Feature/OPED
Investing in Women-Led Enterprises Is a Growth Strategy Nigeria Can’t Afford to Delay
By Vivian Imoh-Ita
Across African banking, the conversation is shifting from “inclusion as intent” to “inclusion as performance.” Margin pressure, recapitalisation conversations, digitisation, and tighter risk expectations are forcing a hard question: where will sustainable, low-volatility growth come from in the next cycle? One answer is hiding in plain sight: women-led enterprises, underfunded, underserved, and consistently productive.
In Nigeria’s informal economy, where cash flow is real but documentation is uneven, the institutions that win will be the ones that price risk with better signals, distribute at scale, and convert trust into long-term financial relationships. Too often, women’s economic participation is framed as a social commitment rather than a commercial imperative.
That framing is expensive: when we fail to design capital, products, and distribution around the realities of women in business, we don’t just exclude customers, we misprice opportunity and leave growth on the table. Women in Nigeria are not waiting to be “empowered” before they build.
They are already trading, employing, and sustaining households at scale. The real constraint is not capability; it is the fit between how finance is structured and how women-owned businesses actually operate: cash-flow patterns, collateral realities, and the need for speed, trust, and advisory alongside capital.
Three practical frictions show up repeatedly: Collateral versus cash-flow: many viable women-run businesses are cash-generative but asset-light, so collateral-heavy underwriting excludes the very segment banks say they want. Information gaps: when transactions happen outside formal rails, banks see “thin files.”
But thin files are not the same as high risk; they are a data problem that better design and alternative signals can solve. Time-to-cash matters: entrepreneurs often need small, fast working-capital decisions, not slow processes built for corporate cycles.
Speed is a risk tool when it is paired with the right controls. Nigeria has roughly 23 million women entrepreneurs in the micro-business segment, one of the highest rates of female entrepreneurship globally.
Women account for 41% of SME ownership, and SMEs contribute nearly half of the national GDP. Yet access to formal finance remains disproportionately low: women receive only about 10% of loans from financial service providers, and an estimated 98% of women entrepreneurs still lack access to formal credit.
An internal strategy analysis drawing on EFInA/Global Findex/SMEDAN data shows a structural gap: 41% of Nigerian women are financially excluded (vs 33% for men), and while 39% of women borrowed from multiple sources, only 4% accessed a bank loan.
Across Africa, the financing gap for women-led businesses is estimated at $42 billion. This is not a “nice-to-have” agenda. McKinsey Global Institute’s The Power of Parity estimates that advancing women’s equality could add up to $12 trillion to global GDP.
The IMF has estimated that equal participation by women could lift GDP by as much as 40% in some countries. For Nigeria, an analysis cited by the Council on Foreign Relations, drawing on McKinsey’s data, projects that closing the gender gap in economic participation could increase GDP by 23%.
For banks, the implication is straight-forward: women-led enterprises are not a niche; they are a mass-market growth opportunity. Unlocking it requires moving from “product availability” to “product usability”: cash-flow-based lending, simpler onboarding, distribution through digital and agent rails, and trust-by-design (clear pricing, consumer protection, and strong data privacy). Usage is what creates the data to lend responsibly at scale.
There is also a practical reason the returns are outsized: women tend to reinvest more of what they earn into their families and communities, often cited as up to 90%, driving a multiplier effect that shows up in education, health outcomes, and local employment.
For financial institutions, that multiplier is not just a story; it is a durable pathway to deposit growth, transaction volume, credit performance, and long-term customer value. I have seen this play out across Nigeria, in every state and market. The woman selling clothes in Balogun Market employs three other women and sends five children to school.
The general merchandise trader in Onitsha Market is the economic anchor of her extended family. Each of these women is a multiplier, and each of them started with someone, somewhere, giving her a loan, a skill, an opportunity, a chance. That is the “Give to Gain” principle made real. Giving is not a subtraction. It is, as this year’s IWD campaign puts it, intentional multiplication.
At Union Bank, we treat women’s financial inclusion as a core product strategy, not CSR, because the commercial logic is clear. When a woman builds financial capability, she doesn’t just open an account. She saves, transacts, borrows responsibly, expands her business footprint, and brings others with her.
We also understand that distribution is a strategy. Union Bank’s UnionDirect agency banking network operates over 58,000 agents across rural and underserved communities, extending access to deposits, withdrawals, and micro-lending where branches cannot cover the economics.
We have also disbursed over N50 billion in micro-lending to smallholder farmers, market women, and informal entrepreneurs, because inclusion only becomes real when it is usable, frequent, and local.
