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The Gender Gap in Financial Inclusion: How Fintech is Empowering Women in Africa

Article written by Oluwasekemi Akinbo

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Oluwasekemi Akinbo
Oluwasekemi Akinbo

Tech doesn’t always mean software development, backend development or road maps with robotics.

Sometimes, tech is a financial organisation incorporating AI and smart technology systems to drive efficiency and inclusion in the financial sector.

In the past decade, Africa has witnessed a remarkable transformation in its financial landscape, primarily driven by the proliferation of financial technology companies.

This digital revolution has played a pivotal role in addressing the longstanding gender gap in financial inclusion, offering women unprecedented access to financial services, and a seat in the technology world.

Understanding the Existing Gender Gap in Financial Inclusion

Financial inclusion primarily refers to the access to, and use of formal financial services. However, in many African countries, women remain marginalised in this sector.

According to the World Bank’s 2021 Global Findex Database, only 48% women in Sub-Saharan Africa owned financial accounts, compared to 55% of men, indicating a gender gap of 7%.

One of the top factors contributing to this disparity is the prevalence of socio-cultural norms in rural parts of the continent.

According to the 2023 Access to Financial Services in Nigeria (A2F) survey, approximately 28.8 million Nigerians in the northern regions are excluded from the financial system, with women and rural residents being the most affected.

The survey also highlights that the gender gap in financial inclusion widened from 8% in 2020 to 9% in 2023.

This single survey gives us a glimpse into the existing traditional practices that may limit a woman’s right to opening an account, opening a trust fund, owning land, etc. Some restrictions even extend to movement, limiting a woman’s freedom to visit the bank to carry out transactions.

In countries like Cameroon, Nigeria, and Ethiopia, customary laws in certain regions restrict women’s access to land and other financial assets.

For instance, among the Beti people of Southern Cameroon, women cannot inherit land and are only granted food plots by their husbands.

These restrictions on assets could limit a woman’s opportunity to grow her business or invest in her dreams. Assets that she can sell or use to yield money are unavailable to her.

She is left to survive on the meagre amount her husband gives her to cater to the family needs. How, then, does she save enough to do her masters, start a business, or any other thing she has in mind?

Asides societal norms, there is also the issue of the technical requirements that come with traditional banking.

Rural residents in Africa usually cite the absence of necessary identification documents as a barrier to opening accounts. Women with limited education also face difficulties in accessing formal financial systems.

How Fintechs Bridge the Financial Gap in Africa

Fintechs have emerged as a transformative force, offering innovative solutions to bridge the financial inclusion gap in Africa.

Mobile money services, digital lending platforms, and online banking have become accessible alternatives to traditional banking, particularly for underserved populations. Here are some ways fintechs bridge the gender gap in africa:

Easy Access to Credit Services

The woman with no house, no land, or any other financial asset; the woman tossed aside by traditions, restrained from any form of inheritance simply because she is a woman, can now easily access loans and other credit services from fintechs. It doesn’t matter if she is uneducated or unemployed.

It doesn’t matter if she has no land to serve as a collateral; fintechs make it easy for all classes of people in Africa to get loans, invest, own a bank account, and enjoy other financial services.

The technicalities of traditional banking have been erased, as Fintechs leverage alternative data to assess creditworthiness.

Shecluded, a fintech company in Nigeria, focuses on providing financial services to women entrepreneurs, offering loans, savings plans, and financial literacy programs, thus enabling women to access capital for business expansion and personal development.

Kenya’s Tala is another example of a fintech company in Africa that has democratized credit access, empowering women to invest in businesses, education, and healthcare.

Your Bank in Your Pocket

Mobile money services have been at the forefront of fintech innovations in Africa, revolutionizing the way financial transactions are conducted.

These services allow users to store, send, and receive money using their mobile phones, eliminating the need to travel to the bank to make deposits or withdrawals.

As a result, women who are sick, pregnant, uneducated, restricted from moving around, etc., can still access all financial services because they have their banks in their pockets, thanks to fintechs.

The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19 indicates that the number of women owning financial accounts in Ghana increased from 54% in 2017 to over 63% in 2021. This increase was primarily driven by the introduction of mobile money accounts. 

