It is nothing short of admirable that women’s financial power has increased in Nigeria’s capital market. As more and more women use their financial clout, they are learning the fundamentals of personal finance.
Remember that MTN Nigeria stated during its initial offer many months ago that 76% of those who were accepted were women, and that 85% of successful candidates were under the age of 40.
Women may start out with less money to invest and build wealth over time, but due to factors including wage inequality, career pauses, work flexibility, longer life expectancy, and risk-taking attitudes, they eventually fall short of their financial goals.
A recent study on how gender affects access to credit services highlights that 98% of Nigerian women are excluded from the formal credit markets.
This is partly because Nigeria still has a low level of formal financial inclusion: only 3% of adult Nigerians have taken out loans from formal sources, and 45% have formal accounts at either banks or microfinance institutions (EFInA Access to Finance Survey 2020).
The good news is that women are typically more disciplined investors than men are, and if they invested correctly, they could be able to close the gender difference and accomplish their objectives.
We are all aware that having an emergency fund with enough money on hand to cover at least three months’ worth of living expenses is essential, regardless of whether the unexpected manifests as a loss of employment, an expensive auto repair, a medical emergency, or a pandemic that affects the entire world.
Women are more commonly at danger of pension poverty than men because they have less money saved up due to the gender pay gap or because they took time off work to care for family members or children. People must make their money work harder for them in order to secure a brighter future.
