Stakeholder lauds the CBN Governor milestone achievement
Stakeholders in the financial sector has commended the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso initiative on the collective drive to enhance the financial inclusion of women entrepreneurs across Nigeria.
The Governor of CBN who stated this at the Nigeria’s public declaration of commitment to the We-Fi Code, held at the CBN Head Office on Wednesday, October 9, 2024 told 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.
According to him, Mr. Cardoso, 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, he said, 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.
Earlier in her overview of the We-Fi Code, Mrs. 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.
The Deputy Governor Operations, Ms. Emem Usoro, the Deputy Governor, Financial System Stability, Mr. Philip Ikeazo, representative of the World Bank, Lead Country Economist Ms Bertine Kamphuis, the Managing Director of the Bank of Industry (BOI), Dr. Olasupo Olusi MD/CEO Suntrust Bank, Mrs. Halima Buba and representative of the Director-General of the Nigerian Deposit Insurance Corporation (NDIC) lauded the CBN for this milestone achievement as well expressed their enthusiasm for the initiative.
