CBN’s 2nd financial inclusion conference aims to empower women, youth for economic growth
The Central Bank of Nigeria (CBN) recently held its 2nd International Financial Inclusion Conference (IFIC) in Lagos, with a strong focus on empowering women and youth as key drivers of Nigeria’s economic growth.
CBN Governor, Mr. Olayemi Cardoso, and other key figures stressed the importance of bringing financial services to underserved populations, especially women and young people who often face significant barriers to accessing finance.
Under the theme “Financial Inclusion for Economic Growth,” the conference introduced new initiatives, including the We-Fi Code and the Women’s Financial Inclusion Database (WFID), both aimed at bridging the financial gap for Nigerian women and youth.
Governor Cardoso emphasised that these groups play a crucial role in building a resilient economy, and empowering them with formal financial access will help foster economic independence, reduce poverty, and promote inclusive development.
“When women and youth have financial access, they not only uplift themselves but also contribute to their families and communities,” said Cardoso.
He noted that the CBN is committed to reducing obstacles to financial services, allowing more Nigerians to participate in and benefit from the country’s economic activities.
Additionally, the CBN’s Financial System Stability Deputy Governor, Mr. Phillip Ikeazor, discussed Nigeria’s progress in financial inclusion over the last decade. Since implementing the National Financial Inclusion Strategy in 2012, Nigeria’s adult exclusion rate has dropped significantly, from 46.3% in 2010 to 26% in 2023.
Ikeazor called for continued collaboration between the government, private sector, FinTech companies, and civil society to achieve the CBN’s ambitious goal of 95% financial inclusion by 2024.
The conference also addressed the role of digital financial solutions and financial literacy programmes in empowering young Nigerians to build financial independence, drive entrepreneurship, and create sustainable economic growth. By prioritising access to finance for women and youth, the CBN aims to foster an inclusive economy that supports all Nigerians.
