In a bid to support women entrepreneurs in their quest for economic expansion, Access Bank Plc, through its W initiative, says women can now borrow at 15% interest from the bank for help grow their business.
He said it was to further deepen his relationship with women entrepreneurs in Nigeria.
With the W initiative, the bank hopes to offer over N100 billion in loans to different businesswomen in 2022.
Speaking at Access Bank’s International Women’s Day celebration, Abiodun Olubitan, head of Access Bank W initiative, said the bank had granted around 11 billion in loans to different female entrepreneurs over the past few years. last three months.
Olubitan disclosed that Access Bank has also extended over N100 billion in soft loans to different women over the past eight years.
In addition to financial inclusion, Initiative W is a one-stop-shop for all of Access Bank’s women’s empowerment offerings. Some of these include women-only capacity building programs, mentorship programs and maternal health services, all aimed at helping to build a larger and more sustainable society.
Speaking at the event, Olubitan said the bank’s target is to provide N100 billion in women-friendly loans at an interest rate of 15 percent in 2022.
She explained that the 15% rate makes it more attractive compared to the 25% interest rate given to men.
“There are different structures for them; we have women who are in business and we have a specific product for them which is the W-power loan. The W-Power loan is available for women to support their working capital, to support the expansion of their business and also to set up fixed assets for their business. And on this W-power loan, we have a hybrid version of it that we make available to them to alleviate their logistics problem, which is to buy a vehicle, to move their goods or to make deliveries, or to support their business school, depending on the type of business they do.
“It’s not a single interest, but it’s 15%, knowing the market interest rate. When men borrow at 22-24%, women borrow at 15%, so it’s very small,” she added.
Also speaking at the event, the bank’s managing director, Herbert Nwigwe, said that International Women’s Week, celebrated around the world, hopes to address issues of gender bias and that Access Bank, in as an institution, has always fought against discrimination against women, and has set the time to celebrate with all women.