The Department for International Development (DFID), last Saturday advocated financial empowerment of women saying it will reduce poverty in Nigeria.

Mr Simeon Kenny, Leader of Economic Growth Team in the DFID, Mr. Simeon Kenny made the call at the Fortis Women Fair 2013 in Abuja, tagged: “ Celebrating the Entrepreneurial Spirit of the Nigerian Woman.’’

He said women were expected to perform the roles of wife, mother and supporter in their homes, with very limited resources.

He noted that in the lower class, the women were the major bread-winners, which was why they needed to be empowered through various ways to boost their businesses.

“ If Nigeria is to address poverty and inequality, it must improve women businesses as they are currently constrained by capital.

“These women need to be empowered by having easy access to finance because they are the most financially excluded.

“ There is need to invest more in women and that is why government and private corporations need to work together to this effect’’, he said.

Also, Mr Kunle Oketikun, the Chief Executive Officer, Fortis Micro Finance Bank, said the bank had set up a micro credit scheme to meet the financial needs of women.

He said the bank was spurred to intervene in the plight of women based on a report by Efina, a financial sector development firm in its 2012 report.

Oketikun quoted the report on access to finance in Nigeria as indicating that only 4.4 million women had regular source of income, compared to 7.2 million men.

“It further revealed that 18.2 million women are traders or business owners, which is significantly higher than men at 14.7 million.

“It is based on the need to increase the access of our women to finance that has brought us here’’, he said.

Oketikun said there were over 60,000 women on the bank’s micro credit scheme with access to loans ranging from N30,000 to N250,000 per head.

The Managing Director, Mobile Money, Fortis, Mr Henry Nwauba, who spoke on the importance of mobile money, said it was a tool for achieving financial inclusion.

“We have a population of about 160 million and only 20 million are formally included in banking system which is very low.

“ We have over 100 million mobile phone subscribers. That is why this concept seeks to put basic money transaction on the mobile phones, for broader outreach.

He said mobile money would enhance their businesses because it reduces cost, more convenient, speedy and more secured transactions.

The Tide source reports that the fair was attended by 5,000 women and representatives from the Bank of Industry, Ministry of Women Affairs, and Pro Health, amongst others.