…As banks sign We-Fi Code 

Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN), in collaboration with the Development Bank of Nigeria (DBN) and the Bank of Industry (BoI), has signed the Women Entrepreneurs Finance (We-Fi) Code, a commitment aimed at mobilizing funds to close the N294 billion financing gap faced by women entrepreneurs in Nigeria. The signing of the code, a global initiative, took place in Abuja.

The We-Fi Code is a pledge by financial service providers (FSPs), regulators, and development banks to work together to increase funding for women-owned and women-led Micro, Small, and Medium Enterprises (WMSMEs) globally.

CBN Governor, Mr. Olayemi Cardoso, highlighted the vast potential of women entrepreneurs, noting that over 400 million women globally have the capacity to grow their businesses but lack adequate financing. He emphasized that this group represents a $1.7 trillion growth opportunity for financial institutions and $5-6 trillion in potential global economic value.

Cardoso added, “In Nigeria, a Women’s World Banking survey revealed that women’s entrepreneurial activity surpasses that of men by 4%, yet 75% of this market remains unserved or underserved—a N294 billion opportunity.”

He stressed the importance of the We-Fi Code in unlocking the economic potential of women entrepreneurs in Nigeria, which will significantly contribute to national economic growth. The CBN’s National Financial Inclusion Strategy (NFIS 3.0) also identifies women as one of the most financially excluded groups, alongside youth, MSMEs, and rural populations, particularly in northern Nigeria.

DBN Managing Director, Dr. Tony Okpanachi, revealed that the bank has disbursed over N187 billion through its Participating Finance Institutions (PFIs) 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.

Okpanachi pledged to continue empowering female entrepreneurs, emphasizing the need to designate a senior leader to drive the initiatives of the We-Fi Code within DBN.

BoI Managing Director, Mr. Olasupo Olusi, acknowledged the challenges faced by women in business and reaffirmed the bank’s commitment to supporting women-owned and women-led enterprises. He emphasized the importance of providing both financial and non-financial resources to help women entrepreneurs succeed.