Female Entrepreneurs Beg CBN to Remove Funding Barriers Hindering Women-owned Businesses

•Claims less than 10% of SME loans go to women despite recording 95% repayment

Sunday Aborisade in Abuja

Notable female entrepreneurs have launched a campaign seeking equitable funding for businesses owned by women.

Tagged, ‘WEEwantMore,’ the campaign was aimed at drawing the attention of the Central Bank of Nigeria (CBN) and other financial institutions to the various bottlenecks creating series of barriers to funding women-owned businesses in Nigeria.

They lamented that despite their outsized contribution to Nigeria’s economy, women entrepreneurs continue to be left behind when it comes to funding.

They noted with concern that women entrepreneurs receive less than 10% of Small and Medium Enterprises (SMEs) loans, despite data showing that 95% of loans to women are repaid.

They alleged that women in businesses face steep collateral demands, high interest rates, and rigid lending systems that consistently shut them out.

It was in an attempt to change the unpleasant narrative that a collective of Nigerian women decided to launch the WEEwantMore, to urge the country’s top financial decision-makers to dismantle systemic barriers to funding women-owned businesses.

Those involved in the campaign included, Folu Storms, Jemima Osunde, Abosede George-Ogan, Omowunmi Akingbohungbe, Tosin Olaseinde, Lehie Balde, Habibah Waziri, Sa’adatu Hamu-Aliyu, Ekemini Akpakan, Fola Ibowu, Mojisola Humponu-Wosu and Chioma “Chigurl” Omeruah, among others.

In a public appeal contained in a statement made available to THISDAY in Abuja yesterday by Gate Field, an international public strategy and media group, the campaigners called on Nigeria’s most powerful financial players to take immediate, structural steps to unlock capital for women entrepreneurs.

The campaign directly challenged policymakers such as Central Bank Governor, Olayemi Cardoso; Finance Minister Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of State John Owan Enoh; and the chief executives of the Bank of Industry (BOI) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), as well as CEOs of major Nigerian banks.

The statement quoted a Gates Foundation survey, which disclosed that 62% of Nigerian women lack the capital to start or expand their businesses, with limited access to affordable loans and outdated collateral requirements continuing to restrict growth.

It added: “Economists estimate that fully supporting women’s participation in the economy could increase Nigeria’s GDP by $229 billion.

“The campaign is calling for these decision makers to publicly commit to making key shifts in order to fix the country’s gender gap in business financing.”

They urged fiscal and monetary policy players to ensure creation and expansion of dedicated funds for providing credit to women.

The women also sought the reservation and allocation of 40% of MSME loan portfolio to women and simplify collateral requirements, using approaches such as cash flow financing.

The female entrepreneurs appealed to policy makers to institute a 30% gender-based lending targets for commercial banks by the Central Bank of Nigeria.

The demanded the allocation of 50% of government-supported MSME intervention funds to women-led businesses.

The campaign further called on Nigerians to sign a petition through a dedicated website www weewantmore.ng.

Chioma ‘Chigurl’ Omeruah, in her submission said, “Half of our economy is driven by Nigerian women, yet they lack access to capital and loans, making it difficult to expand their businesses.

“The most important thing to note is that Nigerian women are reliable as 95% of loans gotten by women are repaid, yet less than 10% of SME loans go to women.

“It’s time to step up and fund women’s ambitions.”

Jemima Osunde said: “34% of Nigerian women dream of expanding their businesses, but the walls are up against them due to systemic barriers and lack of access to loans or credit.

“Addressing this funding gap is crucial for women’s economic empowerment and national development.”