Sterling Bank empowers female entrepreneurs

Sterling Bank Plc has organised a capacity building for women entrepreneurs to equip them with competencies required to run a better business, as well as empower those operating in the Micro, Small and Medium Enterprises (MSMEs) sector of the nation’s economy.

The programme was powered by One-Woman, the bank’s pet project and exclusive value proposition for women.

The Head of Retail Sales, Sterling Bank Plc, Cosmas Uwaezuoke, said: “The bank is committed to equipping female entrepreneurs with business skills and financial management competencies required to run better businesses. We are doing this because research shows that women own 41 percent of businesses in Nigeria.

“However, just about two percent of women entrepreneurs have access to finance, that is bank loans. To change this trend, we are teaching female entrepreneurs to enhance profitability through effective cash flow and working capital management.”

Uwaezuoke noted that a research conducted by Enhancing Financial Innovation and Access (EFInA) indicated that women constitute about 47.5 per cent of Nigeria’s population, but just 30 per cent of them have bank accounts even though it is estimated that there are more women doing businesses than men in the country.

“Research shows that women want convenient banking services, safety of funds, access to finance and capacity development as well as savings opportunities for their children,” he said.

He observed that it was against this background that Sterling Bank, one of the top five SME friendly banks in the country, created the ‘One Woman’ proposition to meet these important financial services needs of Nigerian women.

The bank’s Chief Marketing Officer, Henry Bassey, said: “It is a bouquet of value-added offerings which meets the financial, business and personal needs of Nigerian women, irrespective of their social status. The One Woman value proposition also provides very strong platforms for women to support other women.”