38% Northern women lacks access to financial services — Report

About four in every 10 women in Northern Nigeria are financially excluded, a new report by the Aminu Kano Centre for Democratic Studies, Bayero University, Kano State, has revealed. The report, titled “Understanding Influence and Behaviour in Northern Nigeria”, with the theme “Empowering the North through Research and Financial Inclusion” (Volumes I and II), was […]

About four in every 10 women in Northern Nigeria are financially excluded, a new report by the Aminu Kano Centre for Democratic Studies, Bayero University, Kano State, has revealed.

The report, titled “Understanding Influence and Behaviour in Northern Nigeria”, with the theme “Empowering the North through Research and Financial Inclusion” (Volumes I and II), was unveiled in Abuja on Wednesday.

It stated that “38 per cent of women across the region lack access to financial services.

According to the findings, “52 per cent of women are financially served, while 45 per cent access formal financial services through Deposit Money Banks, merchant banks, interest-free banks and microfinance institutions.”

An additional seven per cent utilise other formal non-bank financial products, including insurance services.

The report, however, noted that a significant proportion of women still lack access to both formal and informal financial systems.

It recommended that state governments and the private sector establish targeted training and mentorship programmes for women and girls to prepare them for leadership roles.

The report also urged the introduction of workplace inclusion policies such as flexible working hours for mothers.

It further called for policies that promote women’s economic empowerment through skills acquisition, improved access to credit and support for women-owned businesses.

The researchers stressed the need to strengthen financial literacy programmes and establish sustainable funding mechanisms to improve women’s access to economic resources in the region.

Speaking with journalists on the sidelines of the unveiling, the Principal Investigator, Prof Ismael Zango, said the findings on poverty and unemployment align with data from the National Bureau of Statistics.

He disclosed that unemployment in the region stands at about 37 per cent.

Zango added that poverty levels average about 80 per cent across Northern Nigeria, with Sokoto State recording the highest rate at over 80 per cent.

He emphasised that economic empowerment must go beyond token financial support.

According to him, sustainable development requires equipping women and youths with relevant, market-driven skills.

He cited examples of women’s organisations in Kebbi State engaged in groundnut processing, as well as the Women in Agriculture initiative in Kano State, as models that should be expanded.

“These initiatives should be scaled up to bring more people into productive economic activities and reduce poverty,” he said.

Also speaking, the Director of the Centre, Prof Habu Muhammad Fagge, described the study as a significant shift in understanding financial inclusion in the region.

He said the research highlights institutional, cultural and attitudinal barriers affecting women’s participation in the financial system.

Fagge noted that addressing gender disparity in financial inclusion is critical to economic development.

“If we bridge the gap in financial access, particularly through FinTech platforms, it will translate into grassroots development,” he said.

On his part, the Director of Academic Planning at Bayero University, Kano, Prof Yusuf Garba, who represented Vice Chancellor of the institution,said the findings underscore the need for behavioural change in addressing financial exclusion.

He noted that a large proportion of the Northern population falls within the study demographic.

The Chief Executive Officer of Enhancing Financial Inclusion and Advancement and event chairperson, Mrs Foyinsolami Akinjayeju, said financial inclusion is both a moral and economic necessity.

She stressed that expanding financial services to underserved populations presents significant business opportunities.

Akinjayeju called for stronger collaboration among stakeholders, including government, financial institutions and development partners.

She also emphasised the need for policy reforms and effective implementation to address gaps identified in the report.

“Everyone has a role to play, but commitment must come from the top,” she said.