Moniepoint CEO Advocates for Financial Inclusion of Women as Key to Boosting Nigeria Economic Growth; Give Reasons
Tosin Eniolorunda, the Founder and CEO of Moniepoint Inc., has emphasized that offering financial services to women is more profitable than catering to men, highlighting the importance of fostering financial inclusion for women in Nigeria.
In a statement shared with The PUNCH on Tuesday, Eniolorunda explained that for financial inclusion to have lasting impact, especially for women, it must evolve beyond being a mere buzzword or a philanthropic initiative. Instead, it should be grounded in economic and business activities, supported by data. According to him, serving women in the financial sector offers higher profitability and sustainability.
Eniolorunda made these remarks during a plenary session titled “Leveraging Data to Accelerate Access to Finance for Women-Owned and Women-Led Enterprises in Nigeria,” which was moderated by Ms. Emem Usoro, Deputy Governor, Operations at the Central Bank of Nigeria. Citing data from the Moniepoint platform, Eniolorunda noted that women-owned businesses exhibit higher engagement rates in financial transactions and are more likely to remain active than their male counterparts.
The session was part of the second International Financial Inclusion Conference (IFIC) organized by the Central Bank of Nigeria (CBN) and other key stakeholders. The theme for the event was “Inclusive Growth: Harnessing Financial Inclusion for Economic Development.”
Eniolorunda also pointed out that businesses led by women show a 7.2% higher activity rate when they receive financial support—whether through investments, compliance with KYC requirements, or access to tools such as point-of-sale devices. Furthermore, women-owned enterprises have a significantly lower loan default rate, with a reported 87.5% reduction in non-performance compared to male-owned businesses.
Highlighting the broader economic impact of supporting women entrepreneurs, Eniolorunda argued that investing in women not only drives profitability but also boosts local economies. He specifically called for greater focus on promoting financial inclusion for women in the northern regions of Nigeria, where such initiatives have been limited.
He further emphasized the transformative potential of data, saying, “Data is the new oil,” and its strategic application could revolutionize the financial sector, especially for women-led businesses.
Dr. Jameelah Sharrieff-Ayedun, CEO of Credit Registry, echoed similar views, underscoring that when women have access to credit, 90% of their income is reinvested back into their families and communities. She stressed that empowering women financially enhances both social and economic outcomes for families and communities.
Other panelists included Inez Murray, CEO of the Financial Alliance for Women, and Bonaventure Okhaimo, COO of the Development Bank of Nigeria. They agreed that creating an enabling environment for women entrepreneurs—through increased investor participation and collaborative efforts among stakeholders—is essential for advancing financial inclusion for women-owned businesses.
In her closing remarks, Usoro acknowledged several structural challenges, including cultural barriers and logistical issues such as limited access to financial services, which hinder women’s participation in the business landscape. However, she emphasized that the power of data could play a crucial role in overcoming these obstacles and fostering inclusive growth.
The inaugural IFIC, which took place in Abuja, reflected on Nigeria’s progress since the launch of its National Financial Inclusion Strategy in 2012, marking significant strides in integrating more citizens into the formal financial sector.
