By Bianca Iboma-Emefu
Finance and technology leaders recently convened at the annual Piggyvest Finance Roundtable to confront the persistent gender wealth gap in Nigeria.
The forum exposed a complex landscape where women dominate business ownership but lag significantly in earnings.
The event, held in Ikoyi, Lagos, drew prominent figures including Ngozi Chukwu (TechCabal), Samson Esemuede (Zrosk Investment Management), Adekunle Oyenekan (Lagos State Employment Trust Fund), and Odunayo Eweniyi (Piggyvest).
The key highlight of the event was the unveiling of findings from the 2024 Piggyvest Savings Report, based on a survey of over 10,000 Nigerians. The report, released on World Savings Day (October 31, 2024), illuminated a significant financial gender disparity. Notably, men are 1.4 times more likely to earn a monthly income of ₦1,000,000, despite women leading in business ownership rates (26% of Nigerians own businesses).
“Female entrepreneurs struggle with limited funding, financial mismanagement, and workforce exclusion due to caregiving responsibilities,” the report stated.
Finance expert Ibiyinka Ibru further emphasized the challenges women face, stating, “Most women-run micro-businesses aren’t designed for scaling.
They exist to support households but lack the structure for financial growth.” She highlighted that many women start businesses out of necessity rather than for expansion.
A panel discussion, moderated by Ngozi Chukwu, featured industry leaders Yewande Akomolafe-Kalu (Flutterwave), Bukky Akomolafe (Travelstart), and Layo Ogunbawo (Splice), who explored the barriers to women’s business growth and financial independence. Akomolafe-Kalu stressed the importance of financial education while acknowledging the real-life constraints women face, such as the common practice of combining personal and business finances, hindering loan access.
Bukky Akomolafe pointed to the career sacrifices women make due to marriage and motherhood, while Layo Ogunbawo called for corporate and government intervention to alleviate the burden on working women. “It’s not just on women to fix these challenges, society and companies must step up,” she asserted.
The roundtable concluded with recommendations to bridge the gender gap, including: More tailored financial education for women, workplace policies supporting work-life balance, increased funding for female entrepreneurs and tech-driven financial solutions designed by women for women.
Joshua Chibueze, Co-founder and Chief Marketing Officer of Piggyvest, reiterated the company’s commitment to financial literacy and inclusion. “The Piggyvest Savings Report is becoming a vital resource for individuals, businesses, and policymakers. With continued momentum, it could shape government policies and economic research,” he stated.