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Tag: Women entrepreneurs

  • Nigeria losing billions by excluding women entrepreneurs from credit system – Experts

    Nigeria losing billions by excluding women entrepreneurs from credit system – Experts

    Experts have expressed concerns that Nigeria is losing billions of naira due to systemic barriers preventing women entrepreneurs from accessing formal credit.

    They argued that excluding nearly half of the population from the credit system is unsustainable at a time when the country urgently needs economic growth.

    Executive Director of the ECOWAS Small Business Coalition, Nnebuogo Egboh, highlighted the economic risks, citing a McKinsey report that estimated that closing Nigeria’s gender credit gap could add $229 billion to the Gross Domestic Product (GDP). She also noted that the International Finance Corporation has confirmed that women entrepreneurs default at lower rates than average borrowers.

    Speaking over the weekend, Egboh described women as the backbone of the economy, representing nearly half of Nigeria’s population and over 40 percent of small and medium-sized enterprises. Despite their resilience, she said, they remain largely locked out of formal credit systems.

    She referenced a Gates Foundation survey of more than 100,000 Nigerian women, which revealed that 62 percent identified lack of start-up capital or equipment as their biggest hurdle. While women-owned businesses demonstrate strong repayment records, systemic barriers—such as outdated collateral demands and gender bias—continue to limit access to loans.

    Egboh added that many women have turned to informal savings groups and cooperatives, which often record repayment levels higher than commercial banks, but lack the scale and institutional capacity to make a wider economic impact.

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    She urged Nigerian banks to learn from Kenya, Rwanda, and Ghana, where risk-sharing schemes and cash-flow-based lending have successfully expanded credit access for women entrepreneurs.

    “Cash-flow-based lending, which assesses businesses on performance rather than collateral, has successfully expanded access to credit. Nigerian banks could replicate these models to close the gap.

    “What is missing is accountability. While voluntary frameworks from the Central Bank of Nigeria are commendable, without enforcement, they remain symbolic.

    “This is not a call for charity but for fairness and economic growth. Women entrepreneurs are seeking equal access to the financial tools needed to expand their businesses, create jobs, and drive development.

    “Studies have shown that when women earn, they reinvest heavily in their families and communities, multiplying benefits that extend beyond households into trade, supply chains, and regional growth.

    “The real risk for Nigerian banks is not in lending to women but in continuing to ignore them. At a time when the country needs every lever for growth, shutting out nearly half the population is no longer sustainable,” Egboh noted.

  • Lagos empowers women entrepreneurs

    Lagos empowers women entrepreneurs

    The Lagos State government is launching a series of initiatives aimed at empowering women entrepreneurs and enhancing their access to global markets. The effort seeks to boost export revenue, currently estimated at N7 trillion, and to increase the contribution of women to the nation’s gross domestic product (GDP).

    Acknowledging the crucial role women play in the state’s economy, Special Assistant to the Governor on Commerce, Cooperatives, Trade & Investment (CCTI), Mrs. Hauwa Adeeyo,   said this  during an event celebrating International Women’s Day in Lagos, which was themed “Accelerate action, her commerce, and her voice.”

     She emphasised that the government is committed to dismantling obstacles and providing essential support for female-owned businesses to succeed internationally.

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    “We recognise the significant potential of our women entrepreneurs. By equipping them with the necessary tools, knowledge, and resources to navigate the complexities of international trade, we are not only promoting their development but also contributing to the overall economic growth of Lagos State.”

    The initiatives are expected to be rolled out in phases, with the government working closely with relevant stakeholders, including associations, export promotion agencies, and financial institutions.

    According to her, the Lagos State government is optimistic that these initiatives will not only boost export statistics but also create job opportunities and empower women throughout the state.

    She noted: “Accelerating voice means amplifying the power of women in decision-making, whether at the local or national level. It is about giving women the platform to speak, to shape policies, and to influence change. It is about ensuring women’s voices are heard in all spheres – whether in governance, in boardrooms, or in the spaces where communities make decisions that affect their lives.

