Banking
Sterling Bank Unveils ‘Quick Cash’ For Women Entrepreneurs
By Modupe Gbadeyanka
Concerned about the numerous challenges being faced by market women desiring access to credit in Nigeria, Sterling Bank Plc, through its ‘One Woman’ proposition, has launched a new initiative called the ‘Market Women Quick Cash’ to resolve the issue.
The bank has expressed confidence in the new initiative in making those problems in accessing credit facility become a thing of the past.
The new idea, Business Post learnt, is in partnership with Afrigrant, a non-governmental organization (NGO) and it is expected to promote women empowerment and capacity building.
Our correspondent gathered that the scheme was designed to bridge the gap between women entrepreneurs and access to funds, thus aiding the process of bringing them into the formal sector, where they can benefit from financial advisory services, capacity building and mentorship.
Speaking at the launch of the initiative last weekend at the Entrepreneur Research and Development centre Kaduna, Managing Director of Sterling Bank, Mr Yemi Adeola, explained that proposition was specifically designed to provide access to convenient savings, transaction and quick loan services for women using both self-service methods and agent banking.
Mr Adeola explained further that the Bank adopted both methods because “we believe the future of banking resides in the hand of the customer and we must begin to drive that paradigm shift by empowering them from now. Our partnership with Afrigrants allows us bridge this gap by providing a familiar interface for the customers.”
Represented at the occasion by the Bank’s Company Secretary/Legal Adviser, Mrs Justina Lewa, the MD also said that the significant number of women in Nigeria’s population makes it imperative to deliberately focus on their needs to ensure sustainable economic development and growth.
“Adult women constitute over 50 million of Nigeria’s population and only about 31% of this population are banked according to EFInA Access to Financial Services in Nigeria Survey 2014. The business case for targeting women is simple, they are the more excluded gender.
“More so, 21.4 million females (42.7% of the total female population) are financially excluded; 15 million of these women are earning income frequently.
“This provides a huge opportunity for structural changes within the economic and financial system if we pay attention. To enable us to make an impact for inclusion, we must reach as many women as possible,” Mr Adeola said at the event.
In her keynote address, wife of the Kaduna State Governor, Hajia Aisha Ummee El Rufai, commended Sterling Bank for coming up with the initiative which is going to transform the lives of women in the country.
Also in her message, the Kaduna State Commissioner for Women Affairs and Social Development, Hajiya Rabi Abdulsalam, noted the Quick Cash initiative would help government at all levels to cushion the effect of the current recession especially as it relates to access to required funds by women entrepreneurs to grow their business.
“It is on this note that l am happy with the idea of having private sector operators coming together to bring this noble innovation of giving out loans to women at 9 percent interest rate, zero collateral to enable women play active role in the economic development of the country at a time when the economy is in recession,” she said.
Related articles across the web
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN