The Impact of Financial Inclusion on the Economic Empowerment of Nigerian Women

62 Pages Posted: 1 Oct 2021 Last revised: 3 Nov 2021

See all articles by Chidinma Onukogu

Chidinma Onukogu

Foreign, Commonwealth & Development Office.; University of Portsmouth

Date Written: September 30, 2021


This study provides a review of financial inclusion and women empowerment in Nigeria using secondary data. This research has highlighted the state of financial inclusion in Nigeria for women and compared same to other countries in the world.

Firstly, it identifies the Conflict Theory and the Integrated Ecological Framework as concepts that give credence to my research and position on the discrimination of women, considering the context of the society in question. It has identified the global, regional, and local frameworks for financial inclusion and women’s rights as adopted by Nigeria.

Secondly, it draws particular attention to the barriers of financial inclusion, and it identifies the traditional indicators for financial inclusion globally, and uses these benchmarks to independently ascertain if there indeed exists a relationship between access to these financial inclusion indexes and the economic empowerment of a Nigerian woman.

Thirdly, this research draws attention to the financial inclusion policy and implementation activities of other countries as well as the discovery of the Income Level Paradox, which appears to be a trap that a lot of women have found themselves in; especially in the North of the country.

In addition, Northern Nigeria has been identified as the major influence in the gap that Nigeria has experienced in meeting its financial inclusion target, and it has been highlighted as a limitation and a potential area for research in future studies, likewise the Income Level Paradox and household income control for women.

Deductively, our key findings have it that Nigerian women are financially excluded and there are barriers, which when resolved can foster financial inclusion, and potentially economic empowerment for these women. Recommendations have been made for bridging the financial inclusion gender gap (FIGG) for the North of Nigeria and the South as well.

Finally, the issues deliberated on in this paper reveals limitations to this study which are avenues for further research in the area of breaking the 'Income Level Trap’ and resolving the FIGG in Northern Nigeria.

Keywords: financial inclusion, financial exclusion, financial literacy, social norms, economic empowerment, digital finance, poverty reduction, financial technology.

Suggested Citation

Onukogu, Chidinma and Onukogu, Chidinma, The Impact of Financial Inclusion on the Economic Empowerment of Nigerian Women (September 30, 2021). Available at SSRN: or

Chidinma Onukogu (Contact Author)

University of Portsmouth ( email )

University House
Winston Churchhill Avenue
Portsmouth, Hampshire PO1 2UP
United Kingdom

Foreign, Commonwealth & Development Office. ( email )

United Kingdom

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