CBN seeks increased access to finance for women

The Central Bank of Nigeria has urged banks to develop platforms for products and services that will ultimately increase women’s access to finance.

The Deputy Governor, Economic Policy, CBN, Dr. Sarah Alade, stated this at the Chartered Institute of Bankers of Nigeria’s 2nd annual seminar on ‘Gender economic inclusion in the Nigerian financial services industry.’

She urged the Banker’s Committee to structure its curriculum and economic development programme in such a way that women could attain 40 per cent representation at the management and board levels of banks.

This, she said, was part of the sustainable banking commitment assented to by the committee.

Alade also said banks needed to promote gender-inclusive culture that would increase income and improve the standard of living of the women folks in the financial sector.

In order to ensure that women take their right of place in the society, the Bankers’ Committee had at its retreat in 2012 approved the adoption of the Nigerian Sustainable Banking Principle by licensed financial institutions.

The CBN’s policy on women economic empowerment is anchored on principle four of the Bankers’ Committee initiative. It acknowledges that women often face discreet barriers leading to persistent gender inequalities.

According to the deputy governor, the policy expects the CBN and Money Deposit Banks to take practical steps in encouraging women to generate wealth by developing and implementing suitable policies for market competitive business activities.

In line with the gender affirmative policy, Alade noted that the central bank had taken steps to increase the number of its female employees.

She added, “The CBN recruited 49 females in 2012, representing 24 per cent out of a total of 208 personnel recruited that year. The number increased to 36 per cent in 2013, when 276 females (including physically challenged) were recruited into the services of the bank.”

The President of the CIBN, Mrs. ‘Debola Osibogun, stressed the need to address the gender imbalance in the financial services industry, noting that only very few women were being found on the board and management of most banks.

She, however, affirmed the CIBN’s readiness to partner stakeholders in identifying strategies that could improve the lots of women in the financial services sector.

This, she maintained, would help to empower them to effectively play their expected role in economic development.

Alade further observed that the central bank had provided leadership for the banking industry in this area through its Women in Management Training Programme.

According to her, as of 2013, a total of 331 female employees have been trained, compared with a total of 286 trained under the women and gender development programme in 2012.

[Punch]