Lagos, September 2024 – The Centre for Ability, Development, and Empowerment Foundation (CADEF) hosted a landmark one-day workshop focused on enhancing financial inclusion for persons with disabilities (PWDs). The event brought together a diverse group of stakeholders, including government officials, financial institutions, disability organizations, and experts, all committed to addressing the financial barriers faced by PWDs in Nigeria.
The workshop provided an opportunity for participants to engage in meaningful discussions on the challenges people with disabilities encounter when accessing traditional and digital financial services. Throughout the day, experts, advocates, and government representatives emphasized the need for innovative, inclusive solutions to ensure that no one is left behind in the drive for financial inclusion.
Setting the Stage for Change
In his opening remarks, Safiu Babatunde, Head of Legal Services at the Lagos State Office for Disability Affairs (LASODA), set the tone by highlighting the significant obstacles faced by PWDs in accessing financial services. Babatunde stressed that financial inclusion is not just about having access to a bank account but also about creating opportunities for PWDs to participate fully in the economy.
“Disability-related obstacles affect the participation of individuals at every stage of developmental interventions intended to boost livelihoods,” Babatunde said. “One of the most essential resources for improving livelihoods is access to financial resources for economic activities. Unfortunately, traditional banks have not effectively served people with disability-related challenges.”
Babatunde outlined how PWDs face significant barriers, from inaccessible bank branches and ATMs to the lack of tailored financial products that cater to their specific needs. “Persons with disabilities have limited access to a wide range of financial services, including traditional and alternative banking, online payment platforms, and even mobile banking applications,” he continued. “These barriers are compounded by a lack of awareness and training within the financial sector.”
The Call for Public-Private Partnerships
One of the recurring themes of the workshop was the critical need for public-private partnerships to address these challenges. Babatunde called for a collaboration between government agencies, financial institutions, and disability organizations to develop and implement initiatives that promote financial inclusion for people with disabilities.
“This partnership can bring together all relevant stakeholders to design financial products and services that are accessible, inclusive, and tailored to the unique needs of PWDs,” Babatunde said. He urged banks to be more responsive to the needs of PWDs, advocating for more training for bank staff on disability issues and the development of accessible financial services, such as mobile apps designed for individuals with visual or hearing impairments.
CADEF’s Commitment to Inclusive Financial Systems
Speaking at the event, Professor Chiso Ndukwe-Okafor, Executive Director of CADEF, reaffirmed the organization’s unwavering commitment to advocating for the rights of marginalized groups, particularly PWDs. She emphasized the urgent need for inclusive financial products and services that cater to the specific needs of people with disabilities, noting that financial inclusion is a fundamental aspect of independence and empowerment.
“CADEF has been working diligently to empower individuals, including persons with disabilities, with financial literacy,” Ndukwe-Okafor said. “Our goal is to create an inclusive financial system that ensures no one is excluded from participating in economic activities. Financial empowerment is crucial for fostering independence and improving the quality of life for PWDs.”
Ndukwe-Okafor explained that CADEF’s approach involves not only advocating for accessible financial products but also equipping PWDs with the knowledge and skills needed to manage their finances effectively. Through financial literacy programs, the organization has helped many individuals with disabilities gain the confidence to engage with financial institutions and explore entrepreneurial opportunities.
Financial Inclusion: The Role of LASODA
Representing the Lagos State Office for Disability Affairs (LASODA), Adenike Oyetunde-Lawal, the General Manager of LASODA, echoed the call for greater inclusivity in financial services. Oyetunde-Lawal, represented by Mr. Babatunde, urged financial institutions to rethink their approach to serving PWDs and consider the benefits of inclusivity, not only for individuals but for society as a whole.
“Financial inclusion is not a privilege; it is a right,” Oyetunde-Lawal stated. “There is a pressing need for financial institutions to develop tailored financial products and accessible services that meet the needs of persons with disabilities. Whether through sign language interpretation services at bank branches or accessible mobile apps, the financial sector must evolve to become truly inclusive.”
She also emphasized the importance of financial education, calling for programs to be delivered in accessible formats, including sign language and Braille, to ensure that PWDs have the knowledge and confidence to engage in financial activities.
Addressing Barriers to Access
Throughout the workshop, participants delved into the specific challenges faced by PWDs in accessing financial services. These included limited awareness of available products, physical inaccessibility of bank branches and ATMs, and discriminatory practices within the financial sector. Many PWDs also reported difficulties navigating mobile banking apps that are not designed with accessibility in mind.
Participants shared personal stories and experiences, illustrating the day-to-day challenges faced by PWDs in accessing basic financial services. One participant, a visually impaired entrepreneur, described how the lack of accessible banking platforms has made it difficult to manage her business effectively. “I rely on my family members to help me with financial transactions because the mobile banking app is not accessible for someone like me,” she explained. “This lack of independence is frustrating.”
Exploring Solutions and Next Steps
The workshop did not only highlight challenges but also explored solutions that could lead to a more inclusive financial system. Among the potential solutions discussed were the development of accessible mobile banking applications, financial literacy programs specifically for PWDs, and stronger partnerships between financial institutions and disability organizations.
Participants agreed that financial institutions should prioritize accessibility in the design of their products and services. This could include integrating features such as text-to-speech capabilities for visually impaired users, simplified interfaces for users with cognitive disabilities, and sign language interpretation services at bank branches.
In the final session of the workshop, participants formed working groups to brainstorm strategies for overcoming financial barriers faced by PWDs. These discussions resulted in a series of actionable recommendations, including increased collaboration between the banking sector and disability advocacy groups, the introduction of inclusive financial policies at the state and federal levels, and the creation of accessible financial education programs.
A Call for Collective Action
As the workshop concluded, there was a shared sense of urgency among participants to drive change and improve financial inclusion for PWDs. The discussions throughout the day made it clear that financial inclusion is not just a financial issue but a human rights issue. Empowering PWDs to access and manage their finances is essential for their overall independence, dignity, and quality of life.
Participants pledged to continue working together to develop and implement practical solutions that would empower individuals with disabilities to participate fully in the financial sector. The consensus was clear: financial inclusion must be a priority for all stakeholders, and with the right policies, partnerships, and innovations, the barriers currently facing PWDs can be overcome.
Conclusion
The CADEF workshop was a pivotal moment in the ongoing campaign for financial inclusion for persons with disabilities in Nigeria. It brought to the forefront the need for a concerted effort to break down barriers and ensure that the financial sector is truly inclusive. With the commitment of government agencies, financial institutions, and disability advocates, there is hope that the vision of a more inclusive financial system can soon become a reality for PWDs across Nigeria.
