Gender gap in financial inclusion: an empirical analysis in Nigeria context

Abstract

This study identifies the gender gap in financial inclusion precisely of business owners in Southwest Nigeria. The Study used questionnaire-based survey and collected the data responses from 409 business owners in Southwest region of the country. Descriptive statistic was used to identify and compare gender gap in financial inclusion among business owners. This study reveals that more male respondents use formal financial services than female respondents with a gender gap of 11.3%. However, the reverse is the case for informal financial services, more female business owners use informal financial services than their male counterparts. There is also a wide gender gap (13.1%) in accessing credit or bank loans from formal financial institutions. Out of those that are financially excluded in the study sample, females have the larger percentage. Study recommends that the stakeholders (Government, Central Bank of Nigeria (CBN) and other financial institutions) need to develop appropriate products and services within the scope and reach of female business owners. Formal financial services providers should influence female business owners at all levels to sensitise and educate them on the need to be formally included.