CBN, BoI to empower women entrepreneurs

The Central Bank of Nigeria, Bank of Industry, and Development Bank of Nigeria have publicly declared their commitment to the Women Entrepreneurs Finance Code.

This initiative aims to tackle the substantial N294bn funding gap currently affecting women-owned and women-led micro, small, and medium enterprises in Nigeria.

Speaking at the ceremonial declaration of commitment to Nigeria’s We-Fi Code on Wednesday at the CBN Headquarters in Abuja, the Governor of the Central Bank, Mr Olayemi Cardoso, stressed the potential of women entrepreneurs worldwide.

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 four 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.

He disclosed that the Financial Inclusion Delivery Unit within the CBN will coordinate the implementation of the Code, which is vital for monitoring its impact on women’s financial inclusion and aligning it with the National Financial Inclusion Strategy.

Cardoso called on all stakeholders within the financial ecosystem to join the national coalition and adopt the We-Fi Code.

Managing Director of the Bank of Industry, Dr Olasupo Olusi, 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.

Olusi highlighted the proactive steps BOI has taken to support women entrepreneurs, noting that the bank has financed 833 women-owned or women-led businesses, disbursing N99bn to help them thrive.

He said, “Women are the backbone of many industries across our nation, driving innovation and economic growth. However, the barriers they face in accessing finance have often constrained their full potential.

“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, said that the bank has disbursed over N187bn through its Participating Finance Institutions to support 357,000 women-owned businesses, accounting for 72 per cent 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, which has been implemented in 23 countries globally, aims to enhance collaboration among financial service providers, regulators, and other stakeholders to improve access to finance for women entrepreneurs.

The declaration of commitment to the We-Fi Code marks a significant step forward in empowering women entrepreneurs in Nigeria.