Financial Exclusion Affects 38% of Northern Nigerian Women

A recent report from the Aminu Kano Centre for Democratic Studies at Bayero University Kano indicates that 38% of women in Northern Nigeria are completely excluded from financial services, meaning nearly four out of ten women in the region's 19 states do not have a bank account or access to mobile money, insurance, or microfinance facilities. The report, led by principal investigator Ismael Zango, highlights the severe consequences of financial exclusion, including the inability of women to save, plan, access credit, or grow their businesses beyond subsistence levels.

It notes that 52% of Northern women are classified as financially excluded, with 45% having access to formal services. The unemployment rate stands at 37%, and poverty levels average around 80%, with Sokoto State recording the highest rate.

Foyinsolami Akinjayeju, CEO of Enhance Financial Inclusion, emphasizes the need for genuine economic empowerment initiatives rather than temporary cash handouts. The Central Bank of Nigeria launched an initiative in 2020 to narrow the gender gap in mobile money account ownership, but progress remains limited, particularly in rural areas.