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The Central Bank of Nigeria (CBN), the Bank of Industry (BoI), and the Development Bank of Nigeria (DBN) have announced their commitment to the Women Entrepreneurs Finance Code (We-Fi Code), an initiative aimed at addressing the N294 billion funding gap hindering women-led micro, small, and medium enterprises (WMSMEs) in Nigeria.
At a ceremonial event held at the CBN headquarters in Abuja, Governor of the Central Bank, Mr. Olayemi Cardoso, highlighted the immense potential of women entrepreneurs globally. He stated, “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 needed to achieve their goals. This group represents a $1.7 trillion growth opportunity for financial service providers and $5-6 trillion in potential value addition to the global economy.”
In Nigeria, Cardoso noted, the Women’s World Banking survey revealed that women’s entrepreneurial activity outpaces that of men by four percent. Despite this, 75% of the potential market for women in Nigeria remains untapped, representing a N294 billion market opportunity.
The We-Fi Code initiative, he added, aims to empower women entrepreneurs, enabling them to expand their businesses and significantly contribute to Nigeria’s economic growth. The Financial Inclusion Delivery Unit at the CBN will oversee the implementation of the Code, aligning it with the National Financial Inclusion Strategy to monitor its impact on women’s financial inclusion.
Cardoso called on stakeholders across the financial ecosystem to support the national coalition and adopt the We-Fi Code, recognizing it as a collective responsibility.
Speaking at the event, Managing Director of the Bank of Industry, Dr. Olasupo Olusi, emphasized the importance of the We-Fi Code in promoting gender equality and financial inclusion. “The formal adoption of the We-Fi Code in Nigeria symbolizes our shared pursuit of gender equality and economic empowerment,” he said. He further shared that BoI has already provided financing for 833 women-led businesses, disbursing N99 billion as of December 2023, as part of its dedicated support for women entrepreneurs through its Gender Desk.
BoI, Olusi added, has made gender development one of its six core areas of focus and is committed to allocating at least 15% of its risk assets to WMSMEs.
DBN Managing Director, Dr. Tony Okpanachi, echoed the commitment to empowering women entrepreneurs, sharing that the bank has disbursed over N187 billion through its Participating Finance Institutions to support 357,000 women-owned businesses, accounting for 72% of its beneficiaries. He described the We-Fi Code as a “bold commitment” to addressing the gender gap in financial access.
The We-Fi Code, already implemented in 23 countries worldwide, seeks to foster collaboration between financial service providers, regulators, and other stakeholders to improve access to finance for women entrepreneurs.
The formal commitment to the We-Fi Code represents a significant milestone in Nigeria’s efforts to bridge the gender gap in entrepreneurship and unlock the full potential of women-led businesses across the country.
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