Visa, Women’s World Banking, Diamond Bank and EFInA partner for female financial inclusion in Nigeria

Making steps toward financial inclusion

The partnership intends to help Nigerian women become economically and socially empowered through access to a savings account (view press release). Around 77% of Nigerian women are currently financially underserved. Through the partnership Visa and EFInA (Enhancing Financial Innovation & Access) will provide philanthropic funding enabling Women’s World Banking to support Diamond Bank in the development of a commercially viable savings product for underserved Nigerian women. The project will support both bank branches and mobile phones as channels to deliver savings accounts.

The project will be rolled out in three stages: Women’s World Banking and Diamond Bank will research the type of financial services Nigerian women want and need; a suitable financial product will be designed and piloted at bank branches and on mobile phones; the savings product will be launched and financial education will be provided in partnership with local community organisations.

Around the world, there is a growing recognition that cash-based economics are a major impediment to advancing financial inclusion,” said Jo Saunders, chairman and CEO of Visa. “Helping the underserved women of Nigeria move physical cash out from under mattresses and into formal savings accounts – combined with the potential of mobile phones to enable access to these accounts – will be significant step toward financial inclusion in the market.”

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