Access Bank Commits $100 Million to Support Women-Led Businesses in Nigeria

Strategic Insights -

A coalition of women entrepreneurs has praised Access Bank's recent announcement of a $100 million facility to support Micro, Small and Medium Enterprises (MSMEs) in Nigeria, with at least 30% earmarked for women-led enterprises. The 'We Want More Campaign' (#WEEwantMore) launched an online petition in April, garnering the signatures of over 2,500 Nigerian bank customers supporting increased funding for women-led businesses. The coalition commends Access Bank's move, which has been welcomed by gender advocates and campaigners behind the WEEwantMore initiative, as a step towards bridging Nigeria's financial inclusion gap for women.

Key Takeaways:

  • Access Bank has committed $100 million to support Micro, Small and Medium Enterprises (MSMEs) in Nigeria, with at least 30% earmarked for women-led enterprises.
  • The 'We Want More Campaign' (#WEEwantMore) launched an online petition in April, garnering the signatures of over 2,500 Nigerian bank customers supporting increased funding for women-led businesses.
  • Over 60% of Nigerian women entrepreneurs cite lack of access to capital as their greatest challenge.
  • Women own more businesses than men in Nigeria, but male-owned businesses consistently earn more revenue due to better access to finance and resources.
  • Access Bank's announcement is seen as a step towards bridging Nigeria's financial inclusion gap for women, but more commitments are needed to close persistent gender gaps.
  • Fifehan Osikanlu, Founder of Eden Group, emphasizes the importance of gender-responsive financing for Nigeria's economic growth.
  • Joy Una of Gatefield, an NGO, highlights the impact of advocacy, stating that dedicating 30% of the facility to women is "proof that advocacy works."

Statistics:

  • 2,500+ Nigerian bank customers signed the online petition in support of Increased funding for women-led businesses.
  • 60% of Nigerian women entrepreneurs cite lack of access to capital as their greatest challenge.
  • 30% of the $100 million facility will be dedicated to women-led enterprises.
  • Women own more businesses than men in Nigeria (number not specified).

Sources:

  • News Agency of Nigeria (19 May 2025)
  • Access Bank's announcement (12 May 2025)
  • We Want More Campaign (#WEEwantMore)
  • Gatefield
  • Eden Venture Group