In a market where a large share of working women operates in the informal sector, bringing women into the formal financial system through savings, digital banking, micro-lending, and insurance is a material growth frontier. Multiple studies across emerging markets also show women often have lower default rates than men, reinforcing what many banks observe in practice: disciplined cash management and strong repayment culture when products are designed around real operating conditions.
That is why we created alpher, Union Bank’s women’s banking proposition launched in 2020 and aligned with SDG5 on Gender Equality. Alpher is designed for the Nigerian woman, whether she is an entrepreneur, a working professional, or managing household finances. For women in business, alpher combines tailored loans and savings plans with capacity-building, mentorship, and practical masterclasses, because capital without capability yields fragile outcomes. alpher is built around a simple promise: practical financial solutions, support systems, savings and investment options, discounted loans, personal and professional development, mentorship/coaching/networking, discounted healthcare plans, and lifestyle/business discounts.
Operationally, we segment customers into individuals (professionals and entrepreneurs), women-led organisations, and organisations that support women in their workforce and supply chains. Hence, the service is relevant, not generic.
Practically, that has meant designing access to credit with reduced collateral requirements, recognising that traditional collateral models were not built around women’s asset ownership patterns.
It has also meant investing deliberately in skills, entrepreneurship, bookkeeping, pricing, digital commerce, and personal finance, so that funding translates into resilience, not just activity.
One initiative I am particularly proud of is the alpher Fair. In this marketplace concept, we open our premises (and those of partners) to women entrepreneurs to sell directly to customers, employees, and partner networks.
It creates immediate market access, strengthens visibility, and proves a simple point: scaling women-owned businesses is often about building pipelines of customers, information, and trust, not just issuing loans. Beyond our own programmes, we partner to scale outcomes.
In May 2025, through alpher, Union Bank sponsored the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which graduated 125 entrepreneurs who benefited from entrepreneurship training and business grants. At the graduation, we hosted a pitch segment that awarded funding to standout entrepreneurs. This is the point: capability building is not “soft.”
It is pipeline development for stronger businesses and better credit outcomes. Importantly, alpher sits within Union Bank’s broader retail and SME ecosystem, loan products, business advisory, digital payment infrastructure, and growth workshops, so customers can access funding, learn how to deploy it, connect to mentors and peers, and gain visibility for their businesses.
The objective is straightforward: build businesses that last. The next phase of banking growth in Nigeria will favour institutions that translate insight into design products that reflect customer reality, distribution that meets customers where they are, and risk models that recognise performance beyond legacy collateral. Backing women-led enterprise is not a campaign; it is a competitive advantage.
The forward-looking question is whether we will build the rails, capital, capability, digital trust, and market access fast enough to earn the growth already waiting in plain sight. If we are serious about inclusive growth, we should be equally serious about inclusive balance sheets and about building the underwriting, data, and distribution models that make inclusion commercially sustainable.
Vivian Imoh-Ita is Head, Retail & SME Business at Union Bank of Nigeria, with a focus on building retail and SME propositions that drive inclusion, growth, and long-term customer value
Feature/OPED
This Is Not the Season to Miss Anything (Because the Internet Will Not Wait for You)
There were times when entertainment moved slowly enough that you could catch up later without missing much. This is not one of those times. Right now, everything is happening at once, and if you blink, the internet will already summarise it for you in a version that may not even be fully accurate.
We are in a phase where the moment a show, movie, or reality series airs, clips are already circulating online before many people have watched the full episode. Opinions are formed from short edits, screenshots, and snippets rather than the full context, and conversations often take shape around what has been clipped and shared instead of what actually happened in real time. The ongoing BBNaija Reunion is a clear example of this, with viral moments driving debates and narratives long before many viewers have seen the complete exchange.
And it is not just Big Brother.
The World Cup is literally here, and you already know what that means. Most of the matches are played deep into the night, so many people will wake up to scores they didn’t watch live, scroll cautiously through social media trying to avoid spoilers, or quickly hunt for highlights before someone ruins the result in a group chat or on X. Somehow, everyone will still be expected to join the “did you see that match?” conversation the next morning as if they were awake through every minute of it.
This is the reality of modern viewing: nobody is waiting for you anymore. The funny part is what people do when they miss it. You will see someone on X asking, “abeg who has the link to watch last night’s episode?” and within minutes, replies start flying. Somebody drops a Telegram channel like it is normal, another person shares a random website link, and another group is already posting 30-second clips with captions like “full gist inside” as if that is the full experience.
Before you know it, people are no longer watching the show. They are watching fragments, then opinions, then blog interpretations, then X reactions. And somehow that becomes the version of events that spreads fastest.
