The Securities and Exchange Commission (SEC),has said that women are often the majority victims of Ponzi schemes, emphasizing the need for financial literacy to protect them.
Speaking on Thursday at a Conference organised by SEC as part programmes to mark the International Women’s Day, Dr. Emomotimi Agama, the Director General, said that in their quest to make more money to cater for their families, women often fall victims being frequently targeted by scammers, and other forms of scams which promise unusually high returns.
He emphasized the need for initiatives such as the event, to educate women on capital market literacy, which aims to empower them against such fraudulent schemes.
The Minister of Women Affairs, Hajia Imaan Sulaiman -Ibrahim has implored stakeholders to take immediate and decisive action in empowering women through financial literacy and inclusion.
She commended the SEC for its pioneering efforts in championing women’s financial inclusion and literacy.
She emphasized the transformative power of financial knowledge, explaining that financial literacy is not just about understanding money but about providing women with the tools to make informed decisions that affect their future.
She stated:“When women are financially literate, they have the power to influence their own economic destiny, secure their families’ future, and become change-makers in society.”
“However, despite the growing role of women in driving Nigeria’s economy, the Minister pointed out that many Nigerian women still face significant barriers to accessing financial resources and participating fully in the economy.
“These barriers include limited access to credit, exclusion from formal financial systems, and susceptibility to fraudulent schemes. As a result, the Minister emphasized the need for urgent action to address these challenges.
“The Federal Government, under the leadership of President Bola Ahmed Tinubu, has set an ambitious goal to empower 10 million women by 2027 as part of its broader strategy to transform Nigeria into a $1tn economy by 2030”.
She noted that Nigerian women are already a driving force in the economy, owning around 40 per cent of small businesses in the country, a testament to their entrepreneurial spirit and resilience.
She outlined key initiatives aimed at promoting women’s financial empowerment.
She highlighted the need to increase financial literacy among women, equipping them with the knowledge to make informed decisions about savings, investments, and wealth creation.
She also emphasized the importance of improving access to secure financial products tailored to women’s unique needs, including loans and investment opportunities.
She underscored the necessity of strengthening protections for women against financial exploitation, fraudulent schemes, and Ponzi schemes, which many women are vulnerable to.
