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Banking the Unbanked: A Dive into Financial Inclusion for rural Women, Girls By Fransica Chigozie Iweh

By Fransica Chigozie Iweh

In advocating for Banking Financial opportunities and inclusion for rural women, the federal government can play a crucial role in helping women living in the rural communities take advantage of banking services by implementing various policies and initiatives.

Access to financial services is essential for economic empowerment, poverty reduction, and women’s participation in the formal economy.

Fransica Chigozie Iweh

Here are several ways in which the federal government through the Central Bank of Nigeria can support rural women in this regard:

Financial Inclusion Programs:

  • Establish and promote financial inclusion programs to bring banking services to rural areas. This may involve setting up branches or mobile banking units in underserved regions.

Financial Literacy and Education:

  • Implement financial literacy and education programs tailored to rural women. These programs can help women understand banking services, manage their finances, and make informed decisions about savings, loans, and investments.

Microfinance and Self-Help Groups:

  • Support and promote the formation of self-help groups (SHGs) and microfinance institutions that cater to rural women. These groups can provide access to small loans, savings opportunities, and entrepreneurship training.

Mobile Banking and Digital Payments:

  • Promote the use of mobile banking and digital payment solutions, which can overcome geographical barriers and make banking services more accessible to rural women.

Subsidies and Incentives:

  • Provide subsidies, grants, or incentives for financial institutions to establish branches or service points in rural areas. This can help reduce the cost of operations and make it more economically viable for banks to serve rural populations.

Women-Only Bank Accounts:

  • Encourage the creation of women-specific bank accounts or savings products, which may have features that cater to the needs and preferences of rural women.

Legal and Regulatory Reforms:

  • Review and update financial regulations and policies to remove barriers that may hinder women’s access to banking, such as restrictive identification requirements.

Credit Guarantee Schemes:

  • Establish credit guarantee schemes that reduce the risk for financial institutions lending to rural women, thereby making it easier for women to access loans.

Supportive Infrastructure:

  • Improve transportation and communication infrastructure in rural areas to make it easier for women to access banking services and engage in economic activities.

Monitoring and Evaluation:

  • Implement mechanisms to monitor the effectiveness of these initiatives and adjust policies as needed to ensure that they are genuinely benefiting rural women.


  • Collaborate with NGOs, microfinance institutions, and other organizations that have experience in empowering rural women through financial inclusion. These partnerships can amplify the impact of government initiatives.

Gender Sensitization:

  • Promote gender sensitization training within financial institutions to ensure that women are treated fairly and respectfully when accessing banking services.

The banking and insurance industry being an item in the exclusive list in the Nigerian Constitution, provides the federal government with the exclusive opportunity to use its legislative and executive powers via its agencies like the CBN, NDIC, NIC, to help the rural women access banking and financial services opportunities.

By implementing these strategies and fostering an environment conducive to financial inclusion, the CBN and federal governments can help rural women overcome barriers and take advantage of banking services, ultimately improving their economic well-being and contributing to broader economic development in rural areas.

Francisca Chigozie Iweh is a financial consultant based in Lagos, Nigeria. She can be reached via franciscaopra@gmail.com and +2348181414781.

By News Editor

Our News Editor, Muyiwa is an information management expert and Development Blogger with more than a decade experience in investigative reporting and journalism. He is passionate about human angle stories to all social issues in Nigeria and Africa.