That is where the problem starts. Social media does not give context. It gives highlights. Blogs chase clicks, not full stories. Even viral clips in group chats are usually missing the build-up that actually explains why people reacted the way they did.
So, you find yourself arguing passionately about something you did not fully watch. You are forming opinions from “see finish” clips and half-context screenshots. And when you finally watch the full episode later, everything suddenly makes more sense than the version you were dragged into online.
That is why access is becoming more important than ever. Not just access to content, but access to it in real time. Because nothing really hits like watching it live, as it unfolds, with everyone reacting at the same moment. Whether it is a last-minute World Cup goal, a heated reunion moment, or something that instantly becomes meme history, the experience is always different when you are actually there for it.
And this is exactly where viewing has changed. People are no longer tied to one screen in the sitting room. Life does not even allow that anymore. You might be in traffic, at work, outside, or simply away from your decoder when something important is happening, which used to mean you missed your favourite show; now you don’t have to.
Because platforms like DStv and GOtv now let you stay connected even when you are not in front of your television. So instead of chasing Telegram links that may or may not work, which is piracy by the way, or waiting for someone to “summarise what happened,” you can actually watch it yourself.
You can still stay connected using the MyDStv or GOtv Stream app. It is simple. Download the app from your store, log in with your account details, ensure your subscription is active, then head to the Live TV section and select the channel you want. In a few taps, you are back inside the moment everyone is talking about.
And honestly, that is what this season demands. Between Big Brother conversations taking over timelines, new reality TV seasons building buzz, and the World Cup about to dominate every screen in the next few days, this is not the time to be disconnected. Not even the time to say “I’ll catch up later”, because later is exactly where spoilers live now.
So, whether you are watching from your decoder at home or streaming from your phone on the move, the point is the same: you are not out of the conversation. Because in today’s world, missing the show is one thing.
Missing the moment everyone is talking about? That one is harder to recover from.
Feature/OPED
A Tale of Two Kidnappings
By Tony Ogunlowo
In the past few weeks, two high-profile kidnapping cases have captured the attention of the nation. One involved the kidnapping of more than 45 pupils and teachers from a school in Oyo state, and the other involved the relatives of an ex-minister.
Whilst the relatives of the ex-minister, his sister and her two sons, were rescued in a highly publicised police operation, the fate of the missing school children and their teachers remains unclear. Already two teachers have been killed: one was shot and the other beheaded.
Nigeria is a hotbed for kidnapping, and in 2025 alone, there were more than 4,000 reported cases. But bear in mind that for every case recorded, two or three went unreported, leaving relatives to deal with ransom demands on their own. And for cases reported, the overstretched and understaffed police are not much help and often suggest relatives negotiate with kidnappers. As a result, what was once a small sore has now festered, becoming an even bigger wound and growing.
It has been more than twelve years since 276 girls were kidnapped from their school in Chibok. To date, not all of them have been recovered. Some have died whilst others, heavily traumatised, have been found bearing children of their captors: their lives destroyed and those of their families.
The swift rescue of the ex-ministers’ relatives in a short window of just a few days points to one thing – elitism! If you’re well-connected, the powers that be will pull out all the stops to do what they’re supposed to be doing in the first place. If you’re a mere ordinary citizen, they can’t be bothered.
Even though the Federal Government has a policy of not negotiating with kidnappers, which is understandable since they don’t want to encourage the practice, they should have the means to end the scourge. Every government from the Obasanjo regime up to the incumbent have promised to take a hard line on abductions and banditry. To date, all that hardline rhetoric has just been ‘audio’, leaving bandits and kidnappers to get up to all sorts of things. There have been calls to allow citizens to take up arms: not a good idea, as this might encourage extrajudicial killings rather than for self-defence. There have also been calls for stiffer penalties, but, yet again, you need to catch the perpetrators first and make sure they don’t bribe their way out of the judicial system. The Forest Guards program is taking off, and hundreds of them are being recruited, trained and deployed, but are they paramilitary trained to be able to fight kidnappers in the bush?
Just like when the Chibok girls went missing under President Goodluck’s watch, the government is taking a lukewarm approach to the matter. What should be classified as a top priority has been pushed to the bottom of the list as all politicians rush to get their nomination forms in for the 2027 elections: the only thing that matters to them. If this were America, Trump would have mobilised the Army, Navy, Air Force, CIA, and whatever else he could think of to find ALL kidnapped victims. In Nigeria, the only thing politicians are interested in, their top priority, is re-election.
