Risk Assets: How BOI Plans To Bail Out Women Entrepreneurs

If you are a woman running a Micro, Small and Medium Enterprises (MSMEs) with risk assets challenges, then this news is for you.

It is all about how the Bank of Industry (BOI) plans to assist to Micro, Small and Medium Enterprises (WMSMEs) with their risk assets challenges..

Managing Director of the Bank of Industry, Dr Olasupo Olusi, unveiled the bank’s plan yesterday, speaking at an event on the Women Entrepreneurs Finance Code, We-Fi Code, in Abuja.

BOI, Central Bank of Nigeria (CBN) and Development Bank of Nigeria  are collaborating to make the initiative happen, which is aimed at promoting gender equality and financial inclusion.

“Today we celebrate a significant step in Nigeria’s journey toward gender equality and financial inclusion for women entrepreneurs”, he said, adding:

“The formal adoption of the WeFi Code in Nigeria symbolises our shared pursuit of gender equality, and economic empowerment”.

READ ALSO: FCMB Women in Business Launches a Zero-Interest Rate Product for SMEs

READ ALSO: Women This Is How NTMs Can Help Your Business Success

Olusi highlighted the proactive steps BOI has taken to support women entrepreneurs, noting that the bank has financed 833 women-owned or women-led businesses, disbursing N99bn to help them thrive.

He said, “Women are the backbone of many industries across our nation, driving innovation and economic growth. However, the barriers they face in accessing finance have often constrained their full potential.

“Through our dedicated Gender Desk, BOI provides tailored support to address these barriers, and as of December 2023, we have financed 833 women-owned or women-led businesses, disbursing N99bn to help them thrive.”

Providing further insight on helping women with risk assets and others, he stated that the BOI has prioritised gender development as one of its six thematic areas of focus and is committed to allocating at least 15 per cent of its risk assets to WMSMEs.