AG mortgage bank, HACEY target financial independence for 500,000 women

AG Mortgage Bank, in collaboration with HACEY, has launched an ambitious initiative aimed at enhancing financial inclusion for women across Nigeria.

The launch was announced in a joint statement dated 18 October.

According to the statement, the Empowering Society Through Investment in Women (ES-TIW) project seeks to empower 500,000 women by the end of 2025, addressing significant barriers to financial independence that women face nationwide.

It said the project comes in response to findings from the 2022 EFInA report, which revealed that 42 per cent of Nigerian women remain financially excluded, compared to 29 per cent of men.

It also cited more data from the World Bank Global Findex Database (2021) highlighting that only 35 per cent of Nigerian women own a bank account, significantly lower than the 55 per cent of men.

It said the ES-TIW project aims to reduce this disparity by focusing on financial literacy, business development skills, and access to healthcare and financial services.

The programme’s core components include business education and skills training, digital financial literacy, and access to micro-loans.

These resources, according to the statement, are designed to help women build sustainable businesses and achieve long-term economic independence.

By targeting both rural and urban areas, the project supports the National Women’s Economic Empowerment (WEE) Policy and aligns with the United Nations’ Sustainable Development Goals (SDGs).

Managing Director of AG Mortgage Bank, Ngozi Anyogu,emphasised the importance of financial inclusion in national development

“We believe in the power of financial inclusion to transform lives. This initiative provides women with the tools they need to access essential financial services and build sustainable futures,” she was quoted as saying.

Also, Rhoda Robinson, executive director of HACEY, said: “This project is about more than financial services; it is about creating opportunities for women to take control of their futures, support their families, and contribute to their communities.”

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It said the project would pilot in Lagos and Oyo states, with nationwide expansion set to follow. It is expected to improve household financial stability, reduce poverty, and promote inclusive economic growth by December 2025.

AG Mortgage Bank Plc is a primary mortgage Institution in Nigeria while HACEY Health Initiative is a non-governmental organisation in Nigeria supporting vulnerable and disadvantaged people to create a healthy and productive society.