The Necessity for Women’s Empowerment in the country is of concern and this has brought about the development of an empowerment initiative Known as the W initiative through Access bank to empower a number of women-owned Small and Medium-sized Enterprises (SMEs).
The W Initiative of Access Bank remains a pioneer proposition to promote women’s economic empowerment in Africa with over a decade of active participation in creating and supporting the Women’s Market across its focus segment.
The W Initiative is committed to inspiring, connecting, and empowering women. In 2019, Access Bank and LSETF (Lagos State Employment Trust Fund) launched a N2 billion Matching Fund loan scheme to support women-owned businesses operating in Lagos State.
This loan scheme caters to Startups, Micro Enterprises as well as Small and Medium Scale Enterprises with loans ranging from N50,000 to N5 million.
As a way of increasing awareness and bridging the information gap, The Access Bank’s W Initiative & the LSETF teams embarked on a series of grassroots engagement sessions in the month of October to sensitize business women resident in Lagos on the availability of the facility, the processes as well as requirements involved.
While opening the session, The Group Head of the W Initiative, Abiodun Olubitan, said that ‘women are a driving force in the Nigerian economy, but their access to finance is far too small.
Therefore, Access Bank partnered with LSETF to bridge the gap. This initiative will increase the contributions of women-owned businesses to the Nigerian economy and can have a significant development impact.