Women’s financial inclusion remains a critical issue globally, with over one billion women lacking access to formal financial services. This gap limits women’s potential and stifles broader economic growth. It is also a local issue. The EFInA A2F 2023 survey showed that 30% of adult women were excluded from formal and informal financial services compared to 21% of men. This means that of the 57 million adult women in Nigeria, approximately 17 million are financially excluded.
Recognizing the power of financial literacy in creating lasting economic change, Cowrywise, in partnership with the Lagos State Office on Sustainable Development Goals (SDGs), has embarked on a Corporate Social Responsibility (CSR) initiative focused on empowering women through financial education.
This initiative, structured as a series of 12 training sessions across 12 hard-to-reach communities in Lagos, (from Ibeju-Lekki, Ifako-Ijaiye, to communities in Apapa); and aims to provide women with essential financial skills required to bolster their journey to financial independence, household stability, and entrepreneurial growth. By delivering practical knowledge in personal finance essentials such as budgeting, saving, and investing, the program supports the broader goals of poverty reduction and economic empowerment (aligned with SDGs 1 and 8).
The 12-session series was launched this past week in the heart of the Iwaya community, Yaba. It marked a significant milestone in a sustained effort to reach women with the tools they need to make informed financial decisions, navigate economic challenges, and ultimately uplift their communities.
Taking over Iwaya – All roads lead to the palace to unlock a comprehensive, Hands-On Approach to Personal Finance
The core mission was clear – partner with the Lagos State Government to provide financial access to women in hard-to-reach communities. Working with the Lagos State Government was instrumental in reaching the earmarked communities. In addition to mobilizing other partners such as OPay, the National Identity Management Commission (NIMC), medical practitioners, and other partners as the Team on Sustainable Development Goals. Communities of this nature, have strong ties to traditional rulership – who serve as the community’s lens, spiritual, cultural, and political leader, tasked with maintaining the cultural heritage of such communities, as well as filling an informal governmental role in the society.
To kick off the event, it was imperative that the Olu of Iwaya, the king on the proverbial chess board – was on board, as is customary with an outreach of this nature, dependent on the adherence to local customs. Historically, acceptance from the community head typically trickles down to reduced resistance from the larger community. A collective understanding between the literacy team and Oba Suleiman Owolabi Ogun Oloko, on the role of women in the community, with his blessing marked the start of the community-endorsed event, adding a layer of cultural significance that resonated with attendees.
The flagship empowerment session was no ordinary training. A dedicated team of Cowrywise Campus Ambassadors, who have undergone adequate training in financial literacy, armed with necessary resources served as the primary facilitators. These Ambassadors, who represent Cowrywise’s mission of financial inclusion across Nigerian campuses, showcased their commitment and expertise, delivering relatable and valuable personal finance insights to community members. The event covered essential topics from budgeting basics to accessing investment opportunities, all tailored to the unique challenges faced by women in Iwaya.
Designing financial solutions that meet the unique needs of women and low-income households was key. But beyond the project’s architecture, logistics, and finer details, it’s a story of hope. Hope in the bright future of Lagos State, and the untold possibilities of building a city of equal opportunities when private and public sectors, as well as cultural custodians, work together.
Understanding Our Audience: Who Are the Women of Iwaya?
The program’s target audience, women in the Iwaya community, represent a diverse yet financially underserved group with specific characteristics. Primarily aged 25-55, most attendees hold primary caregiving roles, balancing household responsibilities with small-scale business endeavors. Their predominant income bracket falls between ₦15,000 to ₦60,000 monthly, making financial stability a significant challenge. The majority have a basic level of education, and they rely primarily on cash transactions with minimal exposure to formal financial services or products. With a higher percentage owning more feature phones than smartphones, there is limited access to digital finance tools and an obvious gap in financial knowledge.
Common occupations among attendees include petty trading, tailoring, food vending, and various forms of artisan work. This demographic is uniquely positioned to benefit from foundational financial literacy, as many already manage household budgets informally and expressed a keen desire to learn formal financial management strategies. Understanding these demographics guided the content of our training session, ensuring it was tailored and accessible even in local relatable languages; English, Pidgin, Yoruba, and Igbo languages.
Engagement and Enthusiasm: A Community Ready for Financial Empowerment
The eagerness with which the women of Iwaya engaged in the session underscored the community’s readiness for financial empowerment. From the outset, attendees displayed keen interest and actively participated in discussions on budgeting basics, savings, and access to finance. They listened intently, asked thoughtful questions, and participated actively in interactive activities, demonstrating not only a desire for financial knowledge but also a strong commitment to applying it in their daily lives.
The facilitators (Cowrywise Campus Ambassadors) employed culturally relevant examples and practical scenarios, ensuring the content was directly applicable to the participants’ circumstances, and breaking down money concepts in local parlance. As questions about saving strategies, managing family expenses, and understanding investment options arose, it became evident that these women were not only interested in personal finance but also committed to acquiring knowledge that could elevate their economic stability and independence.
The event was structured to offer a complete experience for participants, emphasizing comfort and community. Following the session, attendees were provided with refreshments, allowing them to relax, discuss the session informally with peers, and foster connections with trainers and organizers. This approach reinforced the sense of inclusivity and support, helping to create an environment where learning was accessible and encouraging.
Remarks from Stakeholders
Reflecting on the session, Dr. Oreoluwa Finnih, Special Adviser to the Lagos State Governor on SDGs, expressed her appreciation: “Our visit to Iwaya reaffirms the necessity of this initiative and underscores our commitment to a financially inclusive Lagos. With partners like Cowrywise, Opay, and NIMC, we’re equipping women with skills that go beyond personal finance; we’re enabling pathways toward stability and growth.”
Oyeyinka, Head of HNIs & Corporates at Cowrywise, added, “This initiative is about more than just financial knowledge; it’s about empowerment. We’re proud to support these women and offer resources that will help them take charge of their financial futures.”
Future Sessions and Long-Term Vision
The Iwaya session marks only the beginning of a multi-location effort. Each session within the Human Capital Development Project is designed to offer financial literacy that resonates across diverse communities in Lagos. With plans to reach other underserved areas, the Lagos State Government, Cowrywise, and its partners remain steadfast in their commitment to making financial literacy and empowerment accessible to all women.
Our experience in Iwaya reaffirms the necessity of this program and gives us a preview of the transformative impact it can have across other communities.
As we continue on this path to alleviating women towards financial freedom, Cowrywise is fully committed to ensuring that our collective efforts will not only elevate financial literacy, but also inspire hope, dignity, and prosperity for the women and families who will benefit from this initiative. By deepening financial inclusion and enhancing human capital development, we are not only empowering women but also fostering a more inclusive and prosperous global economy.
Today, the team will be mobilizing to reach yet another community. To solidify our commitment as a business, Cowrywise is expanding its team of facilitators to include school teachers with expertise in the 3 major languages, to deepen financial penetration and ease the dissemination of financial literacy and personal finance concepts.
About Cowrywise Cowrywise is a pioneering financial services provider dedicated to transforming access to saving and investment opportunities in Nigeria and across Africa. Since its inception in 2017, Cowrywise has focused on making financial wellness accessible to all Nigerians through cutting-edge technology, strategic partnerships, and a commitment to financial inclusion. For more information, visit cowrywise.com.About the Lagos State Office of Sustainable Development Goals The Lagos State Office of Sustainable Development Goals drives initiatives aligned with the United Nations SDGs to create an economically and socially inclusive Lagos. Through strategic partnerships and targeted community engagement, the Office works to foster sustainable growth and development for all Lagosians.