    In Lagos, we have seen women break boundaries. Women like Nike Okundaye, who has made a mark in the world of art, and Folorunso Alakija, one of Africa’s richest women, who has inspired generations with her story of resilience and entrepreneurial success. These are just a few examples of women who have taken action and become leaders in their fields. But we must ensure that these success stories are not isolated, but rather, they reflect the potential of every woman in Lagos and beyond.”

    She further explained that, in addition to providing a centralised service to assist entrepreneurs with export procedures, market research, international trade regulations, and digital marketing strategies, the government is also focused on facilitating access to grants, loans, and other financial tools tailored to the requirements of women-led export businesses.

    In her keynote presentation, titled,”Smart Money, Strong Brands: Leveraging E-Commerce, Branding, and Marketing for Business Growth,” the founder ,FreshOla Organics Food and Packaging Limited, Desola Jimmy-Eboma, emphasised the importance of empowering entrepreneurs to stimulate economic growth, generate employment, and enhance global competitiveness.

    She highlighted that investing in women’s entrepreneurship is crucial for achieving sustainable development and addressing economic inequalities.

    With the backing of the Lagos government, which aims to bolster women’s economic empowerment, she anticipated a rise in the number of women-owned businesses among startups.

    She noted: “The Nigerian business landscape is filled with opportunities, but also challenges. There are over 39 million Micro, Small & Medium Enterprises (MSMEs) in Nigeria, contributing 48 per cent of the national gross domestic product(GDP) and providing over 80 per cent  of employment. Lagos alone is home to over 3.5 million small businesses, making it the hub of commerce in Nigeria. Through Lagos State Employment Trust Fund (LSETF), MSME grants, and cooperative loans, the government has supported over 200, 000 small businesses, many of which are run by women.”

    Furthermore, she noted that the organisation is broadening its expert advisory services to assist businesses in fortifying their financial and operational strategies.

    She stated, “A prevalent issue we observe among small businesses during our training sessions is inadequate bookkeeping practices. When I embark on a new venture, I must be prepared for funding, which necessitates a deliberate approach to maintaining my records. This ensures that when I present my documents to banks, they recognise that my business is not merely a personal endeavor. It is crucial to be intentional so that the accuracy of the bookkeeping is evident. Fortunately, there are numerous free bookkeeping tools available today, and one does not need to be an accountant to maintain proper records. Therefore, I believe the primary challenge lies in documentation—specifically, having the correct documentation in addition to business registration.”

     She emphasised that her training programmes are designed to empower women entrepreneurs with the necessary tools, knowledge, and resources to grow their businesses, adopt innovative practices, and enter international markets.

     She reaffirmed her dedication to creating a more inclusive and resilient private sector by providing women entrepreneurs with the essential resources for success.

  • ITC invites women entrepreneurs

    The International Trade Centre (ITC) has announced a new call for women entrepreneurs and women-owned businesses to apply to SheTrades Invest  to get training and finance to grow their businesses.

    The SheTrades initiative aims to connect three million women to market by 2021. It brings together stakeholders around the world to work on seven actions to address trade barriers and create greater opportunities for women entrepreneurs. It is supported by a web and mobile digital platform.

    A project of the SheTrades Initiative, SheTrades Invest will be open to women-owned businesses in the countries in which SheTrades has partner investors across Africa, Asia, the Caribbean and Latin America.

    All applications will be reviewed and selected companies will gain access to learning opportunities and technical assistance provided by ITC and its partners to improve their investment readiness and competitiveness.

    Companies selected for the training will also be assessed by a growing network of investors looking to fund promising enterprises and ideas.

    The second phase of SheTrades Invest will cover agriculture, artisan, culture, education, energy, environmen, financial services, health, housing development, information and communication technologies, Infrastructure and facilities development, manufacturing; supply-chain services, technical assistance services, textile and clothing, tourism, transport and logistics, and water.

    During the first phase of SheTrades Invest, ITC trained over 600 women and businesses on topics related to investment readiness and conducted boot camps in five countries in partnership with local accelerators and other partners.

