The Central Bank of Nigeria (CBN), Bank of Industry (BOI), and Development Bank of Nigeria (DBN) have committed to the Women Entrepreneurs Finance Code to address a N294bn funding gap for women-led businesses in Nigeria.
CBN Governor Olayemi Cardoso highlighted the global $1.7tn growth opportunity in financing women entrepreneurs and emphasized the need to tap into Nigeria’s unserved market.
He said, “Over 400 million women entrepreneurs around the world have vast potential to grow their businesses, add value to the economy, and create jobs, but they lack the financing to achieve their goals. This group represents a $1.7tn growth opportunity for financial service providers and $5-6tn in potential value addition to the global economy.
In Nigeria, the Women’s World Banking survey reported that the Nigerian women’s entrepreneurial activity was higher than their male counterparts by 4 per cent; however, 75 per cent of the women’s potential market in Nigeria remains unserved or underserved; an N294bn market opportunity that is yet to be fully tapped.”
He noted that this initiative presents an opportunity to empower women entrepreneurs across our nation, helping them expand their businesses and contribute to the overall economic growth of the country.
The Financial Inclusion Delivery Unit within the CBN will oversee the Code’s implementation, crucial for enhancing women’s financial inclusion in alignment with the National Financial Inclusion Strategy, BOI Managing Director Dr. Olasupo Olusi noted the bank’s efforts, having financed 833 women-led businesses with N99bn, and stressed the importance of gender equality and financial inclusion.
He shared the significance of the We-Fi Code in promoting gender equality and financial inclusion.
“Today we celebrate a significant step in Nigeria’s journey toward gender equality and financial inclusion for women entrepreneurs. The formal adoption of the WeFi Code in Nigeria symbolizes our shared pursuit of gender equality, and economic empowerment,” he remarked
“Through our dedicated Gender Desk, BOI provides tailored support to address these barriers, and as of December 2023, we have financed 833 women-owned or women-led businesses, disbursing N99bn to help them thrive.”
He further revealed that BOI has prioritised gender development as one of its six thematic areas of focus and is committed to allocating at least 15 per cent of its risk assets to WMSMEs.
DBN Managing Director Dr. Tony Okpanachi reported the bank’s disbursement of over N187bn to support 357,000 women-owned businesses, comprising 72% of its beneficiaries.
He noted that the We-Fi Code is a “bold commitment” to addressing the gender gap in financial access.
The We-Fi Code, active in 23 countries, aims to foster collaboration among stakeholders to improve financial access for women entrepreneurs, marking a significant
empowerment milestone in Nigeria.