CBN commits to boost funding for women entrepreneurs

The Central Bank of Nigeria (CBN) has affirmed its commitment to Nigeria’s Public Declaration of Commitment to the Women Entrepreneurs Finance (We-Fi) Code.

This global initiative aims to enhance collaboration among financial service providers (FSPs), regulators, development banks, and other stakeholders to increase funding for Women-owned and Women-led Micro, Small, and Medium Enterprises (WMSMEs) worldwide.

Speaking in Abuja on Wednesday, CBN Governor Olayemi Cardoso emphasized the immense potential of over 400 million women entrepreneurs globally to expand their businesses, contribute to the economy, and create jobs.

However, he pointed out that many lack access to the necessary financing to achieve their goals.

“This group represents a $1.7 trillion growth opportunity for financial service providers (FSPs) and $5-6 trillion in potential value addition to the global economy,” he stated.

In Nigeria, a Women’s World Banking survey revealed that women’s entrepreneurial activity surpasses that of their male counterparts by 4 percent.

However, a staggering 75 percent of the potential market for women entrepreneurs remains unserved or underserved, representing a N294 billion opportunity that is yet to be fully tapped.

Governor Cardoso noted that this initiative presents a significant opportunity to unlock the economic potential of women entrepreneurs in Nigeria, enabling them to expand their businesses and contribute to the country’s overall economic growth.

He further highlighted that the current National Financial Inclusion Strategy (NFIS 3.0) identifies women as one of the five most financially excluded segments in Nigeria, alongside youth, MSMEs, and rural and northern populations.

This underscores the need to develop and implement policies and offer suitable financial products tailored to these segments.

“As the Central Bank of Nigeria (CBN), Bank of Industry (BOI), and the Development Bank of Nigeria (DBN) – the three National Champions – we make this Public Declaration of Commitment to the We-Fi Code.

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We are committed to leading by example and urging all stakeholders in the financial ecosystem to adopt the Code as part of our collective drive to enhance the financial inclusion of women entrepreneurs in Nigeria,” Cardoso asserted.

The Financial Inclusion Delivery Unit within the CBN will coordinate the implementation of the We-Fi Code and monitor its impact on Women’s Financial Inclusion and the overall goals of the National Financial Inclusion Strategy.

“Currently, the Code has been implemented in 23 countries globally, and today, we join the global movement to ensure that Nigerian women entrepreneurs are empowered to realize their full potential,” he added.

Cardoso described the national commitment to the We-Fi Code as a significant step towards empowering women entrepreneurs, contributing to rapid economic growth and social development in Nigeria.

He called on all stakeholders to join the National Coalition, sign up for the Code, and implement improved measures to enhance financing for WMSMEs, including the collection of gender-disaggregated data to track progress on Women’s Financial Inclusion in Nigeria.