  • TBWF moves to position women entrepreneurs

    This year’s Business Summit of the Thriving Business Women Fellowship (TBWF), the business fellowship arm of the Victorious Praying Women Ministry (VPWM), will build on the success of last year’s edition to prepare existing and aspiring women entrepreneurs for more business exploits.

    According to VPWM founder and Convener of the summit, Pastor Mayoku Oreofe, the programme will be an ‘EPIC, event. EPIC stands for Engaging, Pushing, Intriguing and Compelling.

    The Team Lead, Business Summit, Mrs. Yemi Adeosun, said after the success of last year’s edition, which, based on feedbacks and testimonies from participants, helped digitalise their businesses, this year’s edition was poised to further hone the skills of existing and aspiring women entrepreneurs to do more exploits.

    Speaking with The Nation in Lagos ahead of this year’s  summit scheduled to hold through the month of June with the theme: Exploits, she said in preparing intending participants for more business exploits, TBWF has lined up six top-notch guest speakers who are proven successful business owners to share their stories on building and running successful businesses.

    They include CEO, Bubez Foods, Mrs. Ijeoma Ndukwe; CEO, Mona Mathews Shoes, Monalissa Azeh; Creative Director, Mrs. Femi Olayebi; CEO, Teleo Messengers, Dr. Bukola Adewakun; and MD, Dews Group, Mrs. Funmi Arowogun.

    According to Mrs. Adeosun, the success stories that these successful business owners will be sharing at the summit, which is the 11th edition, will encourage and motivate others wishing to venture into their own businesses or those looking to scale up their current ventures.

    She said the summit will take place in four centres including Lagos (every Tuesday in June); and Abeokuta (every Wednesday). It will also hold simultaneously in Ibadan (every Thursday) and Abuja (every Thursday). While some of the speakers will be speaking at the four centres at different times, two will speak in Lagos.

    Admission to the summit is free, but registration is compulsory. However, those who could not register online can register physically at the summit venues.

    Though TBWF is a business women fellowship, it is not gender biased, as such men are also welcome to attend and gain useful insights.

    “Everyone is invited particularly aspiring entrepreneurs, those who want to take their businesses to the next level; those currently unemployed and housewives,” the team lead said.

    For prospective participants, Mrs. Adeosun said the icing on the cake will be a post-summit event during which some of the speakers will be attached to mentees for a period of about six months. She said this will be done through TBWF’s sister company called Thriving Enterprise Development Centre (TEDC).

    According to her, TEDC, which is a business school that trains people on how to start, run and grow a business to a world class business, will anchor the six months mentoring prograame, ensuring that there is maximum impact of the mentoring relationship.

    She clarified that TBWF does not provide participants with seed capital to start off their businesses, but with knowledge impartation. This, she said, is the core goal of the business summit and the real wealth on which each business person draws his or her needs.

  • How women entrepreneurs can access funds, by NACCIMA

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and its Business Women’s Group (NAWORG), during the week, rolled out recommendations to ease loan application processes for women entrepreneurs in the country.

    NACCIMA National President Mrs. Alaba Lawson recommended that the Central Bank of Nigeria (CBN), Federal Ministry of Industry, Trade and Investment, and the Federal Ministry of Women Affairs set aside funds for additional investment in financial literacy initiatives for women and to simplify the application process for obtaining loans.

    In addition, she urged the CBN to publicly share data pertaining to women’s access to all available financial opportunities, including loans and grants.

    According to Lawson, making this data public will allow women’s business organisations to analyse the data and issue periodic reports to highlight the need to increase access to finance for women entrepreneurs.

    She gave the recommendations at the NACCIMA/NAWORG media briefing for the up-coming conference tagged “Women empowering Nigeria’’ in Lagos.

    According to her, women entrepreneurs across the country were faced with several barriers to accessing finances, despite the existence of several federally-sponsored loan programmes for small businesses and women entrepreneurs.

    The NAWORG also advised the government to create a Public-Private Financial Inclusion Committee within all Ministries, Agencies, and Departments (MDAs) to make decisions on financial policies and management affecting women’s access to finance.

