A new study on how gender impacts access to credit services in Nigeria shows that 98 percent of Nigerian women are left out of formal credit markets. This research, conducted by the Gender Center for Excellence (a project fiscally sponsored by Rockefeller Philanthropy Advisors), in close collaboration with EFInA, CreditRegistry, and Innovations for Poverty Action (IPA), analyzed gender disaggregated data and identified potential opportunities to increase women’s access to formal financial credit services.

Formal financial inclusion remains low in Nigeria: just about three percent of adult Nigerians have borrowed from formal sources, and less than half (forty-five percent) have a formal account at either a bank or microfinance institution (EFInA Access to Finance Survey 2020). The most common reasons for not having a formal account are negative perception of formal institutions, little access to banks, or not having enough income to save. This suggests that the broader ecosystem of formal financial services is not conducive toward inclusion—either through low demand or poor provision of the right financial products. While both men and women lack access to formal financial services, especially credit, a “one-sized” approach is not appropriate to onboard all Nigerians.

Read the full article about Nigerian women's financial inclusion at Rockefeller Philanthropy Advisors.