Access Bank Restates Commitment To Women Empowerment

Access Bank has restated its commitment to support women and give them the boost they need for their businesses to thrive.

The bank said this yesterday during the Access Bank International Women’s Day (IWD) Conference 2023, held in Lagos with the theme ‘Embrace equity’.

Speaking, Group head of W Initiative at Access Bank, Abiodun Olubitan said: ‘Access Bank will continue to support women as they seek other opportunities to support and give them the boost they need for their businesses.’

According to her, “we gave out N40.5 billion to over 64,845 women SMEs in 2022. It was for women in businesses who had 50 per cent or more holding of the business or own the business with a man but they have controlling shareholding or they are directing the business because that is our criteria of identifying women owned or women led businesses.”

She stated that “this year, we are looking at about N100 billion for women because we want to continue to support and as we see other opportunities to support women with their businesses.”

Speaking on the theme of IWD, Group managing director/chief executive officer of Access Holdings, Herbert Wigwe said: “today event is about taking the resources and opportunities that exists and recognizing the differences in individuals while ensuring that we all arrive at the same goal. Equity seeks to make sure that everybody gets the right goal.”

He stressed that, “when we are all thriving, our economy flourish and we are all free to contribute in unimaginable ways. Equity acknowledges that not everyone has the same starting point because of all our individual, economic, educational and cultural differences.”

He added that “for our world to be successful, everyone must have the same opportunities that ensure a productive mind regardless of where we come from or what our circumstances are. Our work places must be fair and equitable places to work and to thrive.”

Also, the president of the African Development Bank (AfDB), Adesina Akinwunmi said: “when women thrive, economies thrive and that is because women form the backbone of Africa’s economies.”

He lamented that, it is bewildering that women in Africa continue to face a $42 billion financing gap in Africa, saying that there exists inbuilt gender-based biases against women in terms of access to finance.

He urged all financial institutions in Africa and globally should have well designed programmes and lending instruments for women, adding that “at the AfDB, we are taking bold steps to rectify this phenomenon.”

Akinwumi noted that, “in 2019, we launched the Affirmative Finance Action for Women in Africa (AFAWA) initiative to bridge the financing gap and unleash the full potential of women in their businesses.

“Since then, we have approved well over $1 billion worth of loans to women. We have established strategic partnerships for AFAWA with 56 financial institutions in 20 countries all across the continent including Nigeria.”

He also said AfDB is committed to empowering women and closing the gender gap in African countries, saying that by investing in women, one will get a ripple effect that will positively impact the continent.