10-03-2020 icon

Nigeria’s Central Bank Launches Framework to Advance Women’s Financial Inclusion as Bitcoin Use Rises

By calvin

The Central Bank of Nigeria virtually launched a framework to improve financial inclusion for women. The news surfaced in an online event, “Access to Finance Framework for Women”. The welcome development could serve to increase the adoption of not only traditional finance products but also advanced financial technology like Bitcoin. 

Financial Inclusion for Women in Nigeria

Financial Inclusion Special Intervention Working group, EFInA,  Women’s World Banking ,and 50 other stakeholder institutions contributed to the framework.

If the framework is successfully implemented, Nigeria could be globally recognized to have an inclusive financial sector with a closed gender gap by 2024. 

Studies show that nations with financially empowered women experience reduced poverty and stimulated economic growth. Nations with women that are not financially empowered typically experience the converse.

Increasing Use of Bitcoin by Women

According to research, women represent only 30% of the entire workforce. As more women across the world join forces to break glass ceilings, demand for both traditional finance products and cryptocurrencies could increase significantly.  

According to blockchain entrepreneur Nisa Amoils,

“Women can get more income through trading, investing and virtual spending of Bitcoin. And the token economy can democratize access to capital through, for instance, security token offerings.”

Cryptocurrency gives its owner the power over their financial future. It is the epitome of financial sovereignty in that no middle man (like a bank or individual) can decide whether or not you are allowed to own it. The privacy features of cryptocurrency gives women in Nigeria more ownership over their finances.

A study by Grayscale showed that 43% of investors interested in Bitcoin are women. The figure represents a big push up from 13% last year. The number continues to grow. In 2018, 8.5% of Bitcoin and cryptocurrency traders were female. A report by CoinMarketCap reveals that in the first quarter of 2020 alone, the number of women in the cryptocurrency industry increased by 43.24%.

Photo by Christina @ wocintechchat.com on Unsplash