In a major push to close the N294 billion funding gap affecting women-owned and women-led businesses in Nigeria, the Central Bank of Nigeria (CBN), Bank of Industry (BOI), and Development Bank of Nigeria (DBN) have publicly declared their support for the Women Entrepreneurs Finance Code (We-Fi Code). The initiative is designed to boost financial access for women micro, small, and medium enterprises (WMSMEs) across the country.
Speaking at the official declaration held at the CBN Headquarters in Abuja on Wednesday, the Governor of the Central Bank, Mr. Olayemi Cardoso, highlighted the vast potential of women entrepreneurs worldwide. He noted that over 400 million women globally have the capacity to grow their businesses and contribute significantly to economic development but are often limited by a lack of financing.
“Women entrepreneurs represent a $1.7 trillion growth opportunity for financial service providers and have the potential to add $5-6 trillion in value to the global economy,” said Cardoso. “In Nigeria, although women’s entrepreneurial activity is 4% higher than men’s, 75% of the women’s market remains underserved—a N294 billion opportunity yet to be fully tapped.”
Cardoso emphasized that the We-Fi Code offers a unique opportunity to empower Nigerian women entrepreneurs to expand their businesses, contributing to national economic growth. He also announced that the CBN’s Financial Inclusion Delivery Unit would oversee the implementation of the Code, ensuring its alignment with Nigeria’s National Financial Inclusion Strategy.
He further called on all stakeholders within the financial ecosystem to adopt the We-Fi Code, urging for collaborative efforts in reducing the financial barriers faced by women in business.
Dr. Olasupo Olusi, Managing Director of the Bank of Industry, also highlighted the importance of the initiative in promoting gender equality. “Today marks a pivotal moment in Nigeria’s journey towards financial inclusion and economic empowerment for women entrepreneurs,” he said. “The We-Fi Code is a symbol of our shared commitment to breaking down the financial barriers that women face.”
Olusi shared that BOI has already taken significant steps in this direction, financing 833 women-owned or women-led businesses with a total disbursement of N99 billion. He stressed that women are the backbone of various industries in Nigeria, driving innovation and growth, yet they continue to face obstacles in accessing financing. To address these issues, BOI has prioritized gender development as one of its core focus areas, dedicating 15% of its risk assets to WMSMEs.
Similarly, Dr. Tony Okpanachi, Managing Director of the Development Bank of Nigeria, announced that the bank has disbursed over N187 billion through its Participating Financial Institutions, supporting 357,000 women-owned businesses, which account for 72% of DBN’s beneficiaries. He described the We-Fi Code as a “bold commitment” to closing the gender gap in financial access.
The We-Fi Code, already implemented in 23 countries worldwide, promotes collaboration among financial service providers, regulators, and other stakeholders to improve access to finance for women entrepreneurs.
The public commitment to the We-Fi Code by Nigeria’s leading financial institutions marks a significant step towards empowering women entrepreneurs and advancing gender equality in the business landscape. With this initiative, Nigerian women are poised to play an even more significant role in driving economic growth.
