In a major move aimed at closing the N294 billion funding gap affecting women-owned and women-led businesses, the Central Bank of Nigeria (CBN), the Bank of Industry (BOI), and the Development Bank of Nigeria (DBN) have officially declared their commitment to the Women Entrepreneurs Finance Code (We-Fi Code).
The initiative, announced at a ceremony held at the CBN headquarters in Abuja, aims to boost financial inclusion and provide much-needed access to finance for women entrepreneurs across Nigeria. The We-Fi Code, which has already been implemented in 23 countries, will facilitate collaboration between financial institutions, regulators, and stakeholders to support women-led businesses.
Speaking at the event, CBN Governor Olayemi Cardoso underscored the potential impact of empowering women entrepreneurs globally. He highlighted that over 400 million women entrepreneurs worldwide represent a $1.7 trillion growth opportunity for financial service providers and could add between $5 trillion and $6 trillion to the global economy.
“In Nigeria, women entrepreneurs are more active than their male counterparts, yet 75% of this market remains unserved or underserved. This untapped market represents a N294 billion opportunity,” Cardoso said. He also revealed that the CBN’s Financial Inclusion Delivery Unit will oversee the implementation of the We-Fi Code, aligning it with the National Financial Inclusion Strategy.
Dr. Olasupo Olusi, Managing Director of the Bank of Industry, emphasized the significance of the We-Fi Code in promoting gender equality and financial inclusion. He celebrated the formal adoption of the code, calling it a vital step in Nigeria’s journey toward empowering women in business. Olusi noted that BOI has already financed 833 women-led businesses, disbursing N99 billion in support, and committed to dedicating at least 15% of its risk assets to women-led MSMEs.
Meanwhile, DBN Managing Director Dr. Tony Okpanachi shared that the bank has disbursed over N187 billion through its partner financial institutions, benefiting 357,000 women-led businesses, which account for 72% of its beneficiaries. Okpanachi called the We-Fi Code a “bold commitment” to addressing the financial gender gap.
The adoption of the We-Fi Code marks a significant step in bridging the financial divide for women entrepreneurs in Nigeria, positioning them to thrive and contribute to the nation’s economic growth. This coordinated effort by the CBN, BOI, and DBN is expected to unlock new opportunities for women in business and further the country’s drive towards gender equality in the entrepreneurial space.
