Sub-Saharan Africa has more women entrepreneurs than anywhere else in the world. In Nigeria, many women pursue entrepreneurship because they lack education and access to higher paying jobs in the labor force. To break the cycle of unreliable income, women in Nigeria need access to the formal financial system. Barriers to that system include lack of account ownership, low mobile phone penetration, lack of education, marriage and children at an early age, and—for entrepreneurs specifically—lack of access to capital.


Country with highest GDP per capita in Africa

$5861 compared to $3724 in Sub-Saharan Africa (SSA)

Most populouscountry in Africawith a populationof 186MM people


of Nigerians went without food for their household in 2017


of Nigerians say that they went without cash for their household in 20171

Low female labor forcerepresentation


44% of women aged 20-24 married beforethe age of 18

11% of women experienced intimate partner violence in the last 12 months

73% of adult women (37.5MM)are financially excluded

24% gender gap2


of women are in rural areas


of unbanked women are entrepreneurs


of women are in rural areas


of unbanked women are entrepreneurs

Low mobile phone penetration (37%) among women and even lower mobile money account ownership and usage (4% and 0.7% respectively)

Less than 5% of Nigerians have any form of insurance

Financial Service Providers

Financial sector dominated by banks 7 banks licensed as mobile money operators Less than 1000 microfinance institutions serving ~1MM clients


80% financial inclusion target by 2020 Current focus of Central Bank of Nigeria is on: 1. Expanding digital financial services 2. Establishing shared expansion facilityto increase access points 3. Developing government savings account 4. Establishing a Regulatory sandbox 5. Experimenting with a new structure:Payment Service Banks

27% (14.1MM) of adult women are banked but 16% (2.2MM) of banked women are inactive



Increase access to capital for womenentrepreneurs to support income generation


Support resilience building through insurance

Making it possible for more women, particularly women entrepreneurs, to engage with financial services will allow them to increase their capital, their stability, and their financial inclusion. Women’s World Banking will use a greater number of financial services—including microinsurance—and invest back into the economy.

1. Afrobarometer2. Global Findex Data, 2016