Gender Gap on Financial Inclusion
Increased financial inclusion in sub-saharan driven by mobile money accounts / Source: Brookings.edu: Digital finance boosting women’s financial inclusion in sub-Saharan Africa: Emerging evidence

Other countries in Sub-Saharan Africa have also seen a rapid growth in the number of women and adults who own a bank account, following the introduction of mobile banking.

Gender Gap on Financial Inclusion
Account ownership growth in Sub-Saharan Africa / Source: World Bank Group

Driving Savings and Investment Among Women

Driving Savings and Investment Among Women

Fintechs like PiggyVest and ChipperCash encourage users to save by offering flexible savings plans and investment opportunities.

Women benefit from the user-friendly interface and financial management tools of these savings and investment platforms. Fintechs in this category contribute to driving financial literacy across Africa.

The accessibility and convenience encourage many women to manage and grow their finances.

The Effects of Financial Inclusion on Women’s Economic Empowerment

The integration of fintech into Africa’s financial ecosystem has yielded significant benefits for women, some of which include:

  1. Increased Financial Autonomy: Women now have greater control over their finances, enabling them to make independent decisions, and improving their financial literacy.
  1. Entrepreneurship Opportunities: Access to credit and savings platforms has empowered women to start and expand businesses. Female entrepreneurs are now more prevalent in Africa. From tailors to store owners and hairdressers, women are empowered to set up their brands, having the assurance of easy loans, deposits and withdrawals. The rise of more entrepreneurs also contributes to economic development and job creation on the continent.
  1. Improved Household Welfare: With better financial tools, women can invest in health, education, and nutrition, enhancing the overall well-being of their families.

Conclusion

Fintech has proven to be a powerful catalyst in narrowing the gender gap in financial inclusion across Africa, offering women access to essential financial services that were previously out of reach. By this, women in Africa are gaining financial autonomy, building businesses, and improving their household welfare.

Collaborative efforts between governments, fintech companies, and civil society are crucial to sustaining and improving this inclusive financial ecosystem that empower women.

As fintechs continue to reshape Africa’s financial landscape, ensuring that no woman is left behind will not only promote gender equality but also unlock the continent’s full economic potential.

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

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Refurbished tech: Making a smart choice for a greener future

By Qrent Managing Executive Kwirirai Rukowo

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Kwirirai Rukowo + Refurbished Tech
Kwirirai Rukowo

Consumers and businesses are constantly striving for the latest and greatest technology. However, behind the pursuit of cutting-edge devices lies a significant environmental toll – one that often goes unnoticed. The production of new technology requires vast amounts of natural resources, energy, and labour, contributing to both environmental degradation and significant carbon emissions.

With concerns about sustainability at an all-time high, companies are now looking for ways to reduce their environmental impact without compromising on performance or innovation. Refurbished tech, such as the solutions offered by Qrent, presents an effective, affordable, and eco-friendly alternative.

The refurbished computers and laptops market is set for remarkable expansion, driven by both cost-effectiveness and a growing commitment to sustainability. According to Credence Research, the market is projected to surge from USD 17,856.6 million in 2024 to USD 39,405 million by 2032, achieving a compound annual growth rate (CAGR) of 10.4% during the forecast period.

This growth underlines the increasing adoption of refurbished IT equipment by businesses, educational institutions, and individual consumers as they seek to balance performance with environmental responsibility. The rising trend not only helps organisations reduce capital expenditures but also supports circular economy initiatives by extending the lifecycle of electronic products

As businesses face increasing pressure to meet environmental, social, and governance (ESG) goals, refurbished tech is fast becoming a preferred choice for companies looking to cut costs while reducing their carbon footprints.

At Qrent, businesses can access high-quality, refurbished IT equipment that meets the demands of modern enterprises while simultaneously supporting sustainability initiatives. The company provides a range of refurbished devices including computers, laptops, and servers, ensuring that businesses can operate efficiently while minimising their environmental impact.

These devices are thoroughly tested and restored to like-new condition, offering the same reliability and performance as their brand-new counterparts but with a fraction of the carbon footprint.