    The group said the committee should review the current criteria for allowing women applicants to access loans and grants in an effort to reduce barriers for women entrepreneurs.

    Lawson, in reiterating the fact that Nigerian women play an increasingly important role in generating wealth and creating jobs in the economy, said the conference served to build the momentum of advocacy activities to encourage key government officials and commercial banks in women empowerment.

    “During this campaign, NAWORG will carry out financial literacy workshops in Oyo, Imo and Kano states. These workshops are scheduled to hold in Ibadan from April 16 to 17, Owerri from April 23 to 24, and Kano from  May 2 to 3.

    “The workshops will be immediately followed by a Pubic/Private Dialogue Session in Abuja, where NAWORG will present an updated policy paper and have opened discussions to improve the existing loan application process.

    “All of this is to ensure that women entrepreneurs can better access finance through these programmes,’’ she said.

    The Project Director, NAWORG, Mrs. Afolake Jimoh, said the empowerment of a woman ensures the stability of the family nucleus, and by extension, the society.

    She, therefore, urged the government to ensure the implementation of policies on ease of access to loans and finance to enable better empowerment for women.

    The programme is being executed with the support of the Centre for International Private Enterprise (CIPE), in collaboration with the Association of Nigerian Women Business Network (ANWBN).

  • Ecobank to focus on women entrepreneurs

    The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has said female entrepreneurs with focus to build shopping empires will be considered for credit facilities in the bank.

    Akinwuntan spoke during the unveiling of a new initiative tagged: “Ecobank Female Entrepreneurs Initiative” which recently held in Lagos.

    Some of the benefits include access to credit facilities with little or no collateral, network opportunities across Africa, financial advisory services, wealth management resources and loyalty schemes.

    The initiative was designed to provide women with the necessary support to help them excel in their endeavours, promote and grow their businesses and generally position them for increased participation in the economy of the nation.

    It was also part of activities of the commercial bank to mark this year’s International Women’s Day and also  recognise women as special and unique customers who require tailor-made service offerings.

    He said: “Increasingly, we are seeing the change in the attitudes of women, and their economic viability as individuals and leaders in their fields. Their banking and financial services as a whole therefore present vast opportunities, if properly understood and managed.”

    According to Akinwuntan, the launch is a charge to the society in line with the theme of the International Women’s Day 2019, to challenge the status quo and strive for a balance by empowering females in their immediate environments and subsequently, on a macro level.

    In his words: “Our female customers will become our flagship ambassadors and we have created this platform for them in line with the sustainability requirements of the Central Bank of Nigeria (CBN). These women will be provided with free health checks, training and empowerment sessions and other support tools from Ecobank. The Ecobank Female Entrepreneurs Initiative aims at empowering women by helping them build capacity to grow their businesses.”

    The  Executive Director, Commercial Banking, Mrs. Carol Oyedeji, stated that Ecobank was proud to join the rest of the world to commemorate the Day with the special theme #BalanceforBetter.

    She remarked: “This year’s theme leaves no one in doubt as to the dire need to raise more awareness that gender balance is not a women’s issue but a human issue that must be tackled for us to have a better society and that it should not be mistaken for a battle between the sexes.”

    She called on corporate bodies to ensure women attain their full potential in all areas of society, including the workplace, which she said is vital to the communities and economies to thrive. “A balanced world is a better world. We must help forge a more gender-balanced world by celebrating and recognising women’s achievements, raising awareness against bias and taking action for equality,” she added.

     

     

  • IFC, firm partner to boost market access for women entrepreneurs

    WEConnect International, a global network of corporations committed to sourcing goods and services from women suppliers, has signed an agreement to boost access to markets for women-owned small and medium enterprises in emerging markets. The agreement was IFC’s first active partnership supported by the Women Entrepreneurs Finance Initiative ( We-Fi).

    Under the agreement, IFC and WEConnect International will increase the number of companies that source from women-owned businesses, with an emphasis on Asia, sub-Saharan Africa, and Latin America. Activities will include peer-learning sessions for companies on the business case for sourcing from women and highlight approaches from corporations with diverse and inclusive global value chains. Topics will address strategies that companies can adopt to identify and support women suppliers as well as emerging practices in improving access to working capital.

