Business
‘Women Exclusion From Digital World Costs $1trn Worldwide’
The exclusion of women in the digital world has resulted in a whooping loss of $1trillion in the economies of developing nations in the last decade.
Chairman of the “MMS Hall of Famers’ Initiative”, Amb. Dr. Unyime-Ivy King, stated this during part of events to commemorate the 2024 “International Women’s Day” in Lagos State.
Making a presentation as Chairman of the occasion, with the theme, “Inspire Inclusion of Amazons”, Amb. King said the loss will increase by 50 percent in 2025 if nothing is done in this regard.
According to her, “Beside economic benefits, enhancing women’s safety and equal access to digital technologies, she noted that women-to-women support ranks as the greatest catalyst in achieving gender balancing.
Urging women over the world to reject the primitive customs that confines them to the kitchen, she said, “When we inspire others to understand and value women’s inclusion, we forge a better world. And, when women themselves are inspired to be included, there’s a sense of belonging, relevance and empowerment. Today, we are here to applaud them.
“One of our struggles is the sparse number of women in positions of power. From corporate boardrooms, to the courts and political leadership around the world, the small percentage of women in senior positions continues to stymie progress on issues from pay to humanitarian aid to discrimination in all its forms.
“The sooner we understand that the small number of women in leadership roles holds back not only women, but all people, the sooner we will be able to advance society as a whole”.
She emphasized that “the biggest challenge facing women today is patriarchy. This is especially evident in the realm of politics. Regardless of a woman’s experience, education or abilities, the patriarchal nature of the society fosters the perception that women are less qualified and less competent than men.
“What patriarchy has done is convince people that a strong and intelligent woman represents a problem; a disruption to the social order rather than an integral part of it. It is, therefore, no coincidence that many countries are completely out of step when it comes to electing a woman as President”.
Speaking further, she noted that Africa is notorious for creating the greatest challenge to the emancipation of women, especially in political leadership, saying that the era where women were confined to the background as domestic and family caretakers was over.
“While women have maintained the highest office of leadership in Liberia, India, the United Kingdom, Croatia, Dominica, to mention a few, the same cannot be said in Africa or globally. I believe the time has come for more women to get into top leadership positions in this country in various sectors”, she said.
She applauded women that have been selected to be inducted into the MMS Plus Hall of Famers, and urged them to be the torchbearer of gender balancing and empowerment.
Earlier, the Chief Executive Officer (CEO), MMS Woman of Furtune Hall of Fame Initiative, Mr. Kingsley Anaroke, said the theme of this year’s IWD is “Inspire Inclusion”, saying it’s “a muse that has provided another moment of sober reflection on the struggles over decades on gender diversity and request for the elimination of the inhibitive streams of bias and stereotypes.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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