The Central Bank of Nigeria (CBN) has issued gender-mandated regulations to pave the way for more women at the top management levels in the Nigerian banking industry.
The CBN governor, Godwin Emefiele, disclosed this on Thursday while addressing participants at a webinar hosted by the Deputy Governor in charge of the Financial System Stability (FSS) Directorate, Mrs. Aishah Ahmad, as part of activities to commemorate the 2022 International Women’s Day (IWD) by the bank.
In a statement by the bank, Emefiele disclosed that he had issued a policy that requires a minimum of 30% of female representation on boards and 40% at the top management level in the banking sector. This, according to him, is similar to the National Financial Inclusion Strategy recommending increasing female staff of microfinance banks to 30%.
The governor said that CBN has since surpassed affirmative action with 32% of the total workforce being female.
In an effort to increase representation of women in the industry, he stated that the bank had been using the gender diversity model as part of the criteria for approving the membership of boards of institutions under its regulatory purview.
He noted that such gender mandates were necessary to break the bias in the Nigerian Banking industry, stressing that eight out of the 23 bank CEOs, representing 35 percent, were women, which was way above the global average.
Furthermore, the CBN boss stated that the bank, under his watch, had “demonstrated its commitment to diversity and inclusiveness by designing and implementing a wide variety of initiatives, programmes and interventions to promote entrepreneurship, reduce poverty, generate employment and deepen financial inclusion for women.”
The CBN Governor disclosed that females had benefited hugely from the Bank’s intervention programmes such as the Agribusiness Small and Medium Enterprise Investment Scheme (AGSMEIS) and the COVID-19 Targeted Credit Facility (TCF). Specifically, he said that out of N134.67 billion disbursed to 37,273 AGSMEIS beneficiaries, as of January 2022, 33% (N44.1 billion) went to 12,511 female beneficiaries.
Similarly, out of N349.51 billion disbursed to 712,442 total beneficiaries under the TCF, he said 45% (N159.21 bn) went to 330,128 female beneficiaries, adding that the MSME Development Fund (MSMEDF) was designed to allocate at least 60% of the fund to women and women-owned enterprises of which 60.3% of the of 229,579 beneficiaries are women. Furthermore, he said out of the 211,306 financial statements currently registered in the collateral registry, 92,091, representing 43.6% were female borrowers.
Citing reports to support claims about gender parity in the workplace among other issues bordering on discrimination, he said that the CBN recognized the positive impact of gender parity on the economy, achieving the SDGs and climate targets.
Earlier in her welcome remarks, the Deputy Governor, Financial System Stability (FSS) Mrs. Aishah Ahmad, said that the commemoration of the International Women’s Day was an opportunity to celebrate women for their progress, achievements and their contributions to the society.
Speaking on the campaign theme of this year’s celebrations, she noted that age, ethnicity, religion and other biases had to be broken for women to realize and fulfil their full potential without which a sustainable future would not be achievable.
Mrs. Zainab Ahmed, Minister of Finance, Budget and National Planning, in her address, said that the federal government was prioritizing domestic revenue mobilization in its efforts toward addressing fiscal constraints.
She said: “Recognising that Nigeria is contending with increasing fiscal and domestic revenue constraints, the federal government is prioritising fiscal policies and reforms aimed at not only providing short and medium term relief but also at sustainability addressing the longstanding challenge