Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has urged stakeholders in the financial ecosystem to adopt the Women Entrepreneurs Finance (We-Fi) Code as part of a collective drive to enhance the financial inclusion of women entrepreneurs across Nigeria.
Cardoso who stated this at the landmark event of Nigeria’s public declaration of commitment to the We-Fi Code, held at the CBN Head Office on Wednesday, October 9, 2024, said that the We-Fi Code represents a commitment by financial 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.
While noting that over 400 million women entrepreneurs globally have vast potential to grow their businesses, contribute to economic value, and create jobs, he pointed out that they faced significant barriers in accessing financing.
Speaking further, he emphasised 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 development” he said.
In her remarks, the Deputy Governor, Operations, Ms. Emem Usoro, expressed her enthusiasm for the initiative, noting that “empowering women is synonymous with empowering a nation.”
She commended Governor Cardoso’s dedication to enhancing financial independence for women and reaffirmed her support for the Code.
Also speaking, the Deputy Governor, Financial System Stability, Philip Ikeazor extended his appreciation to all partners, staff, and the Financial Inclusion Delivery Unit for their unwavering commitment to making the We-Fi Code a reality.
Representing the World Bank, Lead Country Economist Ms Bertine Kamphuis, lauded the CBN for this milestone achievement. She congratulated the Bank on its efforts to close the gap in access to finance for female entrepreneurs and assured 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, Dr. Tony Okpanachi, the Managing Director/ Chief Executive Officer of the Development Bank of Nigeria (DBN), emphasised 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, including MD/CEO Suntrust Bank, Mrs. Halima Buba and representative of the Director-General of the Nigerian Deposit Insurance Corporation (NDIC), Amal Haruna, among others, 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, Temitope Akin-Fadeyi, Head of the Financial Inclusion Delivery Unit, highlighted the key benefits of the Code to include catalysing new financial and non-financial mechanisms to meet the needs of WMSMEs, 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 further emphasised 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 CBN Governor, MD/CEO BOI, and MD/CEO DBN.
