FG challenges banks, Fintechs to unlock Nigeria’s $14.8 billion gender financing gap

The Federal Government of Nigeria is urging banks and fintech companies to address the nation's $14.8 billion annual gender financing gap. The Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman-Ibrahim, made this appeal during the Second National Gender Inclusion Conference (SheIsIncluded) 2026 in Abuja. The initiative, known as the SheIsIncluded Initiative's Aso Accord on Financial and Economic Inclusion, aims to close gaps in economic and financial inclusion.

The minister emphasized that Nigeria's lack of economic transformation for women is not due to a lack of ambition, but rather the design of financial systems. She highlighted that financial systems are built to recognize collateral, while women often have less of it. The minister called for banks and financial institutions to redesign their models to close the financing gap.

She also invited state governments to co-finance and localize national programs to create tangible impact. Development partners were urged to help maintain a shared map of who is contributing where to ensure resources reach the underserved. Vice President Kashim Shettima emphasized that every serious commitment towards women's economic empowerment should include an owner, a metric, and a deadline.

He stressed that delivery requires financing, which must come from financial institutions, fintechs, investors, and development partners. He also mentioned that the government can set the rules, but the private sector's capital, technology, and discipline will drive scale. Dr. Nurudeen Abubakar Zauro, Technical Adviser to the President on Economic and Financial Inclusion, pointed out that national output could be 23 percent higher due to women's participation, and urged credible estimates to be taken into consideration.

At a panel discussion, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, shared that women's participation in the capital market is low, with women holding 12-15 percent of corporate institutions and below 7 percent in executive offices. She suggested that the capital market's entry criteria be reviewed to favor women and SMEs.