Nigeria banking on women
“Women are a driving force in the African economy, but their access to finance is still far too small,” declares Declan Duff, VP of the International Finance Corporation's Industries section, “and this is why the IFC is partnering with Nigeria's Access Bank to bridge the gap with lines of credit specifically for female entrepreneurs.”
The initiative, which makes available $15mn for on-lending to women, is geared to increase the contributions of women-owned businesses to the Nigerian economy for maximum development impact. Although comparatively modest, the funding opens the door to a new chapter in female entrepreneurship and means Access Bank becomes one of the first banks in Africa to dedicate lines of credit to finance women-owned businesses. It is the first significant loan under the IFC's Gender Entrepreneurship Markets (GEM) programme, designed to leverage the potential of women in emerging markets.
IFC's funding will allow Access Bank to meet the financing needs of its female clients, particularly those running small and medium enterprises.
At the same time, the IFC's GEM programme will provide comprehensive assistance and training to enhance the bank's ability to reach out to the women's market as well as provide business and management training for women entrepreneurs.
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