Refurbished tech and the circular economy

The transition to a circular economy – a system that emphasises reusing, recycling, and remanufacturing – has become a critical strategy in tackling the world’s waste crisis. The electronics industry is one of the largest contributors to this crisis, with e-waste being the fastest-growing waste stream globally.

By choosing refurbished technology from Qrent, businesses contribute directly to the circular economy. When companies choose to refurbish and extend the lifecycle of their IT devices, they prevent valuable resources from ending up in landfills and reduce the demand for new products, thereby conserving raw materials and decreasing pollution.

Qrent’s refurbishment process includes the responsible recycling of old components and ensures that all equipment is brought back to life in an eco-friendly manner. This not only helps in reducing waste but also plays a significant role in limiting the environmental impact of tech manufacturing.

Embracing circular economy strategies not only prolongs the lifespan of IT assets but also significantly cuts down the need for new manufacturing – thereby reducing carbon emissions. The 2024 Forrester Report on The Circular Economy & Sustainable Manufacturing reveals that a substantial share of firms are already reaping sustainability benefits: 38% have adopted innovative delivery and fulfilment options that minimise waste, 32% are improving waste management practices, and 28% are focusing on more efficient material sourcing.

By opting for refurbished technology, companies can leverage these practices to lower reliance on virgin materials and the high emissions associated with producing new devices, marking a crucial step toward a greener, more sustainable IT procurement model.

Attaining your sustainability goals

Qrent provides businesses with sustainable IT solutions. The company not only supplies refurbished technology but also offers a comprehensive range of services that include equipment leasing, IT asset management, and secure data destruction. Businesses can now gain access to a scalable solution that meets their IT needs while simultaneously supporting their ESG initiatives.

The company’s commitment to reducing e-waste is evident in its emphasis on responsible recycling and disposal practices. When companies dispose their old IT equipment with Qrent through their IT Asset Disposal Solution, they can be confident that their devices will be decommissioned properly and reused, ensuring that valuable materials like metals, plastics, and glass are recovered and re-entered into the manufacturing cycle.

This process prevents toxic substances from polluting the environment and ensures that e-waste is managed in a safe, responsible manner.

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Anambra State Government Launches SolutionLens to Drive Transparency and Citizen Engagement

Reporter: SANDRA ANI

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SolutionLens launch
Officials at the SolutionLens launch

In a bold step towards deepening transparency, accountability, and citizen participation in governance, the Anambra State Government has officially launched SolutionLens, a tech-driven platform designed to track government projects and strengthen engagement between citizens and the state.

The launch event, which was held on Thursday 15th May, 2025 at the SID  Building in Awka, brought together key stakeholders, including government officials, civil society groups, community representatives, development partners, and the media.

The platform was developed through a collaborative effort by the Ministry of Budget and Economic Planning, the Ministry of Information, and the Anambra State ICT Agency.

Representing the Governor, Mrs. Chiamaka Nnake, the commissioner for Budget and Economic Planning, described SolutionLens as “OGP made easy and a democratic tool.” She emphasized its value in planning, budgeting, and fostering investor confidence, thanks to its community-based feedback mechanisms.

In her welcome remarks, Mrs. Ogochukwu Orji, the State Coordinator of the Open Government Partnership (OGP), noted that SolutionLens is “built to shine a light on public projects and empower citizens to ask questions, hold government accountable, and ensure our shared resources are used for the common good.”

Key features of the platform include:

  • A centralized digital hub for government projects
  • Interactive maps and a user-friendly interface
  • A live chat feature to connect citizens directly with MDAs

Speaking during the event, Dr. Law Mefor affirmed that the platform will help Ndi Anambra “access real-time information on what government is doing,” while CFA highlighted its ability to “capture and preserve moments,” underscoring the value of technology in governance.

SolutionLens launch
Government officials present at the SolutionLens launch

One of the key highlights of the launch was a live demonstration of the SolutionLens platform, followed by the formal inauguration of MDA focal persons who will serve as key liaison officers in ensuring the platform remains updated and responsive.

Participants at the launch commended Governor Charles Chukwuma Soludo, for this forward-thinking initiative, describing SolutionLens as a game-changer in how government connects with its people.

As part of its next steps, the government urged all citizens to actively engage with the platform and help spread awareness. This, they emphasized, will not only benefit Ndi Anambra today but safeguard the integrity and prosperity of the state for generations to come.

