AfDB and MTN commit $ 500,000 to study women’s access to financial services in Nigeria

The African Development Bank (AfDB) has announced that it has signed a grant agreement worth $ 500,000 with Y’ello Digital Financial Services (YDFS), a fintech subsidiary of MTN.

The fund will help study the economic, religious and social factors hampering women’s access to finance in northern Nigeria.

Olufemi Terry, AfDB Communications Department and Funso Aina, Senior Director of External Relations, MTN Nigeria, made this known in a joint statement released on Wednesday in Abuja.

In Nigeria, approximately 38 million citizens – 36 percent of the adult population – are completely financially excluded.

In his last report, Enhancing Financial Innovation & Access (EFInA) revealed that gaps still exist in financial access for some of Nigeria’s most financially excluded groups.

According to EFInA, women continue to be more financially excluded than men, with only 45 percent of women using formal financial services, compared to 56 percent of men.

In the northern part, it is more important due to political instability and conservative cultural norms, presenting obstacles to women’s access to finance.

Stefan Nalletamby, Director of Financial Sector Development at AfDB, said: “The African Development Bank, through the Facility for Digital Financial Inclusion in Africa (ADFI), is delighted to support this project, continuing our work to improve the quality of life of Nigerians. and contribute to the Sustainable Development Goals, in particular with regard to poverty and the inclusion of women.

On behalf of YDFS, Usoro Usoro, Managing Director, said: “We are really excited about this partnership with the African Development Bank and the opportunities to advance financial inclusion in Nigeria, especially for the traditionally excluded segment of women in northern Nigeria.

According to the press release, the grant will be funded through the Mechanism for Digital Financial Inclusion in Africa (ADFI), co-funded and in partnership with the French Treasury’s Ministry of Economy and Finance and the French Development Agency ( AFD).

In another related statement, Xavier Muron, director of AFD in Nigeria, said the research, which included a feasibility study, design and testing focused on women, would focus on agents and clients.

Myron said the research will provide insight into women’s use of mobile money services.

The project aims to provide services, agent networks to serve financial institutions and mobile money operators in Nigeria.

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