Business
Financial Inclusion: ‘How First Bank, Others Are Empowering Women’
Unarguably, women play an important role in the economic growth and development of any nation.
From retail business to entrepreneurship, women make significant contributions to financial transactions, as recently acknowledged in a World Bank study, which noted that women controlled over 20 trillion dollars transactions worldwide.
However, the study titled, “Unrealised Potential: The High Cost of Gender Inequality in Earnings,” revealed that several countries were losing 160 trillion dollars due to differences in lifetime earnings between women and men.
The bank’s Vice President and Treasurer, Ms Arunma Oteh, explained that the figure represented an average of 23,620 dollars lost per person in the 141 countries captured by the study due to inequality in earnings between women and men.
According to Oteh, the study revealed that globally women accounted for only 38 per cent of human capital wealth as against 62 per cent for men.
“In fact, in low- and lower-middle income countries, women account for a third or less of human capital wealth. The losses in wealth from inequality in earnings between men and women vary by region.
“The largest losses, each between 40 trillion dollars and 50 trillion dollars, are observed in East Asia and the Pacific, North America, and Europe and Central Asia,” she said.
Oteh noted that women were important for economic development and were the economic powerhouse for society today, hence the need for concerted efforts for women empowerment.
The shortfall in earnings between women and men, and the need to bridge the gap, is said to be a concern in many countries around the world, particularly as governments are also facing funding challenges.
In Nigeria, some financial institutions have risen to the occasion by proving financial products tailored toward empowering women, as a component of the general financial inclusion drive.
For instance, First Bank of Nigeria Limited, realising that women are the most dynamic and fastest growing economic force in the world, launched an initiative tagged FirstGem to provide financial solutions to women.
The managing director of the bank, Dr Adesola Adeduntan, Chinyere Hoel-while marking the second anniversary of the scheme recently, said over N57.067 billion was given to 81, 687 individuals and businesses owned by women in Nigeria.
He said FirstGem was a product suite that cut across women of all generations irrespective of age, location and social status.
He explained that it was created with an understanding of the uniqueness of women and the need to bridge the identified gaps in their lives, both in corporate Nigeria and in the entrepreneurial space.
To him, the focus of the scheme is to harness and financially mobilise the growing percentage of women in the country by creating an attractive and convenient product that suits their business aspirations, lifestyles and expectations.
Adeduntan said FirstGem had provided opportunities for women to create a savings plan and culture that guarantees them financial freedom and safety for the future; enabling them to save towards specific targets.
“FirstGem was launched to drive financial inclusion and all-round development of women through gender-advancement programmes wrapped around savings culture, financial literacy, loan management and building Investment portfolio.
“FirstGem has created an avenue for women to have access to soft loans to support their aspirations and economic development in their different fields of endeavour.
“It has enhanced women’s lifestyle needs – FirstGem account holders enjoy tremendous discounts from retails stores and life-style improvement outfits in strategic partnership with FirstBank,” he said.
Adeduntan said the bank had continued to use the platform of FirstGem to organise and participate in many women empowerment programmes due to the impact of women’s contribution to economic development.
The managing director said the bank also created FirstGem Online Community, an online platform that provided information on a wide range of issues affecting women from lifestyle, politics, business ideas, skills acquisition, among others.
He said the online community also featured blogs and videos of high-profile women of influence, providing mentorship nuggets and answers to a variety of life, career and business/social issues as guides for women.
In all, he said the bank would continue to put its customers and stakeholders at the heart of its business with the introduction of products and services that would withstand the test of time.
“For over 124 years of our existence, we have focussed on providing excellent financial services to meet the needs of our esteemed customers.
“We continue to improve on our products and also create new ones that suit their specific financial needs.
“The reason why we have been successful is our ability to invent, reinvent and reinvent ourselves.
“You can only be successful like that when you put your customer at the centre piece of all your actions. That is the secret of our success,” said Adeduntan.
Access Bank similarly introduced the ‘W Initiative’ to empower and inspire women in business. The bank said empowering women was truly at the heart of its strategy.
Group Head, Product Sales of Access Bank, Mrs Ope Wemi-Jones, recently said the bank trained 75,000 women in 81 locations in 19 states on finance, education, SMEs, event planning among others.
She said the bank had continued in its commitment to help women overcome the cultural and financial barriers toward harnessing their potential both as women and business owners in Nigeria.
Also, Polaris Bank, formerly Skye Bank, as part of its commitment to empower retail business women in the country, launched Webnar 2.0 for Polaris Pearl subscribers.
Pearl Initiative is a-best-in-class programme which offers women real value-added beyond finance, taking into account the holistic needs and concerns of women in their quest to actualise their potential either as entrepreneurs, professionals or stay-at-home mums.
Such interventions have fueled the hope that, indeed, women, particularly Nigerian women, would in no time make significant contributions to the nation’s growth and restore it to the path of development.
Joel-Nwokeoma writes for News Agency of Nigeria (NAN)
Chinyere Joel-Nwokeoma
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter