the participating banks shall contribute an amount equivalent to 0. 3 per cent of its total assets annually into a sinking fund as at the date of their audited financial statement for the immediate preceding financial year. therefore, the cost of the resolution to the nigerian taxpayer is significantly minimized. to further engender public confidence in the banking system and enhance customer protection, the cbn established the consumer and financial protection division to provide a platform through which consumers can seek redress. in the first three months of its operation, the division received over 600 consumer complaints, which was a manifestation of the absence of an effective consumer complaints resolution mechanism in the banks. the cbn has also issued a directive to banks to establish customer help desks at their head offices and branches. in addition, the cbn has commenced a comprehensive review of the guide to bank charges with a view to making the charges realistic and consumer friendly. the cbn has taken steps to integrate the banking system into global best practice in financial reporting and disclosure through the adoption of the international financial reporting standards ( ifrs ) in the nigerian banking sector by end - 2010. this should help to enhance market discipline, and reduce uncertainties, which limit the risk of unwarranted contagion. the universal banking ( ub ) model adopted in 2001, allowed banks to diversify into non - bank financial businesses. following the consolidation programme, banks became awash with capital. some operators abused the laudable objectives of the ub model with banks operating as private equity and venture capital funds to the detriment of core banking practices. to address the observed challenges, the cbn reviewed the ub model with a view to directing banks to focus on their core banking business only. under the new model, licensed banks will be authorized to carry the following types of business : commercial banking ( with either regional, national and international authorization ) ; merchant ( investment ) banking ; specialized banking ( microfinance, mortgage, non - interest banking ( regional and national ) ; and development finance institutions. the introduction of the non - interest banking in nigeria is expected to herald the entry of new markets and institutional players thus deepening the nation ’ s financial markets and further the quest for financial inclusion. in fact, the first fully licensed non - interest bank in the country ( jaiz bank plc. ) started business on friday, january 6, 2012. similarly, the importance of microfinance in a growing economy cannot be over - emphasized, given its potential in addressing the challenges of excluding

sanusi lamido sanusi : increasing women ’ s access to finance – challenges and opportunities paper presented by mr sanusi lamido sanusi, governor of the central bank of nigeria, at the second african women ’ s economic summit, lagos, 13 july 2012. * * * prepared by the research department of the central bank of nigeria. protocol it is my pleasure to present this keynote speech. i am delighted on two fronts. first our current quest to secure a level playing field for the girl child makes this meeting important. second, recognizing the role of women in national economic development makes it imperative to explore options for improving access to finance for women entrepreneurs. for this keynote speech, i shall focus on the latter with particular reference to nigeria. economic advancement leads to higher standard of living. earlier theories of economic growth recognized the importance of labour and capital as key determinants of growth. however, human capital was not given visible prominence, as it was positioned exogenous in earlier growth models. with significant progress in economic thought and research, human capital is now regarded as the most fundamental ingredient for driving economic growth. the development of human capital through formal and informal training directly increases the productivity of labour. the efficiency of capital is also boosted by technological innovations also powered by human capital. the contribution of women to economic development is well documented. yet there exists several barriers to the full optimization of women ’ s economic potential. these range from cultural, to religious, traditional, and legal discrimination amongst others. a recent publication by the global partnership for financial inclusion highlights that in developed countries, women are starting businesses at a faster rate than men, and are making significant contributions to job creation and economic growth. the same is true for transition economies, although the comparable rate of growth is slower. in indonesia, 2007 data showed that women - owned businesses grew at 8 per cent, while men - owned businesses shrank 0. 3 per cent. in thailand ( 2008 ) women - owned businesses grew by 2. 3 per cent while the male counterparts grew only by 0. 3 per cent. ( gpfi, ifc, 2011 ). access to finance is often cited as one of the major factors impeding the growth of women - owned businesses in developing countries. the key barriers include lack of ownership of collateral – as tradition would seldom cede property rights to women ; coupled with the absence of credit histories – owing to the fact that most women businesses are informally organized. yet, it is a fact