How gender data can drive policy

The Chief Executive Officer of Consumer Centrix, Anna Kirchman, emphasized the importance of leveraging gender data to develop policies and targeted financial products for low-income women and youths in Nigeria. In an interview with CNBC Africa at the International Financial Inclusion Conference, Kirchman highlighted the significance of exploring financial literacy strategies that go beyond basic access to bank accounts or credit. She stressed the need for a comprehensive approach that considers the unique needs of women and focuses on bridging the financial gender gap through innovative digital solutions. Kirchman commended Nigeria's progress in building regulatory policies and ICT infrastructure over the past decade, signaling a shift towards developing tailored products for underbanked and unbanked individuals, particularly women. She underscored the role of gender data in understanding the distinct financial behaviors of women and men, emphasizing women's critical role as financial managers within households. Kirchman pointed out the disparity in access to formal financial services for women, attributing it to a lack of user-friendly options that resonate with their needs and build trust. Addressing the regulatory framework, she called for concerted efforts to navigate global challenges and accelerate financial inclusion for Nigerian women. The National Financial Inclusion Strategy 3.0 was lauded for its explicit focus on financial and digital literacy as a key pillar to address women's barriers to formal financial systems. Kirchman emphasized the need to extend financial services beyond mere credit access, highlighting the pivotal roles of insurance and pension schemes in securing women's financial futures. She advocated for collaborative partnerships among regulators, authorities, and financial players to streamline access to diverse financial products and promote holistic financial management for women. Recognizing the imminent deadline of 2024, Kirchman stressed the urgency of closing the gender gap in financial inclusion and ensuring that women have the necessary tools and resources to achieve financial security. Looking ahead, Kirchman urged a sustained focus on building upon existing infrastructures and regulatory frameworks to enhance the reach and impact of financial services, particularly for underserved populations. She emphasized the potential of technology, such as FinTech and HealthTech, in driving inclusive financial solutions and expanding access to financial services. Kirchman envisioned a future where financial innovations benefit all consumers, including those at the grassroots level, through tailored and user-centric approaches that empower individuals to manage their finances effectively.