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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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GRTech

Nnaemeka Ani Admonishes African Techies to Build for Legacy

“Let’s stop building for hype. Let’s start building for legacy.”

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Nnaemeka Ani

In a rousing declaration that is electrifying minds across the continent, Hon. Nnaemeka Ani, Special Adviser on ICT to Enugu State Governor Peter Mbah, has called for a homegrown digital revolution under the banner “Africa Will Rise: By Code, By Courage, By Us.”

The message, part challenge, part philosophical—seeks to galvanize African innovators to move beyond buzzwords and build technology with impact and legacy in mind.

“Let’s stop building for hype. Let’s start building for legacy,” Ani urged while speaking to ICT journalists over the weekend. “Let’s stop waiting for someone else. Let’s start creating the future—on our own terms.”

At the heart of Ani’s vision is a shift from tech consumerism to tech authorship. With innovation hubs sprouting across cities like Enugu, Lagos, Kigali, Jo’Burg, and Nairobi, and a growing community of developers, engineers, and entrepreneurs determined to solve Africa’s unique challenges, the movement is already taking shape.

Ani emphasized that Africa’s future lies not in flashy apps or international admiration but in persistent, intentional solutions that uplift communities—solutions that digitize public services, bridge rural-urban divides, empower women and youth, and build resilience in food and climate systems.

“We have the talent,” he said. “Now it’s time to harness it—to stop building for likes, and start building for lasting impact.”

With support from leaders like Ani and rising momentum in Africa’s tech corridors, it seems that a new chapter is being written—one line of code at a time.

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Reviews

Book Review of The Village Priest by Remmy Nweke @NDSF 2025

By ‘Gbenga Sesan, Executive Director, Paradigm Initiative

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'Gbenga Sesan, Executive Director, Paradigm Initiative

On Thursday, June 19, 2025, I had the honour of reviewing The Village Priest by Remmy Nweke—a powerful narrative that weaves together history, tradition, resistance, reconciliation, and innovation, set within the verdant hills of Ilimefo, a village nestled in the heart of Igboland, where “the air was alive with the whispers of ancestors and the rhythms of tradition.”

At the heart of this story is Ogboo AniEze, the revered traditional chief priest of Ilimefo. His life is “dedicated to the preservation and celebration of Ilimefo’s customs and traditions.” The book opens with a clear and symbolic statement of context: “The village and its people, their traditional practices and strong cultural heritage at the crossroads!” This sets the tone for what is not just a fictional tale but a textured documentation of a people’s encounter with time and change.

Ilimefo is introduced to us as a place where “tradition was woven into the very fabric of life,” with festivals like Onwu-ano linked to agricultural cycles and the rhythms of the earth. The rituals, we learn, are not arbitrary. They are “intricately woven” into the identity and continuity of the people. Ogboo AniEze does not merely perform these rituals—he embodies them. “His eyes, clouded with the wisdom of age, seemed to hold the secrets of the past,” and his voice “could calm the most troubled of minds.”

We are told, in great detail, about the structure and discipline of his priesthood: lieutenants from six villages, each with precise roles. Some “raise a cup of water,” others “kill the offerings,” while others “prepare the offerings when cooked.” The sacred rhythm of Ilimefo is grounded in Igbo cosmology, with rituals observed “every Eke market day,” that is, every five days.

As a young boy, Ogboo AniEze apprenticed under his grandfather, “a renowned traditional priest.” His education was both spiritual and practical—“the sacred languages,” “traditional healing practices,” and also “farming, hunting, and craftsmanship.” Through sacred journeys to forests, rivers, and mountains, “a deep connection to the natural world and the spirits that inhabited it” was forged.

One of the cultural pillars explored in the book is masquerading—a practice that carries symbolic, spiritual, and social weight. The masks “represent ancestral spirits, mythological creatures, and symbolic figures.” During festivals, “masked performers danced and sang,” their performances serving both as entertainment and as “social commentary, addressing issues and concerns.”

