CBN Signs New Code to Boost Financial Inclusion for Women Entrepreneurs

The Central Bank of Nigeria (CBN) has introduced a new code to enhance financing opportunities for women entrepreneurs, a step aimed at advancing financial inclusion across the country. Speaking during the 30th Nigeria Economic Summit (NES30) in Abuja on Wednesday, CBN Governor Mr. Yemi Cardoso emphasised the initiative’s potential to expand access to financial services for women, in partnership with the Development Bank of Nigeria and the Bank of Industry.

"This new initiative, which is backed by partnerships with the Development Bank of Nigeria and the Bank of Industry, is designed to expand financial services access and improve economic opportunities for female entrepreneurs,” Cardoso stated during a Q&A session. He also stressed the importance of building a strong economic foundation, noting that short-term solutions would not suffice for long-term growth.

Empowering women economically and closing the gender gap in the banking sector has become a key priority for the government, Cardoso said. “Women play critical roles in Nigeria’s economy, contributing significantly across various sectors," he noted, highlighting their resilience and silent influence in advancing economic activities in Nigeria and other parts of Africa.

Cardoso further outlined recent measures the CBN has taken to support women, with the new initiative being part of a broader strategy to strengthen financial opportunities for them.

In addition to gender-focused financial initiatives, the summit addressed broader economic challenges, including monetary policy and inflation. Cardoso noted that the CBN had recently raised interest rates from 26.75% to 27.25% and adjusted the Cash Reserve Ratio (CRR) to 50% for commercial banks to curb inflation. High inflation, he explained, erodes purchasing power, discourages investment, and hampers the productive sector.

“Taming inflation is crucial. Without addressing it, investment slows, and purchasing power declines,” Cardoso said, expressing optimism that as inflation moderates, interest rates would eventually drop, fostering a better business environment.