Children’s Day has come and gone, and so also has Democracy Day, as we head towards Independence Day, and somebody’s child, uncle, aunt, husband is still being held against their will with the security services running around like headless chickens, clueless as to what to do next. What happened to their network of informers? Are their surveillance techniques so primitive that they can’t locate a large gathering of people in the bush? Surely contact has been made with all kidnappers so they can list their demands, and why haven’t these leads been tracked using basic cellular telephony technology? But if it’s an ex-minister’s relative, they know how to pull a rabbit out of a hat.
Until the government adopts a zero-tolerance policy towards kidnapping and banditry – and sticks to it, these unfortunate incidents will continue.
Perhaps it’s time to seek foreign assistance since we don’t know what to do: already, Trump has stationed US troops, up North, to help us fight Boko Haram and ISIS. They already have the technology and personnel that can find a fly hiding behind a dune in the Sahara. An ordinary Air Force surveillance plane, or drone, equipped with heat-seeking infra-red cameras, overflying the place at night can easily find anyone hiding out in the Old Oyo park within hours, not days. And please don’t involve the NAF, who seem to bomb more innocent people than bad guys! Alternatively, bring in Sheikh Gumi, who seems to know most of the bandits. He might be able to help.
There is no easy fix to ending insecurity in Nigeria other than to bring in a brutal state of emergency that will grant security services carte blanche to deal with situations as they see fit. Again, this can lead to abuse of power, as was the case with the disbanded SARS.
To truly eliminate all insecurity in the country, the government needs to think long-term and go back to the root cause of all these problems – hunger. A hungry man (or woman) faced with unemployment and a high cost of living, with nothing to lose, will be crazy enough to do any kind of crime to put food on the table and a roof above his head. Doubling the size of the security services and equipping them doesn’t solve the problem.
Feature/OPED
Democracy and Problems; Made in Nigeria
By Prince Charles Dickson (PhD), and Dorcas Bawa
Nigeria’s democratic question is often wrongly framed as if democracy is a foreign garment that we must keep adjusting until it fits our body. We speak of Westminster, Washington, Athens, Paris and every borrowed vocabulary of governance, yet the wound before us is neither Greek nor British nor American. It is Nigerian. Our hunger is Nigerian. Our insecurity is Nigerian. Our broken families are Nigerian. Our abandoned children are Nigerian. Our vote-buying, ethno-religious suspicion, weak local institutions, elite impunity and democratic impatience are Nigerian. Therefore, any democracy that will heal us must be made in Nigeria.
This is not a call for isolation. It is a call for ownership. Democracy cannot survive as imported furniture placed in a burning house. It must grow from our values, culture, history and realities. It must be owned by the people, shaped by our communities, and driven by our collective aspirations for justice, equity and peace. It must answer the question of the farmer in Bassa, the displaced woman in Barkin Ladi, the market woman in Jos, the young person in Mangu, the traditional ruler trying to hold a fractured community together, the child who no longer trusts the home, and the citizen who has voted many times but has not yet felt government as care.
Since 1999, Nigeria has travelled a long and uneven democratic road. The return to civil rule after years of military dictatorship was not a small achievement. It restored constitutional government, reopened civic space, revived political parties, strengthened the press, expanded civil society engagement, and gave citizens the language with which to question power. We have had repeated elections, transitions between administrations, legislative contests, judicial interventions, public protests, investigative journalism and a growing generation of young Nigerians who no longer kneel before authority simply because it wears a title.
These are gains. They must not be dismissed.
But democracy is not merely the presence of elections. It is the presence of dignity. It is not only the counting of votes. It is the counting of lives. It is not complete because politicians campaign, courts sit, governors are sworn in, and budgets are read. Democracy becomes real when the weakest person in the community can say: “This country sees me. This system protects me. This government serves me.”
That is where our democratic journey remains painfully unfinished.
From 1999 to date, Nigeria has built the rituals of democracy faster than the culture of democracy. We have mastered rallies, slogans, posters, primaries, manifestoes, defections and inauguration ceremonies, but we have not sufficiently mastered accountability, inclusion, local ownership, civic discipline and justice. Too much power remains concentrated at the centre. Too many local governments exist more as salary points than as engines of grassroots development. Too many communities are remembered only during elections, condolences or conflict assessment visits. Too many citizens are mobilised as voters but abandoned as human beings.
Democracy made in Nigeria must therefore begin with the people at the centre. Government exists to serve the people, not the other way around. A system that treats citizens as spectators between election cycles is not a democracy. It is a political theatre with ballot boxes. A homegrown democracy insists that the woman, the youth, the person with disability, the displaced, the farmer, the trader, the child, the minority voice and the forgotten community are not footnotes in the national story. They are the story.