Yet, as the wind of change began to blow, Ogboo AniEze “encountered modernizing influences such as Christianity and western education,” which “challenged his traditionalist views.” Criticism followed—some said his values were “outdated and restrictive,” accusing him of “lack of adaptability,” and being “disconnected from the modern reality.” But for Ogboo, his visions, his ancestral worship, and his connection to “sacred journeys” remained a steadfast compass.

The villagers, meanwhile, expected him to do more than perform rituals. They expected him to provide “spiritual guidance, interpreting the will of the gods and ancestors,” “offering counseling and mediation,” and even guidance on agriculture and healing. He became “a respected and beloved figure,” not because he resisted change, but because he “found creative ways to balance the two.”

But change came fast and hard with the arrival of GSM—“a strange and mysterious piece of technology.” Introduced by “a group of outsiders, including a Catholic priest, Fada Ekie,” mobile phones arrived in Ilimefo, bringing with them “a stir among the villagers.” At first, the villagers were “fascinated and intimidated,” unsure how to engage with “small and sleek” devices that brought “the hum of signals and the chatter of voices.”

This is where the book truly grapples with its core tension. For Ogboo AniEze, GSM was both opportunity and threat. It “distracted them from their traditional practices” and “threatened to erode the cultural heritage of Ilimefo.” And when his own son, Okorie, embraced the technology, seeing “economic prospects” and “new possibilities,” the crisis became deeply personal.

Ogboo AniEze was “torn between his love and pride for his son and his concern for the impact of the technology.” He feared GSM would “lead to the erosion of the village’s cultural heritage” and cause a “brain drain” as young people “leave the village in search of better opportunities.” He also feared “isolation from the community” and began to “question his own faith and the traditions he had sworn to uphold.”

This led to the turning point. In the hills, he embarked on “dry fasting for a whole four market days.” He returned from that solitary experience with “a new found understanding.” He saw that GSM, though disruptive, “also offered opportunities for growth, development, and connection with the wider world.” He reconciled with Okorie. He apologized to the villagers. He even welcomed the presence of Fada Ekie, the Catholic priest.

What follows is a new era of harmony, where “tradition and modernity coexisted in balance.” Ogboo AniEze began to use mobile phones to “coordinate traditional ceremonies and rituals,” to “document the village’s traditions,” and to “connect with villagers in the diaspora.” The GSM technology, initially feared, became “a powerful tool for preserving the village’s cultural heritage.”

Through collaboration with Fada Ekie, Ilimefo experiences what the book calls a “fusion of traditions”—traditional prayers “incorporated into Catholic ceremonies,” Catholic teachings “infused with indigenous spiritual practices,” and “ancestor veneration blended with the tradition of honoring saints.” The result is “a new spiritual identity,” where “community healing practices” are made stronger through cooperation, and where “interfaith collaboration” becomes a working model for other communities.

Even as GSM introduced new social behaviours—such as Facebook Live streaming of village festivals, or parishioners charging phones during Mass—there is no ridicule or mockery. Instead, Remmy Nweke allows the reader to witness cultural evolution with empathy and respect.

In the Epilogue, we find Ogboo AniEze and Fada Ekie standing together, “looking out at the vibrant scene.” Their story is one of convergence, of two paths that once seemed to diverge, now blending into one shared future. As “the village erupted in joyous cheers,” they “clasped hands,” symbolizing a unity forged through respect, dialogue, and vision.

Let me end where the book ends—on a note of blessing and pride. At the close of the novel, as the village celebrates this new era, Ogboo AniEze declares it “Oyibo Day” and rolls out the drums—not to erase his past, but to embrace a future that includes both Okorie’s device and his own divination, both digital and divine.

The Village Priest is a careful work of cultural documentation, offering not just a story but a chronicle—a record of transition that many rural and even urban African communities continue to live through. It teaches us, without preaching, that true innovation is not in abandoning our roots, but in strengthening them with new tools.

Thank you.

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GRTech

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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