AN APPRAISAL OF THE LEGAL FRAMEWORK FOR PROMOTING FINANCIAL INCLUSION OF WOMEN IN NIGERIA

Financial inclusion is one of the surest pathways to economic development and equitable distribution of wealth. Modern economies themselves are built around the financial sector, as most opportunities come through and are aided by banks and other financial institutions. The article appraises the legal framework for the inclusion of women in the Nigerian financial stream. With more than half of Nigeria’s economically viable persons being women, the economy can thrive well focusing on this vulnerable and shortchanged demography of women. Thus, the article adopts the doctrinal methodology of legal research to examine the legal framework for promoting women’s financial inclusion in Nigeria. This is anchored by the Constitution of the Federal Republic of Nigeria, 1999, the Central Bank of Nigeria Act, Banks and other Financial Institutions, regulations, guidelines, and other non-discriminatory and gender promotion policies, among others. It finds that, while the framework appears persuasive on paper, there are still challenges related to access to identification documents, cultural beliefs, and financial illiteracy, among others. Consequently, it is recommended that through the instrumentality of the law, the complex process of documentation is simplified, and traditional and religious institutions can also be engaged in achieving the purposes of reversing detrimental cultural practices while easing financial literacy among the women folk in Nigeria.