The research, which includes a feasibility study,
women-focused design and testing, will focus on both agents and customers to
provide insights into women’s use of mobile money services, will be funded
through the Africa Digital Financial Inclusion Facility (ADFI).
Despite being the continent’s largest economy, 55% of rural
Nigerians still lack access to financial services [1]. The rate of mobile money
adoption currently stands at 4% [2],
with an agent ratio of 228.8 agents per 1,000 adults [3].Political instability
and conservative cultural norms in parts of Northern Nigeria are thought to
present barriers to women’s access to finance. Additionally, 80% of agents in
the region are men.
“The African Development Bank, through the Africa Digital
Financial Inclusion Facility (ADFI), is delighted to support this project,
furthering our work to improve the quality of life for people in Nigeria and
contribute to the Sustainable Development Goals, particularly as relates to
poverty, and gender inclusion,” said Stefan Nalletamby, African Development
Bank Director of Financial Sector Development.
On behalf of YDFS, Usoro Usoro, Chief Executive Officer,
said, “We are truly excited about this partnership with the African Development
Bank, and the possibilities for advancing financial inclusion in Nigeria,
particularly for the traditionally excluded segment of women in Northern
Nigeria.”
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