Lagos, Nigeria – At a media parlay yesterday, the office of the Governor on Sustainable Development Goals announced a partnership with Cowrywise, a leading financial services provider based in Lagos State to unveil a new initiative aimed at deepening women’s financial inclusion and human capital development in hard-to-reach areas of Lagos State through the Human Capital Development Project (HCD). This groundbreaking programme, launched officially on the 17th of October, 2024, seeks to empower women across diverse socio-economic backgrounds by providing access to financial resources, tools, education, and training.
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.
The office of the Special Adviser to the Lagos State Governor on Sustainable Development Goals is committed to addressing this disparity through targeted strategies that focus on providing women with the tools necessary to thrive in the modern economy. A core part of this strategy is partnering with private sector participants with the technical know-how and expertise to bridge that gap and empower women with the tools and access they deserve to bloom financially.
During the press conference, one of the ‘men of the press’ blurted the phrase, “No woman left behind!”. We couldn’t agree more!
And so, the Lagos State Government called. And Cowrywise answered!
Cowrywise’s commitment to financial inclusion and education since its inception in 2017, our understanding of the Lagos market, and our focus on innovation and access to investment opportunities, as well as our ambition to drive financial inclusion, align perfectly with the goals of the Lagos State Office of Sustainable Development Goals.
No Woman Left Behind – Empowering Women the Cowrywise Way
The scope of the project and roadmap is simple – drive financial inclusion in hard-to-reach communities in Lagos State by designing solutions that meet the unique needs of women and low-income households. 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 work together.
The goal is to build a city where no man or woman is left behind!
We are taking this message of hope to about 20 communities in rural, suburban, and urban areas spread across the length and breadth of the state – from Ilaje to Araromi Ale to Eko Akete to Oke-Ira Central. Many of the residents in these communities focus on trade, fishing, and petty services. Others are artisans or have passed down farming as a way of life for generations. With mixed access to smart and feature phones, limited to robust internet penetration, poor to moderate electricity supply, and dominance of Yoruba, Awori, Tapa, and Igbo languages, the success of the strategic approach and the programme as a whole is heavily reliant on executing tailor-made tactics developed to reach, onboard and transform the beneficiaries on a community-to-community basis.
The initiative will roll out a series of programs and tools specifically designed and tailored to close the financial inclusion gap and improve women’s access to banking, credit, financial literacy, and investment opportunities. To bring it to life, Cowrywise will work closely with other partners on the project, including Opay, a financial service provider, and skill acquisition companies. The National Identity Management Commission (NIMC) is also on board and will assist the Lagos State SDG team with data collection and analysis. The data collated and analyzed will help us optimize our approach on a community-by-community basis, documenting learnings and capturing social nuances as we transform lives one community at a time. Currently, we are designing a curriculum based on the sociocultural analysis of each community. The curriculum is being designed in pidgin, Yoruba, and other native dialects. This will be in addition to offering financial literacy workshops to equip women with the knowledge needed to make informed financial decisions.
“Our goal is to ensure that women are not just participants in the economy but are empowered leaders within it,” said Dr Oreoluwa Finnih, the Special Adviser to Lagos State Government on Sustainable Development Goals. “By providing access to financial services and education, we are laying the groundwork for sustainable economic growth that benefits entire communities.”
We can’t overstate the importance of this initiative. From economic growth to improved education, social change, health benefits, and generational impact, empowering women in communities has a multitude of benefits, both for the individuals involved and for society as a whole. For example, according to an International Labour Organization (ILO) report, 32.9% of SMEs and MSMEs are women-owned. That’s millions of businesses actively contributing to drive Nigeria’s GDP. Improved education for women also means the education of children is prioritized, leading to higher literacy rates. Empowered women are also likely to be more informed about health issues, improving maternal and child health outcomes. Women in leadership roles are more likely to engage in civic activities, influencing policy and promoting democratic practices, and can challenge social norms and advocate for gender equality, leading to broader societal changes and reduced discrimination.
Supporting women for good: Investing in Skills and Knowledge
Women are the bedrock of any society and play a great role in the growth and development of society. Cowrywise is no stranger to empowering women, and we have a long-standing history of investing in women. In 2021, we launched the Design Fund for Women in celebration of International Women’s Day to challenge gender inequality in the design space. We kicked off the programme to launch the design careers of 75 women, partnering with top design firms in the country. In two weeks, we recorded over 6,000 applications; which further showed the extent of the societal gap. With this initiative, we tackled the top 3 hurdles for many Nigerian women (who had zero to little design experience). With the fund, we provided cash and accepted donations from retail investors to sponsor one-on-one classes with female design leads in key spaces. Upon completion, we took on some as interns and had our partners take on as many as possible. That’s our intimate approach to driving change!
3 years down the road, our passion for supporting women is still blooming.
“Since our establishment in 2017, our core objective at Cowrywise has been to make saving and investment accessible to all Africans, regardless of their social or economic background. We are honored to partner with The Office of Sustainable Development Goals to drive financial literacy through the Human Capital Development initiative for women. We believe that financial integrity is not a human privilege, but a fundamental human right.” Oyeyinka, Head, HNI & Corporates added.
What happens next?
According to OPay’s COO & CTO, Adedotun Adekunle, the essence of the programme was to get a lot of people into the financial ecosystem. At Cowrywise, we agree, and we want to take them beyond that; and move the beneficiaries beyond the potentials they see today, to the untapped financial possibilities they deserve for tomorrow.
Next steps? Cowrywise, with the office of the Governor on Sustainable Development Goals, as well as other partners, will visit all the earmarked communities. The Initiative has kicked off in earnest and we will stay committed to transforming the landscape of women’s economic participation in Lagos State and beyond.
As we embark on this partnership, 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.
We’ll have more updates in the coming months.
More on CSR Programmes
Cowrywise is in the business of building wealth and empowering others to do the same. Recently, we transformed the sports facility of the Ikeja Primary School, GRA, Lagos, to empower the students to thrive and bond through sports!
See all the details here.