  • How to empower women entrepreneurs

    Entrepreneurs share their ideas on how best to empower women during a session held at American Corner, Yaba in Lagos, DANIEL ESSIET reports.

    The global market for edible snails is worth €1 billion. An acre of land under snail cultivation can generate potential profit of N2million yearly. But leaders such as the Managing Director, Nectar Green Snails, Olajumoke Walker, is encouraging small scale backyard snails business which one can start with N20, 000.

    He was a guest speaker at an empowerment forum held at American Corner in Yaba, Lagos.

    Walker set up his small snail farm in Ogun State when he had a challenge sourcing snails for his grandmother, who needed them in her meals to stay alive from a debilitating health condition. He started a snail’s farm when it became very expensive for him to buy snails for his grandmother.

    Walker suffered losses when he  first started about two years ago. He started researching snail farming and identified a gap in the market.

    But today, he has formulated a unique system suitable for the Nigerian climate and is well on the way to establishing a successful and sustainable business.

    He is part of a rapidly-growing trend in Nigeria’s agriculture which is seeing an increasing number of snail producers racing to keep up with burgeoning demand for it.

    He pointed to the minimal investment as one reason for the gradually growing interest in the business.

    He told the forum, made up mostly of female entrepreneurs, that one does not need so much land to get started, and the financial return is significant if one can diversify usage.

    Walker said snail rearing is one of the unassuming, lucrative arms of agric businesses which people have not explored.

    According to him, the sector is one with large, long-term business opportunities. Generally, a well taken one acre snail farm can produce 10 tonnes of snails a year.

    The breed of snails that he is working with is the common brown snail.

    One can invest about N15, 000 to buy or build containers for snail rearing and about N5, 000 in sourcing for about 20 or more snails.

    The housing varies from a patch of fence-protected ground, sheltered from the wind to a covered box.

    Having recorded success, he   runs training courses for potential entrepreneurs.

    After training, participants become knowledgeable about the various processes snails undergo before harvest.

    His training has attracted a lot of Nigerians who have expressed their interest to be trained.

    The Coordinator of the forum and Managing Director, Ogunmod Int’l Investments, Pelumi ‘Salas Aribisala, is part of the growing buzz surrounding cassava processing business in Oyo State.

    He established his cassava production company. In response to market demand for processed cassava products, he expanded the business with the establishment of a factory in Oyo State. Aribisala’s income is huge and certain. This is because he discovered the secret to a prosperous agro business. He belongs to online platforms including agroshop that connects farmers to the agricultural supply and value chain and provides them with critical information on weather, market prices and incoming opportunities via text messages.

    He said the market for cassava’s commercial and industrial use has started to grow. Its root starch is now in demand from food and beverage companies for bread and beer production. It can also be used in plywood and pharmaceuticals, as well as feedstock for the production of ethanol biofuel. He is processing cassava into high-quality flour that can partially substitute for wheat flour. Aribisala holds agri clinics and agri business centres at grassroots level on how people can start profitable businesses. He stressed that agro business sector had tremendous growth potential and that his organisation would expand its activities to get more people to start new ventures.

    He said it is the goal of his organisation to get more women into agric business to reduce hunger and improve rural livelihoods.

    Aribisala urged women to explore opportunities in agric business in the face of dire economic challenges facing Nigeria.

    He said boosting employment opportunities for young women a top priority. According to him, agribusiness continues to provide income and employment. One of the collaborative efforts, spearheaded by his organisation and other partners is to create job opportunities for youth in agricultural value chains.

    He stressed that his partnership with the United States government  is to create decent employment opportunities for young women and men through the development of sustainable agricultural and agricbusiness enterprises along strategic value chains.

