The latest EFInA Women’s Economic Empowerment report which utilises data from the 2023 Access to Financial Services in Nigeria (A2F 2023) Survey revealed that out of Nigeria’s estimated female adult population of 56.3 million people, only 22 per cent, or 12.5 women, can be classified as being economically empowered.
It said “Education, digital skills, and financial literacy are the most critical drivers of women’s economic empowerment. These factors are followed closely by women’s autonomy in decision-making within households and their participation in social groups, which increase their agency to engage in productive work and ownership of assets.”
The report highlighted a breakdown of financial services usage by women, indicating that those with active account usage in the last 90 days are 1.8 times more likely to be empowered compared to those without.
In terms of savings, it said women using formal sources are 6.9 times more likely to be empowered, while those using informal sources are 6.7 times more likely.
It also highlighted that access to credit from formal sources increases the likelihood of empowerment by 2.1 times, while informal credit shows minimal impact at just 1.01 times, highlighting the critical role of formal credit systems.
“Women who remit through formal channels are 1.9 times more likely to be empowered compared to those using informal channels, who are 1.66 times more likely, stressing the importance of formal remittance systems.”
“The use of digital financial services (DFS) via banking channels boosts empowerment by 1.36 times, with other formal banking channels offering an even higher increase of 1.72 times, underscoring the expanding role of digital platforms in financial inclusion,” the report said.
Commenting on the report findings, Emezino Afiegbe, EFInA Gender Centre of Excellence Lead, said this report identifies important linkages between financial inclusion and women’s economic empowerment in Nigeria, while also identifying the key factors influencing women’s formal financial inclusion.
“By establishing the importance of financial inclusion in economic empowerment we can focus resources and investments on the enabling factors that will ultimately accelerate empowerment for all Nigerian women,” Afiegbe said.
Yetunde Fatogun, social development consultant at the World Bank said: “For women’s economic empowerment, it is crucial to recognise that this is not a short-term endeavour. Sustainable progress requires the involvement of multiple sectors in implementation. To truly empower women, we must address critical issues, including the significant influence of culture and the pivotal role of institutions—traditional, religious, and family.
“This report is both timely and essential, as it sheds light on these multifaceted challenges and offers insights into how various sectors can collaborate to drive meaningful and lasting change for women in Nigeria,” Fatogun added.
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