We are talking about an intersection where vulnerability is likely to occur,” Dr. Osasuyi said.   Speaking about the upcoming event, the Chief Executive Officer Designate of the Nigerian Economic Summit Group, Dr Tayo Aduloju stated that ‘’To facilitate the advancement of a gender-inclusive society, it is necessary to consider how trade, investment, and health policies/interventions affect women, men, and vulnerable populations differently. Despite their significant contributions to informal trade, women continue to have limited access to resources and markets. There are also significant gaps in access to health services and Nigeria’s maternal mortality remains among the highest in the world.” He further stated that “Considering these realities, the high-level forum on the SDGs has partnered with the Policy Innovation Centre (PIC) to ensure seamless delivery of the Gender and Inclusion Summit 2023”. PIC, an initiative of the Nigeria Economic Summit Group (NESG), is the first national institutionalized behavioural initiative in Africa supporting governments and stakeholders to make behaviourally informed decisions and generate contextually relevant evidence for high-impact interventions in critical thematic areas.

The Fintech Revolution: Transforming MSMEs and Financial Inclusion in Nigeria

Fintech has emerged as a transformative force in Nigeria, reshaping the financial landscape and ushering in an era of unprecedented financial inclusion. Among its many impacts, perhaps the most noteworthy is its role in fostering the growth of Micro, Small, and Medium-sized Enterprises (MSMEs), which are the backbone of the Nigerian economy. Fintech has undeniably improved financial access and penetration across Nigeria. By introducing innovative solutions like mobile banking, digital wallets, and agent banking, it has reached underserved populations that traditional banking services could not. Not only has this expanded access, but it has also brought down transaction costs, making financial services more affordable for all. One of the remarkable achievements of fintech in Nigeria is the transformation of payment systems. The proliferation of mobile money platforms and digital payment solutions has revolutionized the way transactions are conducted. Nigerians can now seamlessly make payments, transfer funds, and settle bills through their mobile devices. This has significantly contributed to the adoption of cashless transactions, reducing the risks associated with physical cash. However, the real success story of fintech in Nigeria lies in its impact on MSMEs. These enterprises, often struggling to access traditional financial services, have reaped unparalleled benefits from the fintech revolution. Fintech platforms have bridged the financing gap that has historically plagued MSMEs. Through peer-to-peer lending and crowdfunding, they can secure much-needed capital for their businesses. This has not only injected much-needed funds into these enterprises but has also fueled entrepreneurship and innovation. Beyond financing, fintech has streamlined MSME operations. Tools such as accounting software, digital marketing platforms, and supply chain management systems empower these enterprises to operate more efficiently and compete effectively with larger players. Moreover, e-commerce platforms, enabled by fintech, have expanded their reach, allowing MSMEs to tap into a broader customer base. Risk management is another critical aspect where fintech has made substantial contributions. Fintech solutions offer valuable risk assessment tools, enabling MSMEs to make informed credit decisions. This is essential for ensuring the long-term sustainability of these enterprises. However, while the impact of fintech in Nigeria is undeniable, it is essential to address the challenges that come with this rapid transformation. Fintech regulation in Nigeria is still evolving, requiring a delicate balance between promoting innovation and providing effective oversight. The rapid growth of fintech adoption has also given rise to escalating concerns about cybersecurity. Robust measures are required to protect financial data and services from cyber threats. Furthermore, addressing financial literacy gaps remains a critical challenge. Not all segments of the population possess the necessary skills to fully utilize fintech services, emphasizing the need for comprehensive educational initiatives. Overall, the impact of fintech in Nigeria extends beyond improved financial penetration; it is reshaping the fortunes of MSMEs, introducing a new era of financial accessibility, efficiency, and innovation. As the fintech ecosystem in Nigeria continues to mature, its contribution to economic growth and development is poised to become even more profound. Nevertheless, addressing regulatory, cybersecurity, and educational challenges will be instrumental in sustaining and maximizing these benefits. The revolution has the potential to propel Nigeria into a new era of economic prosperity, and it’s imperative that stakeholders work together to overcome the associated challenges and ensure the continued success of this dynamic industry.