In a significant step toward advancing financial inclusion and empowering women economically, AG Mortgage Bank, in partnership with HACEY, has launched the Empowering Society Through Investment in Women (ES-TIW) project.
This initiative, the partners highlighted, aligns with Nigeria’s national development goals and the global drive toward inclusive development while focusing on enhancing women’s access to financial services, digital literacy, business skills, and healthcare.
Referencing the 2022 EFInA report, they explained that 42 percent of Nigerian women remain financially excluded compared to 29 percent of men, revealing a significant gender gap in financial inclusion.
The World Bank Global Findex Database (2021), they said, further underscores this disparity, with only 35 percent of Nigerian women owning a bank account compared to 55 percent of men.
Barriers such as cultural norms, educational limitations, and inadequate financial infrastructure continue to hinder women’s ability to access formal financial services.
According to the collaborators, the ES-TIW project directly addresses these barriers by equipping women with vital financial literacy, business development skills, and access to micro-loans.
This, they noted, enables them to build sustainable businesses and achieve economic independence.
They said: “Through business education, healthcare access, and digital financial literacy, the programme contributes to women’s overall socioeconomic resilience, helping bridge the financial inclusion gap in rural and urban areas. The project’s core components include Business Education and Skills Training, Financial and Digital Literacy, Access to Micro-Loans and Digital Financial Services, and Healthcare Access.
“Additionally, it aligns with the National Women’s Economic Empowerment (WEE) Policy and the United Nations’ Sustainable Development Goals (SDGs), creating a platform for the policy’s implementation at local and state levels.”
Managing Director of AG Mortgage Bank, Mr Ngozi Anyogu, emphasised the importance of financial inclusion in national development, stating, “At AG Mortgage Bank, we believe in the power of financial inclusion to change lives, enabling women to access essential financial services and help them build sustainable businesses and achieve economic independence.”
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Executive Director of HACEY, Rhoda Robinson, remarked on the project, saying: “Financial inclusion is not just about providing services; it’s about creating opportunities for women to take control of their futures, support their families, and contribute to their communities. This project represents our commitment to sustainable, inclusive development that leaves no one behind.”
According to the allies, the project aims to empower 500,000 women across the country by December 31, 2025, with Lagos and Oyo states as pilot locations.
“The initiative seeks to reduce poverty, improve household financial stability, and promote inclusive economic growth by enhancing financial inclusion, entrepreneurship support, and community engagement,” they added.