Female Entrepreneurs Gets N26bn Loans From BoI
As part of its deliberate steps to address issues around gender equality in entrepreneurship, the Bank of Industry said it disbursed N26bn loans to female entrepreneurs in 18 months.
This was disclosed by the Managing Director, BoI, Mr Olukayode Pitan, in a presentation made during a programme organised in Lagos by the Chartered Institute of Bankers of Nigeria.
The theme of the event was given as “Entrepreneurship for inclusive growth: opportunities and sustainability strategies,”
Pitan said, “The truth is the Nigerian female entrepreneur is more exposed to and adversely affected by the inherent challenges in the Nigerian business environment; making it more difficult for her to succeed compared to her male peer. Hence, BoI is playing its small part to help balance the scale.
“For example, in 2015, BoI established a gender business desk to cater specifically for female entrepreneurs. In the last 18 months alone, the bank has disbursed loans in excess of N26bn to over 400 women-led enterprises with the potential to grow and create jobs that will contribute to economic development.
“In addition to financial support, the gender desk also provides the much-needed business advisory and capacity building services, leveraging our strategic partnerships with over 300 Business Development Service Providers nationwide.”
Another way in which the bank promoted female-gender equality was through its strategic partnerships, he stated.
The BoI said it constantly sought out and partnered advocates of women entrepreneurship and organisations that pushed related policy development in Nigeria.
“We actively participate and sponsor seminars, investment summits and capacity building programmes centred on gender equality. Some of our partners are Women in Management, Business and Public Service, African Women’s Entrepreneurship Programme, WISH Africa, Handmaidens Women in Leadership Series, and a host of others,” it stated.
In terms of poverty eradication, the BoI stated that it had a number of initiatives targeted at providing self-employment for those in the lowest income earning demography of the society.
In 2016, the bank said it set up the Micro Enterprise Directorate with a mandate to provide affordable financing solutions to Nigeria’s un-served and under-served entrepreneurs.
This initiative, it added, was in line with the Federal Government’s economic agenda to impact the financially-excluded or “hidden” economy.
“As a result, the bank has facilitated the disbursement of N37.1bn through the Government Enterprise & Empowerment Programme, creating 2.31 million jobs for market women, traders, artisans and farmers,” it stated.
It said it also had the Bottom of the Pyramid Scheme, which was an on-lending scheme with microfinance banks as strategic partners.
“Through our partnerships with 54 financial institutions, N7.7bn has been disbursed to 7,598 micro-entrepreneurs and an estimated 37,990 jobs have been created,” Pitan stated.
