Since assuming the role of Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has prioritized driving economic reforms, particularly by promoting financial inclusion and supporting women entrepreneurs. Under Cardoso’s leadership, the CBN has strategically worked towards improving the nation’s economic landscape by addressing the gender financing gap, which has historically limited women’s access to business capital and hindered their participation in national development.
One of his notable initiatives is his support of the Women Entrepreneurs Finance (We-Fi) Code, an international framework aimed at increasing financial access for women entrepreneurs in Nigeria. This aligns with the CBN’s broader mission to enhance financial inclusion, a crucial component of Nigeria’s economic growth strategy. Cardoso’s advocacy for the adoption of the We-Fi Code demonstrates his commitment to empowering Nigerian women, ensuring they receive the necessary financial support to grow their businesses and contribute meaningfully to the economy.
Cardoso considers gender equality in financial access essential to national development. He believes that by closing the gender financing gap, Nigeria can unlock the potential of millions of female entrepreneurs who, despite their ingenuity, face systemic barriers to accessing credit and other financial services. The CBN governor has actively urged stakeholders across the financial and private sectors to embrace this initiative, emphasizing that empowering women financially is a social necessity and a critical economic strategy.
In collaboration with global institutions such as the World Bank, Cardoso is working to strengthen the CBN’s efforts to promote women-led businesses in Nigeria. The World Bank has supported the initiative, acknowledging its significant role in fostering economic growth, reducing poverty, and enhancing societal welfare. Cardoso’s leadership has been instrumental in gaining international support for these reforms, thereby strengthening Nigeria’s position within the global economic community.
Under Cardoso’s guidance, the CBN has also explored broader financial policies aimed at enhancing the economy’s stability and growth. His focus extends to digital financial inclusion, utilizing technology to make banking services more accessible to underserved populations, including women in rural areas. By integrating technological advancements with traditional banking, Cardoso aims to create a more inclusive financial ecosystem that will sustain economic growth in the long term.
Yemi Cardoso’s initiatives represent a transformative period for Nigeria’s financial sector, particularly in how it engages with women entrepreneurs. His focus on the We-Fi Code reflects a larger vision of inclusive growth, with the CBN under his leadership committed to not only stabilizing the Nigerian economy but also fostering an environment where all Nigerians, regardless of gender, can thrive economically. His leadership continues to play a critical role in shaping a more equitable financial landscape in the country.
