Bridging Financial Inclusion Gap

Nume Ekeghe writes on the various products under the body of the ‘W’ initiative, a women-focused effort that aims to bridge the financing gap of women, providing them with tailored banking solutions and a supportive community that fosters personal and professional growth.

In the evolving financial landscape, Access Bank’s ‘W’ Initiative stands out as a transformative program designed to bridge the financing gap for women. This women-focused initiative not only addresses the unique needs of women by providing tailored banking solutions but also creates a supportive community that fosters both personal and professional growth. As the world increasingly acknowledges the importance of gender equality and financial inclusion, the ‘W’ Initiative’s relevance and impact have never been more significant.

Origins of ‘W’ Initiative

In 2006, Access Bank laid the foundation for what would eventually become the ‘W’ Initiative by introducing the Gender Empowerment Marketing (GEM) program. This early effort, supported by an on-lending facility from the International Finance Corporation (IFC), trained over 750 female entrepreneurs and facilitated businesses with N2.5 billion in financing. Recognizing the need for a more comprehensive approach, Access Bank launched a holistic Women’s Market Strategy in June 2013, engaging the IFC as technical partners and AC Nielsen for market research. This research led to the development of Customer Value Propositions (CVPs) specifically for the women’s market, which evolved into tailored product bundles. On July 11, 2014, the ‘W’ Initiative was officially launched, cementing Access Bank’s commitment to empowering women and helping them build sustainable, profitable futures. This initiative aims to be “The Bank of Choice” for women, providing them with banking solutions tailored to their diverse career and lifestyle needs.

Tailored Solutions for Women

The ‘W’ Initiative offers a wide range of products and programs designed to meet the varied needs of women. These offerings include financial services, health support, educational programs, and networking opportunities, all aimed at empowering women to achieve their personal and professional goals.

The ‘W’ Academy

A cornerstone of the ‘W’ Initiative, the ‘W’ Academy focuses on capacity building and networking opportunities. This program addresses critical gaps in gender financing, technology, business, and management through workshops and events. In today’s competitive environment, equipping women with these skills is essential for their success. Thousands of female entrepreneurs have benefited from the ‘W’ Academy, gaining valuable knowledge and connections that help them navigate the complexities of modern business.

Womenpreneur Pitch-a-ton

Launched in 2019, the Womenpreneur Pitch-a-ton project directly addresses the challenges identified through market research, such as the lack of proper business structure, management skills, access to finance, and mentorship for female startups. This flagship program offers female business owners financial grants and world-class business training in collaboration with the IFC. Since its inception, 645 women have participated in the Mini MBA program, with $175,000 awarded to 65 winners. This initiative empowers women to build sustainable and successful businesses, contributing significantly to economic growth.

W Health Loans

In an era where health and wellness are more critical than ever, the W Health Loans provide discounted financing for fertility procedures, natal support, and other specialized health services. The Maternal Health Service Support (MHSS) is a flagship product under this category, offering financing that has significantly impacted over 156 women and families, amounting to N241.5 million. This product has enabled the birth of 103 babies through the discounted health financing scheme, reflecting Access Bank’s commitment to addressing the health needs of women.

W Health Month

October, designated as W Health Month, is dedicated to addressing the health and wellness concerns of women. This initiative includes health screenings, webinars, advocacy walks, and minor cancer surgeries. Since its inception, it has provided 15,667 health screenings, educated over 17,200 women on various health topics, and supported numerous health-related events. This holistic approach underscores Access Bank’s commitment to women’s health and well-being.

Power Loan

Access to affordable finance remains a significant challenge for female SMEs in Africa. The W Power Loan, introduced in 2018, is designed to bridge this gap by providing discounted finance, business support services, and visibility for female entrepreneurs. Since the launch of this product, over 100,400 women SMEs have accessed funding worth N110.4 billion, enabling them to scale their businesses and contribute to broader economic development.

At a recent roundtable organised by the bank for women in the event industry, Group Head of Women Banking at Access Bank, said: “You hear a lot of people talk about loans and they want training and support. When they say support, everything I hear is loan and training and that already we have. However, we might not call it a name (like) ‘loan for caterers’, so maybe you’re waiting for that.

“There is a big umbrella of loans, which we call the W Power Loan which is available for market expansion or business expansion as the case may be. It’s available for working capital. It’s available for asset acquisition, and every of those loan needs falls into this basic category. So, already, we have something for them but then, we are now trying to bring it to their fore.”

Also, the Team Lead for Women Banking at Access Bank, Gbemisola Ajibulu, highlighted the significance of the events industry, valued at over N20 billion, and the bank’s dedication to creating fit-for-purpose products that cater to the unique needs of this burgeoning sector.

Commitment to Gender Equity

Access Bank’s ‘W’ Initiative is a testament to the bank’s unwavering dedication to promoting gender equality and enhancing the socio-economic welfare of women. By offering specialized banking services and fostering a supportive community, Access Bank aims to inspire, connect, and empower women, enabling them to build successful businesses and lasting brands. The initiative has earned numerous accolades, including the Best Financier for Women Entrepreneur (Platinum) from the Global SME Finance Forum and recognition from the Development Bank of Nigeria for its impact on women SMEs. These awards highlight Access Bank’s role as a leading advocate for a gender-balanced society and its contribution to sustainable growth and poverty reduction.

Adapting to Modern Challenges

The COVID-19 pandemic posed unprecedented challenges, particularly for women entrepreneurs. In response, the ‘W’ Initiative launched the W Webinar Series, providing a platform for female business owners to gain insights and support during these difficult times. This series has become a core part of the ‘W’ business, allowing the initiative to engage with its virtual community effectively. To date, 30 webinars have been hosted, with over 110,000 registrations and more than 18,000 attendees. This proactive approach has helped many women navigate the pandemic’s challenges, maintaining their businesses and personal well-being.

Future Initiative

As the ‘W’ Initiative continues to evolve, its focus remains on empowering women through tailored financial solutions and support systems. Future plans include expanding the reach of the initiative to more women across Africa, enhancing existing programs, and introducing new ones that address emerging needs. Access Bank is committed to staying at the forefront of women’s financial inclusion, ensuring that the ‘W’ Initiative adapts to changing circumstances and continues to provide valuable support to women.

In today’s rapidly evolving world, the ‘W’ Initiative by Access Bank stands as a pioneering model for women’s financial inclusion and empowerment. Through its comprehensive offerings, the initiative continues to make significant strides in bridging the financing gap for women, fostering a community that supports their growth and success. Access Bank is not only enhancing the lives of women but also contributing to broader economic development and social progress, ensuring that women have the resources and support they need to thrive in today’s dynamic environment. By addressing the unique needs of women and providing them with tailored banking solutions, the ‘W’ Initiative is making a profound impact on the socio-economic landscape. This commitment to gender equality and financial inclusion is essential for sustainable growth and poverty reduction. As Access Bank continues to champion the cause of women through the ‘W’ Initiative, it sets a high benchmark for transparency, trust, and operational excellence in the financial sector, paving the way for a more inclusive and equitable future.

QUOTES

“You hear a lot of people talk about loans and they want training and support. When they say support, everything I hear is loan and training and that already we have. However, we might not call it a name (like) ‘loan for caterers’, so maybe you’re waiting for that.”

“There is a big umbrella of loans, which we call the W Power Loan which is available for market expansion or business expansion as the case may be. It’s available for working capital. It’s available for asset acquisition, and every of those loan needs falls into this basic category.”