As part of the drive to enhance financial inclusion of women entrepreneurs in the country, the Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, on Wednesday urged stakeholders in the financial ecosystem to adopt the Women Entrepreneurs Finance (WE-Fi) Code in their operationsl.
Cardoso stated this at the landmark event of Nigeria’s public declaration of commitment to the WE-Fi Code, at the CBN Headquarters in Abuja.
The CBN governor explained that the WE-Fi Code represents a commitment byf inancial service providers (FSPs), regulators, development banks, and other financial ecosystem players to work together to increase funding for Women-owned and Women-led Micro, Small, and Medium Enterprises (WMSMEs) worldwide.
Noting that over 400 million women entrepreneurs globally have vast potential to grow their businesses, contribute to economic value, and create jobs, Cardoso pointed out women faced significant barriers in accessing financing.
He emphasized that Nigeria’s national commitment to the WE-Fi Code marked a decisive step toward empowering women entrepreneurs as essential contributors to the country’s economic growth and social development.
“This commitment is not just symbolic, but a significant stride in closing the gender financing gap and ensuring women entrepreneurs are at the forefront of our national odevelopment”, he said.
The Deputy Governor, Operations of the CBN, Emem Usoro, expressed here enthusiasm for the initiative, noting that “empowering women is synonymous with empowering a nation”.
Usoro commended the CBN Governor for his dedication to enhancing financial independence for women and reaffirmed her support for the Code.
Also speaking, the Deputy Governor of CBN in charge of Financial System Stability, Philip Ikeazor expressed his appreciation to all partners, staff, and the Financial Inclusion Delivery Unit for their unwavering commitment to making the WE-Fi Code a reality.
The representative of the World Bank, and Lead Country Economist, Ms Bertine Kamphuis, lauded the CBN for this milestone achievement, adding the Bank’s efforts to close the gap in access to finance for female entrepreneurs was commendable.
She gave the assurance of the World Bank’s full support in driving the initiative forward.
The Managing Director of the Bank of Industry (BOI), Dr. Olasupo Olusi, applauded the CBN’s leadership and reaffirmed the BOI’s commitment to empowering women entrepreneurs.
Similarly, the Managing Director/Chief Executive Officer of the Development Bank of Nigeria (DBN), Dr. Tony Okpanachi, emphasized that the WE-Fi Code was a bold step toward addressing the persistent gender financing gap and aligning the Bank’s ongoing efforts to empower women.
He pledged to lead the charge in driving the initiative and assured his full support.
Other partners at the event included MD/CEO of Suntrust Bank, Mrs. Halima Buba and representative of the Director-General of the Nigerian Deposit Insurance Corporation (NDIC), Mrs. Amal Haruna, among others, who conveyed their messages of commitment and support for the WE-Fi Code and its transformative potential for Nigeria’s economic landscape.
Earlier in her overview of the WE-Fi Code, the Head of the Financial Inclusion Delivery Unit of the CBN, Mrs. Temitope Akin-Fadeyi, highlighted the key benefits of the Code to include catalyzing new financial and non-financial mechanisms to meet the needs ofWomen MSMEs, mainstreaming the collection, analysis, and use of supply-side data on financing, and improving standards, policies, and regulations to address data gaps and financing constraints.
She emphasized the Code’s potential to mobilise capital for the financing and technical support of MSMEs.
The event’s high point was the ceremonial signing of the declaration plaques by the 55cardosoCBN Governor, MD/CEO BOI, and MD/CEO DBN.