    Another speaker, Atinuke Lebile, works with rural communities to mentor young out-of-school girls on various entrepreneurial leadership skills through her initiative called MAGIC (mentor A Girl Child) and “SheAgric” Initiative where she raises intending female farmers, empower and motivate women and youth into agriculture and its value chain to ensure food security, poverty reduction and curbing unemployment in Nigeria.  She is a popular name among the young farmers.

    She processes cassava into chips and other derivatives for the local urban market.  Having run a food business, she had seen the opportunity in the market for supplies of various agricultural produce.

    Her vision has been to build a brand that would be recognised for its product quality and packaging.

    In terms of the local economic impact, she considers the food security sector a key pillar and priority for the government. A successful cassava producer, who sells cassava tubers, recalls the heartbreak that she felt when she was not making it initially. Today, she has crops growing on many acres. Other farmers are benefitting from her work as she sells the high-quality tubers so they too can start farming the crop. She has trained many farmers in her area through a women’s group.

    Seeing her dreams and vision coming to pass has brought maximum satisfaction to her as an entrepreneur.

    Encouraging the women at the forum, she reiterated that they have capacity to organise and mobilise in taking charge of their own issues.

    The forum, according to her, is one such forum that addresses some of the challenges that women in agribusiness face, and aims to overcome them as a collective.

    She added that the outlook for youth unemployment is bleak and gives cause for great concern.

    She stressed the importance of creating meaningful employment opportunities for the burgeoning youth population in the agric business.

    She said the programme  aims to promote and replicate successful practices and solutions that contribute to decent employment, skills development and youth participation in entrepreneurship.

     

  • Taking banking to women entrepreneurs

    Banks with eye on the future are taking steps to provide services that meet the business needs of women entrepreneurs. Access Bank Plc has organised ‘Power Breakfast With W’ where its Chief Executive Officer, Herbert Wigwe, met with leading women entrepreneurs for a feedback on the lender’s services. He promised to ensure that women-led businesses not only get credit, but also learn how to build sustainable businesses that can be passed to the next generation, reports COLLINS NWEZE.

    That women control a large portion of global wealth is no longer news. From oil and gas, banking and fashion to agriculture and education, women have proven their mettle in the business world.

    Women-led businesses constitute a large part of banks’ balance sheets and stream of income. Access Bank Plc last week met with many leading women entrepreneurs, seeking a feedback on its services and how the bank could serve them better.

    The meeting titled: Power Breakfast Meeting with W, which was held at the bank’s headquarters in Lagos, was attended by women entrepreneurs.

    Access Bank Group Managing Director/Chief Executive Officer (CEO) Herbert Wigwe said the lender would continue to support women-led businesses in funding, training, and provision of tailor-made banking services.

    The bank chief also disclosed that lending to women presented little or no risks to his bank as they have over the years paid back their loans.

    Wigwe said the lender has not recorded any bad loan from the several loans it granted to women-owned businesses, adding that the bank started the ‘W’ Initiative to empower women and women-owned businesses to succeed.

    He said: “When women are involved, things get better. The ‘W’ Initiative is to empower and inspire women. We do not even have one per cent bad loans for supporting women. We are committed to ensuring that women succeed in their businesses”.

    He said the meeting was to enable the lender listen to the women and identify their business needs to meet them.

    The bank CEO also discussed financial literacy for women, training and workshops for start-ups, business succession plan and business sustainability. He said: “Allow your children to pursue their passion. There is no guaranty that your children will be interested in your line of business. All you need is to train them to succeed in their areas of passion.”

    Ruff n Tumble CEO, Nike Ogunlesi, told the guests that they were with the right bank. She said Access Bank has always supported her business.

    She spoke on how the bank, through Wigwe, helped her acquire her dream building, adding that the bank has been consistent with its support for women-led businesses.

    Also, Access Bank Group Head, Retail Banking, Opeyemi Wemi-Jones, said the bank’s ‘W’ Initiative has been a huge success and will continue to guide women to success in their fields of endeavours.

    Continuing, she said: “We are the bank for women. We are going to create tomorrow together. We are into offshore investment services, private banking offerings. Our Evergreen Account waves all charges in the personal account of women from 60 years old and above. But if the account holder borrows, she will also pay charges on the loan.”

