CBN Deputy Governor, Aishah N. Ahmad
As women all over the world mark International Women’s Day (IWD) 2023, the Central Bank of Nigeria (CBN), Godwin Emefiele, has urged their Nigerian counterparts to leverage on technology and innovation to bridge the digital gender gap.
Emefiele said in his address at the CBN IWD webinar to commemorate the International Women’s Day Celebration 2023 that Nigerian women could depend on the digital financial services in the economy to exploreq vast opportunities to bridge the digital gender gap, drive financial inclusion and increase employment and economic opportunities for women.
The CBN governor used the occasion to destate the apex bank’s commitment to promoting gender equality and financial inclusion among women through such policies as the Micro, Small and Medium Enterprises Development Fund (MSMEDF).
The Fund, which dedicates 60 percent of the funding under the scheme to women-owned enterprises, has a framework for advancing women’s financial inclusion in Nigeria and seeks to address gender gaps in access to finance, targeted onboarding of women on its central bank digital currency, the e-Naira, amongst others.
Speaking on the theme of the celebration, “Digitise Her: bridging the digital gender gap for financial inclusion and sustainable growth”, Emefiele attributed the successes recorded by the Bank to the hard work, resilience, and commitment of the female staff.
The Deputy Governor in charge of Financial System Stability (FSS), Aishah N. Ahmad, who hosted the Coffee Table Chat with Dr. Omobola Johnson, called for broad private and public sector commitment to gender parity issues, by ensuring that women, youth and rural dwellers have access to digital financial services.
Ahmad pointed out that despite increased digital mainstreaming, women were less likely than men to have access to technology, creating a digital gender gap which perpetuates women’s economic exclusion.
Digital innovation, she argued, could be the missing link and a winning strategy for fixing the parity problem and deepening access to financial services.
In her interventions, a Senior Partner with TLcom Capital and Nigeria’s pioneer Minister of Communications Technology, Dr. Omobola Johnson, who was the Special Guest Speaker, emphasised the need for inclusive innovation on gender sensitive issues critical to reducing the gender exclusion gap.
Johnson also advocated for a catch-them-young strategy to encourage females to pursue careers in technology, while establishing special funds for female-led tech businesses to achieve greater participation in the digital economy.
She particularly underscored the importance of making Science, Technology, Engineering and Mathematics (STEM) education attractive for girls by constantly showcasing role models in the sector.
The guest speaker highlighted the potential for digital financial services to enable not just financial services, but also important interventions in health, agriculture and SMEs.
Urging men to be deliberate in mentoring high-achieving women and their daughters in their pursuit of male-dominated careers like Stem, she said this was the only was to inspire women to greater heights.
Also speaking, the Minister of State for Industry, Trade and Investment, Mariam Katagum, stressed the need for women to learn digital skills to participate effectively alongside their male counterparts in digital financial services.
Commending the CBN for its efforts at enhancing financial inclusion, Katagum disclosed that CBN and some agencies of government, such as the Bank of Industry (BOI), Industrial Training Fund (ITF), and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), have special funds that women can access for support.
Discussions during the panel session at the webinar focused on the strategic role of digital technology and targeted-out-of-the-box approaches to closing the digital gender gap, guaranteeing women’s access to the digital economy and improving digital financial inclusion and broad-based economic participation of women.
Speakers at the session, moderated by the Director of Financial Policy and Regulation CBN, Chibuzo Efobi, included the Managing Director of Access Bank Ltd, Roosvelt Ogbonna; Head, Women Entrepreneurs Finance Initiative (We-Fi) Secretariat World Bank Group, Wendy Teleki; MD/CEO of Xpress Payment Solutions Limited, Dr Markie Idowu; Vice President, Partnerships Shecluded, Farida Yahya, and Assistant Director and Head of Media Relations, Nigeria Deposit Insurance Corporation, Hawwau Gambo.
