PalmPay said it has intensified efforts to bridge Nigeria’s financial inclusion gap by empowering more than 2,000 women entrepreneurs across Kano and Kaduna states through a grassroots financial literacy and digital banking initiative targeted at market traders. The digital bank made this disclosure in a statement on Wednesday.
The initiative, which was implemented in Sabon Gari Market in Kano and Central Market in Kaduna, focused on equipping women with practical financial management skills and digital banking tools aimed at improving business operations and expanding access to formal financial services.
Women’s financial inclusion remains a major challenge globally and in Nigeria. According to Women’s World Banking, more than one billion women worldwide lack access to formal financial services, limiting opportunities for economic growth and financial independence.
In Nigeria, the EFInA Access to Financial Services 2023 survey revealed a significant gender gap in financial access, showing that 30 per cent of adult women remain excluded from both formal and informal financial services, compared to 21 per cent of men. The figures indicate that about 17 million adult women in the country are financially excluded.
Seeking to address the challenge at the grassroots level, PalmPay took its financial inclusion campaign directly to some of Northern Nigeria’s busiest trading centres, where thousands of women engage daily in the sale of textiles, spices, grains, household items, and consumer goods. The fintech company said the programme was designed to simplify digital banking for female entrepreneurs who have traditionally relied heavily on cash transactions for their businesses.
As part of the intervention, PalmPay officials conducted hands-on workshops within the markets, teaching traders how to separate personal expenses from business income, calculate profit margins, budget for inventory, and better manage cash flow. The company noted that many women operating in informal markets often face difficulties associated with cash-based trading, including missing cash, delayed transfer confirmations, poor record-keeping, and limited access to financial infrastructure needed to scale their businesses.
To address these issues, participants were introduced to digital payment solutions such as PalmPay POS terminals and instant payment notification systems aimed at improving transaction transparency and financial control.
The initiative also received the endorsement of the Emir of Kano, Muhammadu Sanusi II, further strengthening awareness and acceptance of the programme within the region.
According to PalmPay, the intervention is already transforming how many women manage their businesses, helping them transition from informal cash handling systems to more secure and efficient digital banking processes. The company added that empowering women entrepreneurs has broader economic benefits because many female traders serve as key providers for their households and communities.
By helping thousands of women gain access to financial literacy training and digital financial tools, PalmPay said the programme is contributing to stronger grassroots commerce and supporting broader economic inclusion across Northern Nigeria.
Experts have continued to stress the importance of expanding access to formal financial services for women-owned businesses, noting that increased financial inclusion could significantly improve economic productivity and reduce poverty levels in underserved communities.
