Nigerian Women and Financial Inclusion

Women in Nigeria, are used to dealing with all sorts of challenges. But did you know that financial inclusion is one of them?

Financial inclusion is the ability of people to access, save, borrow and spend money responsibly. It’s an important concept because it means that people can make informed choices about their finances and improve their lives. In Nigeria today, women are still being excluded from this process.

Why is this? 

Well for starters, many women still don’t have access to financial services that would allow them to save money or invest in their own futures. This means that they are more likely to be excluded from the economy altogether. Thus not able to take part in decisions about how funds are spent.

Financial Inclusion is not just about money, money is just one manifestation of what’s going on here. When you look at how many Nigerian women there are who don’t have access to financial services such as banking and insurance, you start to see a bigger picture. This means that when something bad happens financially, she can’t get help from her bank because she doesn’t have one!

There are many factors that contribute to this low rate of financial inclusion, including:

Gender inequality 

Cultural norms about gender roles are a major barrier for Nigerian women. Many cultures still expect men and women to have different responsibilities with regards to family finances, which makes it harder for women who want access to those funds. Some cultures even allow husbands to take control over their wives’ earnings without her consent!

Language barriers

Many people in Nigeria speak English as a second language, so banks use English documents and forms when they communicate with customers over email or phone calls. This makes it difficult for people who don’t speak English well enough to understand what they need to do in order to get access to their funds, without having someone else help them out first by translating things like passwords into their native language first before sending them over via text message or email.


Many people in Nigeria believe that money belongs only in the hands of men. This means that without permission from their husbands or fathers women should not be allowed to keep it for themselves or use it for themselves. While this belief may seem outdated and restrictive at first glance, there are still many people who hold these beliefs today even though they live in the 21st century, where women now have more rights than ever before!

Socioeconomic factors

In some sectors, women in Nigeria earn significantly less than men. This means that they have fewer opportunities to earn, save, and invest money, because they typically take up more household responsibilities than their male counterparts.

Social norms

Many Nigerian women are still raised with the expectation that they will be responsible for raising children while men work outside of the home. This expectation can make it difficult for them to seek out new opportunities or participate in activities outside of their homes.

Lack of access

As weird as this may sound, many Nigerian women do not have access to bank accounts or other forms of financial services, because they do not have enough money to open an account or cannot afford the fees associated with these services (e.g., opening an account).

Geographic location

Women who live in urban areas are more likely to have bank accounts than those in rural regions.

Financial literacy 

Financial literacy is important for everyone, but it is especially important for women. Women often take on more responsibility for household finances than men do. In addition, having more financial knowledge helps them avoid scams and other pitfalls.

Lack of education

Women who are unable to read or write are often unable to participate in the formal economy. They may lack the skills necessary for employment, or they may be unable to complete basic transactions such as opening a bank account or writing a check.

Lack of legal protections

In most cases, unless there is a written document specifying otherwise, Nigerian women cannot inherit properties from their spouses 

Even then, inheritance laws can vary based on location. Widows are often left without any means of supporting themselves after their husbands die. his is an important issue regarding financial inclusion for Nigerian women.

A woman’s financial status relates to her health, social life and peace of mind. Fighting for a woman’s right to keep her money is not easy, but we have seen that it is necessary. To fight for women’s rights to financial inclusion, we must start with ourselves. It is important for us to invest some of our money, so that it earns a return and and grows our assets.

Yours in financial independence, Temitope.

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