To be homegrown, democracy must also be rooted in culture, but not in the abusive misuse of culture. It must respect our languages, traditions, communal memory and ways of life, while refusing every cultural excuse for injustice. Culture should be a bridge, not a cage. It should protect the vulnerable, not silence them. It should teach respect for elders, but also responsibility by elders. It should honour family, but never hide violence inside family walls. It should value community, but never allow community loyalty to bury truth.
The crisis of Nigerian democracy is not only in Abuja. It is also in the home. It is in the family meeting where girls are denied inheritance. It is in the compound where abuse is covered because the offender is related. It is in marriage where responsibility is abandoned. It is in the neighbourhood where everyone knows a child is suffering but waits for the “government” to arrive. It is in the community where young people are recruited into dangerous labour because poverty has become an employer. It is in the silence that violence teaches how to grow teeth.
A recent week in the Plateau State Gender and Equal Opportunities Commission, particularly the Public Complaints and Mediation Department, tells a disturbing story. In one case, a sixteen-year-old schoolgirl became pregnant after alleged abuse within her own home. In another case, an eight-year-old girl from Tudun Wada was brought before the Commission after an alleged sexual assault by a neighbour. Her story was already layered with tragedy: displacement, loss of parents to violence, and dependence on an aged grandmother. Another ten-year-old child had to be reunited with her family in Enugu Agidi after two years of maltreatment while living with a distant relative in Jos. She required psychosocial support before returning home.
In the same week, an illegal commercial motor park around Anguldi in Jos South Local Government Area was reported. The Police were swiftly deployed, and arrests were made. Twelve young people, including three young women, were brought to the Commission. Early interrogation suggested a troubling pattern: the park operated weekly, moving young teenagers from Jos to Ibadan.
These are not isolated moral accidents. They are democratic alarms. But the entire team somehow collectively succeed because they understand the terrain.
Conflict does not end when gunfire stops. It enters homes. It alters parenting. It displaces children. It weakens supervision. It breaks livelihoods. It creates fear, dependency, resentment and desperation. A society that does not heal its conflict will eventually watch that conflict migrate into marriage, childhood, education, labour, politics and faith. The family becomes the first casualty, and later, the polling unit becomes only a mirror of the wounded home.
This is why democracy cannot be discussed only in constitutional language. It must be discussed in human language. When family values erode, democracy suffers. When parental responsibility collapses, democracy suffers. When the culture of respect for human dignity becomes almost non-existent, democracy suffers. When children are unsafe, women are overburdened, fathers disappear from responsibility, mothers are left unsupported, and communities outsource morality to government agencies, democracy becomes a tree without roots.
The problems holding us back are therefore clear. We continue to operate systems that often ignore local realities. We suffer from the concentration of power and the lack of accountability. Our local institutions are weak. Our democratic culture is poor. Tribalism, ethnicity and religious intolerance are too easily weaponised. Many citizens are apathetic because they have been disappointed too often. Others are active only when their group interest is touched. But a person who participates decides their destiny. A person who watches politics from the balcony should not be shocked when decisions are taken in rooms where they are absent.
Homegrown democracy must be community-driven. Decisions must be shaped at the local level through dialogue, consensus and trust. Nigeria cannot continue to pretend that Abuja can understand every stream, shrine, church, mosque, market, grazing route, school, boundary dispute and family wound better than the people who live with them daily. Local problems require local intelligence. But local intelligence must be connected to justice, not captured by local power brokers.
This is why traditional rulers, community heads, women leaders, youth groups, faith leaders, civil society organisations, government agencies, schools, security institutions and families must become democratic actors, not passive observers. Democracy is not INEC alone. It is not the National Assembly alone. It is not the courts alone. Democracy is the mother who protects her child, the father who carries responsibility with honour, the neighbour who reports abuse, the teacher who notices distress, the police officer who acts promptly, the mediator who listens carefully, the traditional ruler who refuses to hide wrongdoing, the pastor and imam who preach dignity, and the citizen who refuses to sell tomorrow for a small envelope today.
Finally, we must rebuild the moral architecture of the family. Mothers, fathers, guardians, relatives and neighbours must rise to nip these issues in the bud. The home is not outside democracy. The home is where citizenship first learns either care or cruelty. If the child learns silence in the face of abuse, she may become an adult who fears power. If the child learns dignity, he may become a citizen who demands justice.
Our country. Our democracy. Our future—May Nigeria win.
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