In many countries, there is a significant gender gap in opportunities for accessing financial services. A recent survey by Rockefeller Philanthropy Advisor (RPA)’s Gender Centre for Excellence indicates that about 98 percent of women still have limited access to the formal credit market. The survey noted that low education status and restricted decision-making power were factors limiting women’s access to financial services in the country. The Gender-Disaggregated Data Analysis Report, a product of RPA’s Gender Centre for Excellence however urged for more inclusiveness for women in Nigeria’s financial services.
Jennifer Awirigwe, a personal finance expert and investment banker, during a recent interview, condemned the surging limitations restricting women from accessing financial services. Jennifer, who also founded FinTribe, Nigeria’s biggest women-only finance community, stated that her dream was to see women being immensely intentional about their finances and this prompted her to establish a women-only finance community. According to her, the community’s influence in helping women make intentional and smart financial moves has defined success hugely to her.
Youths urged to invest in themselves by acquiring relevant skills.
On important decisions that young people can enact in setting up a secured financial future, she noted that it was important for young people to commence investing at the early age. She urged young individuals to invest in themselves by the acquisition of relevant skills and experiences. She also stated that it was important to build networks upwards, downwards and sideways. According to her, building relationships that would enhance knowledge and opportunities across all levels must be a prerequisite.
Sharing her financial journey, Jennifer revealed that she was once a broke Chartered Accountant who managed a firm’s money as the Treasury Accountant, even whilst her personal finance was dilapidated. However, she noted that her journey to financial stability commenced with the conscious decision to make her finance better. She noted that she had to make sacrifices like moving some of her money into a savings account and then, an investment one. She also disclosed that the little steps that she consistently shared via social media was immensely helpful in establishing her women-only finance community. According to her, intentionality and planning would play an important role in helping youths secure a financial stability.
The need for high funds, the biggest misconception about investment.
She also stated that one big misconception about personal finance and investment was the thought that only wealthy people could invest because a huge amount of money is needed for investment. She said that there were numerous investment opportunities for as low as N5000, such as saving bonds, mutual funds, stocks and many others. She explained that whilst these were important investment platforms that could help grow ones money, Ponzi Schemes for doubling money was not an investment.
Asked about FinTribe’s achievements so far, the personal finance expert stated that the community which consisted of women saving and investing together, has been immensely helpful in keeping its members accountable. She indicated that the community also finds measures to leverage their number to the members’ benefits. Asides coordinating bulk food buying which saves costs, they also support each others’ businesses immeasurably. Jennifer indicated that the community’s impact as to improving the members’ portfolios, business startups and other smart financial decisions was the community’s biggest achievement.
Women urged to be more intentional with their financial targets.
On the country’s economic outlook over the next three quarters, Jennifer indicated that inflation would expectedly maintain its surge due to the increasing PMS prices from removing fuel subsidy, readjustment of exchange rate, policy implementation delay due to change in government, as well as the prevalent insecurity that has impacted food production across the country. She thus urged everyone to seek credible investments that would yield high returns. Despite the over 100,000 women that read and learn from her, Jennifer hoped to reach more people for her personal finance message and FinTribe. She urged women to be intentional with their financial targets.
Related Link
Central Bank of Nigeria: Website
Leveling barriers limiting women’s finance. – FinTribe enhancing financial inclusiveness amongst women by investing together. – Express your point of view.
There is a considerable discrepancy between the chances available to men and women to use financial services in many different countries.
.
The economy over the next three quarters, rising PMS prices as a result of the removal of the fuel subsidy would likely keep inflation on an upward trajectory.
This initiative from Jennifer will really go a long way in alleviating women with financial problem.Many people think is only when someone has big money that he/she can invest especially women but with this type training and orientation things will change.
It was essential for young people to get their first experience with investing at a young age.
The baby steps that she continuously published on social media were a huge help in building her group for women alone who work in finance.
In every angle women inclusion should be promoted and this kind of initiative is a perfect one to strengthen it. Women’s should be fed the necessary ideas and enlightenment to help the improve financially.
One of the most common misunderstandings regarding individual finances and investments is the widespread belief that only extremely affluent people are able to participate in these activities due to the high initial capital requirement.
The inclusiveness for women in Nigeria’s financial services will play important role in the development of community. It offers more of empowerment to the youth and in a way it is a fight for the women(feminism).
We can help women in their respective lives especially in finance. Their financial status is very important. It will help them to become more independent.
A popular misconception about personal finance and investing is that only extremely wealthy people can afford to engage in these activities.
It is encouraging to see that the community is actively seeking new ways to put its size to work for the benefit of its members.
This will help woman and make them independent this is a good initiative to the society the woman will also play a good role in the country development
The community’s efforts to find methods to use its scale for the common good are heartening.
It was crucial for young individuals to get their initial exposure with investing when they were still fairly inexperienced.
Leveling barriers limiting women’s finance. Jennifer Awirigwe, a personal finance expert and investment banker, during a recent interview, condemned the surging limitations restricting women from accessing financial services. Jennifer, who also founded FinTribe,
FinTribe are actually doing a great job by creating awareness among women of their financial capacity and our they can have an investment. They’ve helped women to breakout of the barrier of financial limitation place by gender discrimination in the society.
The community’s greatest accomplishment, according to Jennifer, was its influence on members’ investment portfolios, company ventures, and other wise financial decisions.
We can support women in their various spheres of life, particularly in finance. Their financial situation is crucial. That will aid in their independence growth.
The orientation given to the women by the society they find themselves( either by birth or marriage) is that they are not relevant and are not fit to handle finances. Thanks to FinTribe that has come to re-orientate the women and point to their relevance in the society and make them to be aware that they shouldn’t limit themselves financially; grabbing most opportunity in programs that are designed for the women. It doesn’t matter your educational background you can do it.