Sustaining a Culture of Female Empowerment

To commemorate the 2022 International Women’s Day, Access Bank recently hosted females to deliberate how to continuously ‘Break the Bias’. Chiemelie Ezeobi reports that given its knack for empowering women of all cadre, it’s imperative they sustain this culture

The International Women’s Day (IWD), a global day commemorated every March 8 to celebrate social, economic, political and cultural achievements made by women, might have come and gone, but its memory and impact linger, at least for women who were beneficiaries of Access Bank’s consistent uplifting of women. 
On a certain Thursday, the bank gathered women at Eko Hotel and Suites in Lagos to have a conversation on how to up the ante on what they have been consistently doing already. 

The need for the conversation was all reaching- this is because female entrepreneurs are not only contributing to households but to the national economies. However, despite this, they  face several challenges- human, physical, and even social stigmatisation, which tends to limit their ability to grow their businesses. 
Therefore, for the bank, it was quite expedient to have such conversations, because the IWD is a time to reflect on growth towards gender equality, call for action while celebrating acts of courage and determination by women who break the glass ceiling at different endeavours.

International Women’s DayThe International Women’s Day is also a time to reflect on growth towards gender equality, call for action while celebrating acts of courage and determination by women who break the glass ceiling at different endeavours.
This year, to commemorate the 2022 International Women’s Day, the theme was centred on “Breaking the Bias”.According to to the IWD, “Whether deliberate or unconscious, bias makes it difficult for women to move ahead. Knowing that bias exists isn’t enough, action is needed to level the playing field.
‘Are you in? Will you actively call out gender bias, discrimination and stereotyping each time you see it? Will you help break the bias?”

“Breaking the Bias” The Access Bank Way 
Highlighting the need for all biases against women to be broken, Access Bank Chief Executive Officer (CEO), Herbert Wigwe said the bank has consistently kicked against the discrimination against women and has ensured that the female gender is well represented in its top management.
He said: “For us in Access Bank, it is about 50-50, we have senior level staffs, more than 40 per cent of them are women. Our W Initiative goes all the way to the grassroots. It is for the professional women, business woman, female youth corps member university women and all the way down to the grassroots. 
“We also have a programme to help complete the family. A lot of time women who do not have a child are stigmatised, and at times the problem might sometimes be from the man.”

Assisting Women Entrepreneurs Ticking off all answers in this checklist, the bank revealed that to assist more women entrepreneurs improve their businesses, they had earmarked N100 billion for females, with N11 billion of the sum already given to women through its “W Initiative” this year.
Head, W Initiative, Abiodun Olubitan, who made this disclosure, noted that the bank had over the years supported women through soft loans including IVF loan because it was against the various hindrances women faced in accessing loans.

Throwing light on the loan structures, Olubitan over N100 billion had been given out to women since it unveiled the W Initiative in 2014, for better financial inclusion for the woman, adding that the target, adding that the target  of N100 billion loan for women was at 15 per cent interest rate, 10 per cent lower than the standard interest.

She said: “It is not a single interest, but it is 15 per cent, knowing the interest rate in the market. When men are borrowing at 22 – 24 per cent, the women are borrowing at 15 per cent, so it’s highly discounted.
“There are different structures to them, we have females that are in business and we have 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 their business expansion, and also to get fixed assets in place for their business. 

“On W-power loan, we have  a hybrid version of it that we make available for them to soften their logistics problem, Which is to buy a vehicle, to move their goods around or to make deliveries, or to support their school business, depending on what type of business they do.”

Boost for Maternal HealthGoing beyond the norm, the bank also put up health loan structures for women tagged the Maternal Health Support Scheme (MHSS) loan.

 Access Bank supports local and international treatments for fertility antenatal and postnatal treatment, and other specialist procedures such as hysterectomy (uterus removal), myomectomy (fibroid removal), dental, bariatric and orthopaedic treatments.The MHS Scheme can be availed to women within 48 hours.

On this Olubitan said: “There are different types of loans that we give out. Part of it is also the Maternal Health Scheme (MHSS) loans which is the maternity health service support. The loan is available for women to fulfill their family dreams. 
“We know the challenges that women face; the bias, the discrimination of not being able to complete their family of having a child easily, and probably need to go through IVF procedures which costs a lot. So that facility is available for them to be able to finance that. 
“Counting till date, I can tell you  that two weeks ago that we had a set of twins through the MHSS, and till date, we have up to 78 – 80 children through the MHSS program.”

Call for End to Stigmatisation of WomenBefore the series of conversation took place, that of popular Nigerian music export, Bukola Elemide alias Asa, took place with CNN’s Asher Zain, which set the tone for the gathering.
While sharing her experience on the job, she also canvassed for more women in leadership positions.  Calling for an end to all forms of stigmatisation against women, she opined that she hoped to see more ladies occupying top managerial position.

Lamenting that Nigerian career women, are stigmatised when they excel in their profession and even at home when they are struggling with child birth, she again  hoped to see more ladies occupying top managerial position.

The “W” InitiativeWhat is the “W” initiative one might ask? In July 2014, Access Bank unveiled the “W” initiative to accelerate a new and stronger wave of hitherto scanty female entrepreneurs in Nigeria. 
In addition to financial inclusion, the “W” initiative is a one-stop center of all of Access Bank’s women empowerment offerings. Some of these include capacity building programs exclusive to women, mentoring programmes, and maternal health services, all aimed at helping to build a bigger, stronger and more sustainable society. 
Under the “W” initiative, participating women and their families have access to a wide range of opportunities. Part of these privileges includes access to loans and credit facilities; access to the ‘W’ community in which they can get insights concerning family matters and finance matters. 
In addition, ‘W’ community also provides women with access to information about several value-adding special offers for the home, including specially discounted offers as well as freebies on health, beauty and fitness.  Indeed, “W” is all about raising and grooming and sustaining –in communities around us – a continuing generation of women that are inspired, healthy, connected and empowered. It is Access Bank’s commitment to banking women. 

Quote “The bank has consistently kicked against the discrimination against women and has ensured that the female gender is well represented in its top management”