    She said the ‘W’ Initiative has helped many women build businesses and planned their business succession scheme to enable them hand over their businesses to the next generation.

    She said: “We are also introducing more women to private banking. Our card services can also allow you attach your card to your children studying abroad. Our Family Fortune Promo has also helped many families own their homes and cars among other winnings”.

    Wemi-Jones said the ‘W’ Initiative was part of the bank’s efforts to offer women exclusive access to a wide range of lifestyle-oriented value added benefits and privileges.

    According to her, part of the privileges for women and their families under the initiative includes access to a comprehensive range of loan product and credit facilities; access to ‘W’ community with helpful advice on family and finance matters, home and family articles and details of special offers; access to a wide range of great discount, special offers and freebies on health, beauty and fitness.

     

    Capacity building for women

    Access Bank’s W Academy, in partnership with the Enterprise Development Centre (EDC) of the Lagos Business School (LBS) has also organised a professional business capacity-building workshop for 500 female entrepreneurs in Port-Harcourt, Abuja and Lagos.

    The events were held across the three states in the last four months and served as the third, fourth and fifth editions of the second season of the bank’s Womenpreneur Business Workshop training.

    Wemi-Jones said, “Since 2006, the bank has maintained its commitment to drive women’s economic empowerment in the nation. The Womenpreneur Business Workshop is intended to educate and enlighten  women on the fundamentals in business which will eventually help them attain their full potential.”

    The Womenpreneur Business Workshop, a flagship training of the W Academy under Access Bank’s W Initiative, is designed to address the lack of access to entrepreneurial skills, finance, networking, and management skills; which are the key barriers to women’s economic inclusion.

    Its objective is to provide a discounted and practical capacity building programme that exposes female business owners to the nation’s economic reality as well as help them simplify processes and hone the requisite skills needed to grow their businesses.

    So far, over 2,300 business women in Lagos, Port Harcourt, Ibadan, Abuja, Kaduna and Enugu have benefited from the workshop with testimonials around increasing their business network, improving their business model and are thriving through the economic constraints with ease.

    This first-of-its-kind workshop is highly discounted and targeted at small and medium scale women entrepreneurs. Wemi-Jones disclosed that plans had been concluded to hold the next editions of the workshop in Kano and Ibadan in July and August.

     

    Family banking

    Access Bank is also helping its customers to build financially-secured and savings-driven families through its ongoing Family Fortune promo, which has empowered over 5,000 families and created wealth for the people. The scheme gives savers the opportunity to earn higher interest on their savings and also get rewarded for their loyalty to the bank. The exercise aligns with the Central Bank of Nigeria’s (CBN’s) financial inclusion mandate and determination to take banking to the grassroots.

    Last year, Celestine Ikwuka Obinabor, was announced winner of a four-bedroom terrace house in Lekki, Lagos in the Family Fortune promo organised by the bank.

    Obinabor was one of the 12 families that won different prizes at the first mega draw of the promo held last year in Lagos. Another winner, a woman who planned to spend her Christmas in Sokoto state, won the family vacation in Dubai prize. Another winner, a man that has used his car for seven years and was on his way to the mechanic workshop, won the brand new Kia prize among other exciting prizes.

    Speaking at the mega draw, Access Bank’s Executive Director, Business Banking, Mrs. Titi Osuntoki, said the lender gives priority to its customers.

    She said the bank felt very proud and fulfilled when the joy and excitement of the winning customers were shared. “We feel very proud and fulfilled. We normally keep our customers at the centre of whatever we do. As you can see today, we are delighted to have put smiles on the faces of customers. We gave out life-changing gifts to 12 families. We have a family that lives in Okota, in Lagos, and they will be moving to Lekki, Lagos before Christmas for winning a four bedroom duplex,” she said.

    Continuing, Osuntoki said customers have the opportunity to keep their money with the bank, and get superior returns because the lender pays them interest that is higher than what they could have gotten on a normal savings account. “On a normal savings account, the customers would have gotten interest of four per cent. We are paying them 100 basis points above the savings rate. Aside from the superior returns they are getting from the savings, customers are eligible to participate in mega selection, where they can win fantastic prizes,” she said.

