Assuming financial inclusion was a game of football, women in Africa would still be stuck on the bench—watching, waiting, and wondering when they’ll finally get a fair shot at the game.
Even with countless empowerment programs, policy statements, and international pledges, the gender gap in financial access is still as stubborn as ever.
In fact, according to the World Bank, women in sub-Saharan Africa are 20% less likely than men to have a bank account. Meanwhile, gender bonds—seen as an indispensable financial tool—are struggling to scale, leaving many to wonder: are we making real progress, or just perfecting the art of well-intentioned rhetoric?
At the Gender Bonds Toolkit Dissemination Workshop hosted by FSD Africa in partnership with UN Women, Techeconomy sat down with Ms. Beatrice Eyong, UN Women’s Country Representative in Nigeria, to cut through the noise.
She shared unfiltered insights into the roadblocks hindering gender-focused financial solutions, the role of UN Women in policy advocacy, and the real steps needed to ensure financial equity isn’t just a buzzword but a reality for women in Africa’s underserved communities.
Challenges in Scaling Gender-Focused Financial Solutions in Africa
TE: Several initiatives have been launched to empower women and bridge the gender gap, but the difference is still wide. What are the biggest challenges in scaling gender-focused financial solutions across Africa? What are we overlooking that continues to widen the gap?
BE: One of the primary challenges is that certain individuals fail to recognise that there’s a gap. Some people do not fully understand the persistence of gender inequalities, which are deeply entrenched in our traditions and cultures, where women are often not regarded as economic actors. Instead, they are frequently viewed as consumers rather than contributors to economic development.
Cultural and traditional norms hinder women’s involvement in business. In some regions—though I cannot speak specifically for Nigeria—it may require a woman’s husband’s consent to open a bank account, and to access a loan, she may need the approval of a male relative, such as her father, husband, or elder brother.
Again, the criteria for accessing loans are often tied to land ownership, an asset that women typically have limited access and control over. As a result, women are unable to independently manage land resources or make decisions about their use of land. This emphasises the need for transformative, innovative financial systems, mechanisms, and procedures to help women overcome these obstacles.
Even within financial institutions, women are often seen as small-scale or micro-business owners, rather than major economic players. However, the work we’ve been doing for years is now paying off, as even banks and financial institutions are beginning to recognise the gap and the obstacles. They are increasingly recognising that supporting women is not merely an act of charity but an essential business imperative.
If we want to be truly effective in all sectors of economic development, it is crucial to involve women. They bring unique perspectives, expertise, and management strategies. Thus, these obstacles are deeply rooted in how society perceives women, and that is what we are working to change.
How UN Women Influence Policies for Gender Equality
TE: How has UN Women been able to influence policies aimed at advancing gender equality, particularly in Africa, where there are cultural and systemic barriers?
BE: We have three main approaches:
- Strengthening Normative Frameworks – These are the global, continental, and regional legal frameworks that establish the standard for gender equality. You must have heard of conventions, resolutions, treaties, and judicial texts.
Nigeria, for example, has ratified 75% of these frameworks. The problem is domestication—that is, ensuring these frameworks are implemented at the national and state levels. Even when a policy is accepted at the federal level, each state must also adopt it independently. Some states say, “No, we don’t want to do this,” while others proceed with implementation.
A clear example of this is the Violence Against Persons Prohibition (VAPP) Act. Although it was passed at the Federal level, advocacy efforts at the state level were still necessary. This involved engaging with Governors and collaborating with various organisations to facilitate the adoption of the Act.
Additionally, even when policies are established, there may be a lack of awareness among the public about their rights, and the individuals responsible for implementing these policies may not fully understand their duties. Therefore, a significant portion of our work is focused on raising awareness, sensitising communities, and building the capacity of key stakeholders to ensure that gender equality policies are effectively enforced.
- Coordinating Gender Equality and Women’s Empowerment – Many organisations and institutions work on gender equality, but usually in silos, leading to duplication of efforts and inefficient use of resources.
We coordinate efforts at different levels:
- Within the UN system to hold ourselves accountable
- Among development partners, ensuring they align their efforts
- At thematic levels, focusing on economic empowerment, gender-based violence, women in politics, and financial inclusion
- At the state level, we have set up 36 coordination mechanisms to ensure gender equality work is sustained beyond Abuja.
Through this coordination, we advocate for increased women’s representation, better funding, and stronger policies. Some Governors have responded positively, even doubling budget allocations for gender initiatives, though we still face challenges in the actual disbursement of funds.
- Implementing Operational Mandates – We run programs directly on the ground. Sometimes we take catalytic actions to demonstrate what is possible, and other times we scale up existing solutions.
- We work on women’s participation in governance and leadership, ensuring women benefit from and contribute to governance at all levels.
- We focus on economic empowerment, mobilising financing for gender equality, supporting women entrepreneurs, and pushing for affirmative procurement policies. In Kaduna and Lagos, for instance, our advocacy led to 30% of public contracts being allocated to women entrepreneurs.
- We tackle gender-based violence, which is often underestimated but has serious economic implications. Studies show that 30% of Nigerian women report experiencing gender-based violence, affecting productivity and economic growth.
- We work in women, peace, and security, ensuring that women’s concerns are integrated into humanitarian response plans, particularly since 70-80% of displaced persons are women and children.
Ensuring Tangible and Long-Term Impact for Women in Underserved Communities
TE: How do you ensure that investments in gender-focused initiatives become tangible and long-term improvements for women and children, especially in underserved communities?
BE: We invest in what we call One-Stop Centres. These centres bring together different UN agencies and local actors to provide holistic, integrated support for victims of gender-based violence.
Through these centres, women can access:
- Psychosocial support to help them recover emotionally and mentally
- Legal referrals to ensure they receive justice
- Medical services for physical recovery
- Economic empowerment programs to help them rebuild their lives
UN Women also works to combat stigma, which often prevents survivors from speaking out or seeking help. Stigma should not be on the women—it should be on the perpetrators. Women should not be shamed for what they have endured.
Beyond direct services, we focus on policy advocacy and capacity-building to ensure that gender-sensitive approaches become embedded in governance, economic planning, and humanitarian responses. This is how we can create sustainable and meaningful change.
Final Thoughts
Hence, achieving true financial inclusion for women in Africa demands more than well-meaning discussions and policy statements—it requires systemic implementation.
While gender bonds and financial programs can help, they must be backed by structural reforms, stronger policy implementation, and a focus on societal perceptions about women’s economic roles.
According to Ms. Beatrice Eyong, empowering women is not a charitable act. Until financial systems are genuinely inclusive, women will remain marginalised, waiting for the opportunity to participate in the game (economic systems) they rightfully deserve to play.
