Africa
Usage and Engagement for Underbanked
Nigeria has a significant un- and underbanked market and reliance on a population of primarily self-employed and economically active women, with limited economic opportunity. Today, the financial inclusion gender gap in Nigeria is substantial, with only 35% of women and 55% of men having access to financial services. Credit, relative to access to and use of other products, presents a significant opportunity with fewer than 10% of Nigerians having formal credit.
Women’s World Banking seeks to increase usage and engagement of financial services to which women already have access, and drive access to the financial services that will support the vibrant and significant MSME populous.
How We're Addressing the Problem
Our policy advisory approach is to support regulators such as The Central Bank of Nigeria in the development of policies and implementation frameworks that will drive women’s digital financial inclusion. From a financial service provider (FSP) perspective, we have aligned with their strategic priorities that have the reach to impact at a scale to match our ambitions, and crafted new approaches to sustainably replicate proven solutions. One example is the cohort approach where groups of FSPs are taken through a program that teaches them how to implement the solutions, thus requiring less intensive, direct advisory involvement from Women’s World Banking.
What We Are Doing
Our activities fall into 4 focus areas.
- Drive savings mobilization and account activation
- Leverage remittances as an onboarding mechanism to drive account
access - Provide access to capital for women-owned MSMEs
- Support resilience building through insurance
Results We Are Seeing
- To date we have reached 510k women through our insurance, MSME and youth focused programs.
- In 2019, under our guidance, the CBN revised its framework for women’s financial inclusion and introduced eight strategic priorities, with a Community of Practice approach to driving progress in the 8 areas.
- We have worked with a cohort of three commercial banks and a microfinance bank to develop and implement customized replications of the Bank of Baroda (India) savings mobilization solution. As at December 2022, three commercial banks launched their pilot programs and the fourth is scheduled to launch in Q1 2023.
- We are working Access bank, the largest pan-African retail bank, to develop a solution that leverages its network as a springboard to drive financial inclusion of remittance recipients.
Our Africa Team
Elizabeth Gathai
Regional Head
Olajumoke Daramola
SPECIALIST, ADVISORY SERVICES
Jennifer Iwueze
SENIOR REGIONAL RESEARCH LEAD
Ngozika Ndefo
ASSOCIATE, ADVISORY SERVICES
Anne-Sophie Triboulet
MICROINSURANCE Project ManageR
Angela Wambugu
DIRECTOR, ADVISORY SERVICES
Our Regional Partners
Financial Service Providers (FSPs)
Nigeria
- Access Bank Nigeria
- Bank of Industry – Nigeria
- First Bank of Nigeria
- Sparkle Microfinance Bank – Nigeria
- Sterling Bank – Nigeria
- Wema Bank – Nigeria
- Accion MFB h. Fidelity Bank i. Ecobank
- Opay
- Stanbic IBTC
- FCMB
- Carbon
Egypt
- Lead
Kenya
- Equity Bank Limited
- Kenya Women Microfinance Bank Limited
- Mosabi d. Pula
- KCB
Ghana
- Access Bank Ghana
- Mosabi Kenya
- People’s Pension Trust
Mozambique
- Access Bank Mozambique
- Hiveonline
Rwanda
- Access Bank Rwanda
- Hiveonline Rwanda
South Africa
- Access Bank South Africa
- Tyme Bank – South Africa
Morocco
- Association Al Amana – Morocco
Burundi
- Caisse Coopérative d’Epargne et de Crédit Mutuel (CECM) – Burundi
Uganda
- Finance Trust Bank – Uganda
- Hiveonline
Zambia
- Access Bank Zambia
- Hiveonline – Zambia
- Mosabi – Zambia
Senegal
- MaTontine – Senegal
- MyAgro – Senegal
- Baobab
Malawi
- Mosabi – Malawi
Sierra Leone
- Mosabi – Sierra Leone
Tanzania
- MyAgro – Mali, Senegal, Tanzania
- NMB – Tanzania
Ethiopia
- Poverty Eradication & Community Empowerment (PEACE) MFI S.CO
Policymakers and Regulators
Nigeria
Central Bank of Nigeria
Egypt
Central Bank of Egypt
Financial Regulatory Authority
Ghana
Bank of Ghana
National Insurance Commission
Mozambique
Banco de Moçambique
Madagascar
Ministry of Finance and Budget
Rwanda
National Bank of Rwanda
Eswatini
Central Bank of Eswatini
Lesotho
Central Bank of Lesotho
Zambia
Bank of Zambia
Zimbabwe
Reserve Bank of Zimbabwe
Research Partners
- Nielsen
- Ipsos
- Qualiquant Services LTD
Case Studies
Cohort Replication
