The African Growth Financial institution Group and the African Assure Fund strongly advocated the optimistic affect of accelerating ladies’s monetary inclusion on the Nigerian economic system to an viewers of senior authorities and business officers Nigerian banks.
The 2 establishments inaugurated the AFAWA Finance Sequence Nigeria, which is a part of the Affirmative Finance Motion for Ladies in Africa of the African Growth Financial institution (AFAWA), on October 17. Representatives from AFAWA donor nations, together with the Netherlands, France and Italy, additionally took half within the opening ceremony.
The occasion sequence will convey collectively authorities officers, coverage makers and monetary establishments for an introduction to AFAWA’s partnership providers for the Nigerian market.
Grace Ogbonna, Director of Financial Analysis and Coverage Administration on the Ministry of Finance, spoke on the opening ceremony on behalf of Nigeria’s Minister of Finance, Wale Edun. She stated: “The topic of ladies empowerment calls for our collective consideration, dedication and efforts to make sure that ladies have equal alternatives to completely take part within the financial progress of our nation. »
Contributors will discover methods to enhance regulatory frameworks that may help entry to finance for small and medium-sized companies led by ladies. The occasion may even present a greater understanding of the AFAWA assure mechanism and the way this system may also help de-risk monetary establishments that on-lend to women-led start-ups.
The occasion may even showcase the AFAWA Assure for Development program, a partnership between the African Growth Financial institution and this system’s implementing accomplice, the African Assure Fund. In 2021, companions created this risk-sharing mechanism to unlock as much as $2 billion in financing for women-led small and medium-sized companies in Africa by means of monetary establishments.
“In Nigeria, there’s a actual alternative for progress,” stated Beth Dunford, African Growth Financial institution vp for agriculture and human and social improvement. “Micro, small and medium enterprises account for greater than three-quarters of the Nigerian workforce. With acceptable help, they’ve the potential to speed up the nation’s progress towards its financial improvement targets,” Dunford added.
The AFAWA Development Assure program additionally supplies help and incentives to monetary establishments to extend their urge for food to lend to women-led SMEs. Analysis exhibits that ladies are extra profitable in repaying loans than males and sometimes reinvest as much as 90% of their revenue into the training, well being and vitamin of their households and communities.
Jules Ngankam, CEO of the African Assure Fund, stated: “In Africa, 70% of ladies are financially excluded, notably within the areas of entry to credit score, land possession, employment alternatives, positions of administration and wealth creation. These imbalances have been one of many elements stopping Africa from reaching its full potential.
He counseled the Nigerian authorities for selling women-led small and medium enterprises and famous that by means of AFAWA, the Fund is eager to collaborate with authorities and coverage makers to additional enhance the enterprise surroundings for ladies entrepreneurs.
The Finance Sequence additionally gives coaching that may allow monetary establishments to judge their services by means of a gender equality lens to raised meet the wants of ladies entrepreneurs.
African Growth Financial institution Managing Director for Nigeria, Lamin Barrow, stated: “By means of AFAWA, the African Growth Financial institution is altering the notion and narrative that ladies entrepreneurs are a dangerous funding. The Financial institution acknowledges Nigeria’s immense potential for AFAWA-related actions. For this reason we collaborate and help the personal sector to enhance ladies’s entry to finance by means of progressive financing devices.
For extra data, please contact:
Alphonso Van Marsh, Senior Digital Content material and Occasions Supervisor, Africa Growth Financial institution; E-mail: (e-mail protected)
Diana Aluga, head of communications and public relations for the group, African Assure Fund Mobile: +254 732 148 000,
E-mail: (e-mail protected)
Émilie Njagi, Scarlet Digital RestrictedCell: +254 722 615524 e-mail: (e-mail protected)
Bolaji Abimbola, cellular: +234 708 662 1560, e-mail: (e-mail protected)