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Nigeria’s Biggest Tech Conference Opens in Enugu

Minister Bosun: I’ve never seen anything so big | Mbah: We’re driven by the knowledge that the future is technology, reports SANDRA ANI

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Enugu Tech Festival
L-R: Minister of Youth Development, Ayodele Olawande; Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tjinani; and the Governor of Enugu State, Dr. Peter Mbah, during the opening of the 2025 Enugu Tech Festival at the International Conference Centre, Enugu, Wednesday.

The 2025 Enugu Tech Festival being organised by the Enugu State Government kicked off on Wednesday with the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, describing it as the biggest technology conference that has ever happened in Nigeria.

Tijani said the Tech Festival, which attracted thousands of youths from within and outside the state, was a major leap for Nigeria’s determination to build a robust digital economy, noting that Enugu State under Governor Peter Mbah, had moved from policy to progress to lead the tech revolution in Nigeria.

This was even as Governor Peter Mbah urged the youths to embrace technology, insisting that the future is technology.

Speaking, the Minister said that the Tech Festival, tagged Coal to Code, fitted into the agenda and activities of the Federal Ministry of Communications, Innovation and Digital Economy, having recognised that the future of digital economy in Nigeria would not only be built in Abuja, but would instead be co-created across all states.

“Enugu is showing how this should and will be done. I have never, never been to a conference on technology in Nigeria that is this big. I founded the first technology hub in Nigeria, the very first in Nigeria. So, I know a thing or two when technology people gather. I can assure you that today, you are part of history because we have never seen anything this big in Nigeria before.

“There is something powerful about your state: the energy, the ambition, the possibilities. Just two years ago, only a few people could imagine this kind of tech momentum. But today, Enugu has not just imagined, Enugu is building it. Under two years, we have seen investment in digital infrastructure, and the innovation ecosystem of the state.

“What is happening today in Enugu is part of something bigger. We are now witnessing a generational rise, not one where people complain and protest, but one where creativity is used to shape the future. Not just with passion, but with precision,” he stated.

While commending the participants for rising to “create the kind of Nigeria the world will pay attention to,” Tijani called for collaboration, commitment, and hard work by all stakeholders to make it happen.

“Progress is not automatic, but needs all of us. It needs the government to continue to be brave. It needs the private sector to invest deeper. It needs mentors, builders, teachers, and it needs leaders,” he concluded.

Speaking, Governor Mbah, while highlighting how his administration had invested in technology to dramatically revolutionise security, land administration, education, among others, noted that the Enugu Tech Festival was part of his government’s wider efforts to build the youth of the state into wealth creators and highly sought-after workforce of tomorrow’s workplace.

“The power of technology and innovation and what we can accomplish is something that I want the youths to be mindful of. If you look at the way things are being done in the world today, we are now talking about an era where people just sit down with great ideas, create platforms where they begin to essentially benefit from that platform.

“An example is the Uber that came and disrupted the city taxi without owning a key. Today, they provide by far the largest traffic just by creating a platform. You can extend that to Airbnb. Without owning a key, these guys have disrupted the business of those who own several brick and mortar houses. You can also extend that to Tesla. That is the power of technology. This shows essentially that technology is where the future is,” he emphasised.

In his remark, the Commissioner for Innovation, Science and Technology, Dr. Lawrence Ezeh, said the Enugu Tech Festival, which would now become an annual event, underscored a paradigm shift from the old Enugu known for coal to one that has become a rising force in Nigeria’s tech-driven future, a beacon of innovation, intellectual capital, digital enterprise, and endless possibilities.

“For decades, our identity was built on coal, a resource that powered Nigeria’s industrial rise. But today, we stand in a different kind of power—the power of knowledge, innovation, and technology,” he stated.

Also at the event were the Minister of Youth Development, Ayodele Olawande; Speaker, Enugu State House of Assembly, Hon. Uchenna Ugwu; former Minister of Science and Technology, Prof. Barth Nnaji; Chairman of Zinox Technical, Leo Stan Ejeh; and the Group Managing Director, Afrinvest, Dr. Ike Chioke, among a host of others.

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