During a series of grassroots engagements in October, Access Bank, through the W Initiative, empowered a number of women-owned small and medium-sized enterprises (SMEs) in Surulere, Lagos.
Women’s emancipation, connection, and inspiration are the goals of the W Initiative. A N2 billion Matching Fund loan program was introduced in 2019 by Access Bank and LSETF (Lagos State Employment Trust Fund) to help women-owned businesses operating in Lagos State.
This loan program offers loans ranging from N50,000 to N5 million to Startups, Micro Enterprises, and Small and Medium Scale Enterprises.
The Access Bank’s W Initiative and the LSETF teams started a series of grassroots engagement sessions in the month of October to inform businesswomen living in Lagos about the facility’s availability, the procedures involved, and the necessary qualifications. This was done in an effort to raise awareness and close the information gap.
Abiodun Olubitan, Group Head of the W Initiative, noted that “women are a driving force in the Nigerian economy, but their access to financing is far too small,” in introducing the event. To close the gap, Access Bank collaborated with LSETF. This initiative can significantly impact development while increasing the economic contributions of women-owned businesses in Nigeria.