In a move designed to enhance financial literacy and strengthen online business security for women entrepreneurs and People Living with Disabilities (PLWDs), Africa’s fastest growing financial institution according to the Financial Times, Moniepoint Inc in collaboration with ACIOE Associates and Tech4Dev recently hosted a two-day intensive workshop in Abuja. 

With over 100 participants, the initiative which targeted small and micro-enterprise owners, aimed to address the growing need for financial education and digital security in an increasingly online business environment with these business owners gaining valuable insights into financial planning, budgeting, cybersecurity, and safe online payment practices through a series of practical sessions and interactive activities. The workshop also placed special emphasis on advancing gender inclusion, highlighting the need for financial literacy and cyber hygiene as tools to empower vulnerable groups, particularly women.

According to organizers, the initiative is crucial in addressing the low levels of financial literacy that persist in many parts of the world, especially Nigeria, which can hinder economic growth and financial inclusion. Studies have shown that financial literacy is linked to improved access to basic financial services, formal savings, and overall economic development. The workshop’s organizers also maintained that improving women’s financial literacy will enable them to make informed decisions, access financial services, and build wealth, ultimately contributing to gender equality and economic empowerment. 

"Businesses are vital cogs in the wheels of economic growth, development and job creation. Financial literacy is key to achieving social and economic inclusion, particularly for women seeing that when women understand financial concepts, they are better equipped to manage their finances, access financial services, and build wealth. This in turn gives them the impetus to pursue their entrepreneurial aspirations and contribute more significantly to the economy," said Tosin Eniolorunda, Group CEO, Moniepoint Inc. 

He added that ”against the backdrop of our recently launched Informal Economy Report, there is a need to provide a platform for ensuring that many businesses can survive and thrive beyond the five-year mark considering that eighty percent of businesses especially those in the informal sector have been operating for less than five years. Also, the link between financial literacy and financial inclusion has become an international policy concern, this is our own way of contributing to the conversation, powering the dreams of this vulnerable group and doing what needs to be done to support Nigeria’s socio-economic aspirations.”

Innocent Isichei, Managing Partner, ACIOE Associates, an advisory services firm providing a rich suite of solutions across various sectors noted that “Businesswomen and PWLDs are especially vulnerable to online threats. By building a secure digital 'fortress,' women can confidently navigate the online environment, safeguard their businesses, and leverage technology for growth. Beyond online safety, achieving economic empowerment for women requires addressing significant financial literacy and access challenges.”

Furthermore he said that “these challenges include limited financial knowledge, restricted access to credit, societal barriers, and gender-based discrimination within the financial sector. ACIOE Associates recognizes these critical needs and that's why we have partnered with Moniepoint and Tech4Dev to offer this comprehensive two-day workshop.”

Via a series of practical sessions, participants learned essential skills in budgeting, saving, and investment strategies tailored to small business needs. The program also covered vital cyber hygiene practices to protect businesses from data breaches, phishing scams, and malware attacks while learning how to leverage technology for business expansion while maintaining a secure online presence.

The participants lauded the organizers for their demonstrated commitment to supporting the economic empowerment of women and PLWDs, by equipping them with the skills needed to succeed in an increasingly digital and complex economy.