PalmPay has stepped up its efforts to improve financial inclusion in Nigeria by supporting over 2,000 women entrepreneurs in Kano and Kaduna states through a financial literacy and digital banking programme focused on market traders.
The fintech company disclosed this in a statement on Wednesday, explaining that the initiative was carried out at Sabon Gari Market in Kano and the Central Market in Kaduna. The programme was designed to help women traders gain practical knowledge about money management while also introducing them to digital banking tools that can improve their businesses.
According to PalmPay, many women running small businesses in local markets still rely heavily on cash transactions, which often create challenges such as poor record-keeping, delayed payments, missing cash, and limited access to formal banking services. The company said its intervention aimed to simplify digital banking and help women operate their businesses more efficiently.
During the programme, PalmPay officials organised hands-on workshops where traders were trained on how to properly manage business finances. Participants were taught how to separate personal spending from business income, calculate profits, budget for stock purchases, and monitor cash flow more effectively.
The company also introduced traders to digital payment solutions, including PalmPay POS terminals and instant payment notification systems. These tools are expected to help traders improve transaction transparency, reduce the risks associated with handling cash, and gain better control over their daily business activities.
PalmPay noted that financial exclusion remains a major issue for women both globally and in Nigeria. Data from Women’s World Banking shows that more than one billion women around the world do not have access to formal financial services, limiting their chances of achieving financial independence and growing their businesses.
In Nigeria, the EFInA Access to Financial Services 2023 survey revealed that 30 per cent of adult women are still excluded from both formal and informal financial services, compared to 21 per cent of men. This means that about 17 million adult women in the country remain financially excluded.
To help address this problem at the grassroots level, PalmPay decided to take its campaign directly to some of the busiest markets in Northern Nigeria, where thousands of women earn a living through the sale of textiles, grains, spices, household goods, and other consumer products.
The programme also received support from the Emir of Kano, Muhammadu Sanusi II, whose endorsement helped increase awareness and acceptance of the initiative across the region.
PalmPay stated that the programme is already changing the way many women run their businesses by helping them move away from informal cash handling systems to safer and more organised digital banking methods.
The company added that supporting women entrepreneurs goes beyond helping individual businesses because many female traders are major providers for their families and communities. By improving women’s access to financial literacy and digital financial services, PalmPay believes the initiative will strengthen grassroots commerce and contribute to broader economic growth in Northern Nigeria.
Experts have continued to emphasise that improving women’s access to formal financial services could significantly reduce poverty, boost productivity, and create stronger economic opportunities in underserved communities.