    Access Bank’s Executive Director, Personal Banking, Victor Etuokwu, said the system under which the promo was conducted remains transparent, making it easy for customers to win. He said there are benefits in saving with the bank.

    “You can imagine what has happened to the people that won. It is an indication that good can be done by a bank. It elevates our faith level in the country. Family that saves together stays together. All is not bad in Nigeria. There are Nigerians that do the right thing, and Access Bank is one of them,” Etuokwu said.

    On the promo, Wemi-Jones said the promo which comes under the lender’s family savings scheme, was designed to reward the collective savings habit of families with grand prizes and competitive interest rates while they enjoy the confidentiality of their banking transactions as individuals.

    She said the bank wants to encourage people to cultivate savings culture and reward those that do so. According to her, the draw was the first monthly random selection in the family savings promo adding that savings is not a respecter of an individual’s earnings ability, but a habit to be cultivated.

    Wemi-Jones said the chances of a family winning is very high. adding that all the winners met the promo criteria which include achieving a minimum balance at the qualifying level of N150,000. The fund is required as a cumulative balance across Family Members account. However, each account must maintain a minimum balance of N20,000 to qualify for the Family Fortune Promo.

     

     

     

    Financial inclusion

    The scheme is the bank’s contribution to the Central Bank of Nigeria (CBN’s) financial inclusion project, meant to bridge the huge gap between the banked and unbanked.

    The CBN’s National Financial Inclusion Strategy (NFIS) was created to cut the percentage of adults excluded from financial services from 46.3 per cent in 2010 to 20 per cent by 2020 with specific targets for payments and promotion of savings culture.

    Access Bank is taking major step to ensure that more Nigerians embrace financial services as it believes that  having at least 80 per cent of  adult Nigerians have access to affordable financial services as well as the right environment within which to flourish economically will boost the country’s  development profile. The bank also believes in providing incentives that makes banking more attractive to family and their friends.

     

  • Women Entrepreneurs Finance Initiative gets $1.6b funding

    The Women Entrepreneurs Finance Initiative (We-Fi) at the weekend announced its first funding allocations, expected to mobilise over $1.6 billion in additional funds from an allocation of $120 million.

    According to a World Bank report, the fund is expected to be deployed in funding programmes designed to knock down the unique barriers facing women entrepreneurs in developing countries.   This initial round of grant allocations alone mobilises twice the amount originally   targeted for We-Fi over its lifetime.

    The first round includes funding for proposals from the Islamic Development Bank to complement and expand successful initiatives in Yemen, Mali and Nigeria; the Asian Development Bank to improve the business environment for women in Sri Lanka and the World Bank Group for global, regional and country specific activities to increase public and private sector support for women in business, with a focus on the poorest and most fragile environments.

    We-Fi, which has received over $340 million from 14 governments, initially set out to mobilise $800 million in additional financing from the private sector, donors, governments and other development partners, but expected mobilisation from today’s first round of allocations exceeds those expectations. In addition, fifty-eight percent of the first allocations will go to IDA countries or states affected by fragility, conflict or violence, putting We-Fi on track to exceed its commitment to devote half its portfolio to those areas.

    “We know that everyone benefits when women have the resources they need to fully participate in economies and societies,” said World Bank Group President Jim Yong Kim, adding: “By harnessing the public and private sector, We-Fi creates an unprecedented opportunity to maximise financing for women entrepreneurs in developing countries, so that they have a real and fair chance to start and run businesses, create wealth, share in prosperity, and achieve their highest aspirations.”

    Some 70 per cent of women, who own small and medium-sized enterprises (SMEs) in the developing world, cannot get the financing they need.They are either shut out of financial institutions, or can only get high-interest, short-term loans, resulting in a $1.5 trillion credit deficit for women entrepreneurs in emerging markets. Women also often lack access to the technologies, market connections, networks, and training necessary to build and maintain a successful business.