Only 15% of 700,000 registered POS agents in Nigeria are women – CBN report

The POS business in Nigeria has become a thriving industry, but a recent report by the Central Bank of Nigeria (CBN) shows that women are underrepresented in this sector. Out of the 700,000 registered POS agents in the country, only 105,000 are women, making up just 15% of the total.

This data reveals a significant gap between male and female participation in the POS industry and further highlights the need to address gender imbalances.

The low number of female POS agents indicates barriers that hinder women from entering and advancing in the industry. These barriers may include limited access to funds, lack of awareness about opportunities, insufficient training, societal stereotypes, and cultural biases.

CBN Deputy Governor, Mrs Aisha Ahmad, has described as worrisome the gender gap in financial inclusion, which is eight per cent in Nigeria and nine per cent globally. She stressed that there is a need to develop strategies and initiatives for policymakers to implement in time bridging the gap.

“Women have less social safeguards and are more likely to be saddled with unpaid care and household chores, which forces them to leave the labour force,”

Aisha Ahmad

Numerous factors contribute to the glaring gender imbalance within Nigeria’s POS agent industry. Societal norms and cultural biases often restrict women’s economic participation, leading to limited access to business opportunities. Traditional gender roles, household responsibilities, and pervasive stereotypes can dissuade women from venturing into this field, perpetuating the gender divide.

Moreover, financial constraints and restricted access to capital act as significant obstacles for aspiring female entrepreneurs looking to establish and sustain their own POS agent businesses. The lack of awareness and information about the potential benefits and opportunities within the POS business may also contribute to the low participation of women, highlighting the need for targeted initiatives and support systems.

Teniola, a female POS agent in Yaba, shared her experience with Technext, stating that when she first ventured into the business, she had limited knowledge about it. It was fellow women in the industry who guided and taught her the intricacies of the trade.

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Since starting her business in 2020, Teniola expressed that she has experienced remarkable profitability. In fact, she mentioned that her earnings from the POS business have surpassed those from her other ventures.

“Ever since I started this business in 2020, I have profited so much from it. In fact, I have made more money than my other businesses”.

When asked about balancing family responsibilities with her business, Teniola emphasized that her family’s well-being is not compromised by her work. Although she occasionally closes late, sometimes as late as 10 pm, she has enlisted the help of a maid to assist with household tasks, ensuring that her family is well taken care of.

The POS business represents an avenue for women to gain financial autonomy, establish their businesses, and provide for their families. However, the underrepresentation of women in this sector denies them the opportunity to break free from the traditional gender roles that confine them to limited economic opportunities.

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Here are possible ways to bridge the gender gap

• Empowering financial inclusion: Develop inclusive programs that provide women with access to affordable loans and financial resources tailored specifically to their needs as potential POS agents.

• Raising awareness and education: Conduct comprehensive awareness campaigns to inform and educate women about the benefits and opportunities available in the POS business. Partnerships with community organizations, educational institutions, and media outlets can help disseminate this information effectively.

• Skill enhancement and training: Offer skill development programs and training sessions to enhance women’s knowledge of digital payment systems, customer service, and effective business management.

• Mentorship and networking support: Establish mentorship programs and networking platforms that connect aspiring female POS agents with experienced professionals who can offer guidance and support throughout their journey.

• Policy advocacy: Advocate for policy reforms that promote gender equality and encourage women’s economic empowerment in the financial technology sector, addressing both the systemic and cultural barriers that hinder progress.