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Financial Inclusion: ‘How First Bank, Others Are Empowering Women’

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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

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Maritime

Shippers’ Council Registers 160 Port Operators

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The Nigerian Shippers Council (NSC) says it has registered 160 Port stakeholders into its Regulated Port Service Provider and Users platform since the initiative began in 2023.
Executive Secretary, NSC, Mr Pius Akutah, made the disclosure on the sideline of a sensitisation programme by the commission for port operators in Lagos, with the theme, “Regulated Port Service Provider and Users”.
Represented by the Director, Consumer Affairs, Chief Cajetan Agu, Akutah emphasised the significance of the programme for stakeholders.
He said the sensitisation programme was the second edition after its commencement during the last quarter of 2023.
The Secretary said the 160 registered port operators consist of agencies, terminal operators, shipping companies, individual port users as well as service providers.
“We invited the ports stakeholders for enlightening them on the processes for online registration of Regulated Port Service Provider and Users.
“We have demonstrated to them how to register and how to make payment and we were able to present before them the various categories of the registration.
“The rate of payment is also in the registration. The payment of each group depends on the operation. A shipper pays N30,000, terminal operators and shipping companies pay N300,000, truckers also pay N30,000, while some pay N50,000 and N100,000.
“The Council was able to intimate them on the benefits, because port users benefit more as we help to interface on reducing port charges from time to time”,  Akutah said.
He said  that there was a need to continue to work with port operators to stop delays and eliminate high costs to make the port efficient.
Also speaking, the Deputy Director, Stakeholders, Service, NSC, Mr Celestine Akujobi, said “the sensitisation exercise was important for the council to enable us bring all the port stakeholders together”.
According to him, this is to avoid challenges during the implementation of the council’s responsibilities.
“By the time we introduce sanctions on defaulters, no operators will complain that he or she is not aware of the registration.
“I’m happy with the turnout of this sensitisation. This shows that the operators are well informed of the statutory friction of the council as the port regulator.
“The final implementation will commence as soon as we discover that all the operators have keyed into the portal.
“We are engaging other ports across the country and we’re hopeful that before the last quater of 2024, the council will implement sanctions on defaulting operators”, Akujobi said.
Earlier, Vice Chairman, National Association of Government Approved Freight Forwards (NAGAFF), Dr Ifeanyi Emoh, said  port challenges were enormous, adding that they originated from some of the government agencies.

Emoh urged the council to look into regulating other government agencies, so that there could be a window through which they can collect port charges collectively instead of indiscriminately.

By: Chinedu Wosu

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Business

Chivita, Hollandia Reward Outstanding Trade Partners At Annual Conference

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Chivita| Hollandia (CHI Limited) leading fruit juice and value-added dairy manufacturer in Nigeria has rewarded its long standing distributors at the recently held 2024 Distributor Conference. The event with the theme, “Break Boundaries Exceed Expectations” served as a platform to recognise and reward the exceptional contribution of the distributors and wholesalers who play a critical role in Chivita|Hollandia (CHI Limited) success and business goals for the year.
The Distributor Conference was held in two sessions. While the morning session featured keynote addresses, industry insights and brand immersion experience, the evening session was a cultural display of elegance and funfair that culminated in the award presentation and recognition of the contribution the trade partners made to the company in the 2023 year under review.
A key highlight of the event was the award ceremony which acknowledged outstanding trade partners in various regions across the country. The awards recognized commitment, dedication, and outstanding performance in areas of sales growth, brand promotion, and market expansion.
Eelco Weber, Managing Director, Chivita|Hollandia (CHI Limited), stated that the company’s success story is incomplete without the strong partnerships it has built with trade partners. “Today, we celebrate not only the achievements, but the collaborative spirit that has made our growth possible” he said.
Bola Arotiowa, Chief Commercial Officer, Chivita|Hollandia (CHI Limited), in his statement revealed that, the event which was first of its kind will continue to be an annual meeting to enable the company work more closely with its distributors, share insights and action points, help the trade partners familiarize themselves with the company’s goals and objectives for each year, and serve as a driver for mutual success.
“Our distributors are the backbone of Chivita|Hollandia (CHI Limited). Their relentless efforts in distributing our products, promoting our brands, and expanding our reach across the nation is truly commendable. As the bridge between us and our valued consumers, it is very important to reward their hard work and dedication for being an essential part of the Chivita|Hollandia (CHI Limited) family. Together, we will continue to deliver great products to our conusmers which in turn will deliver value to them”, Mr. Arotiowa added.
Speaking at the conference, HajiyaBilikisuSaida, Chief Executive Officer of Smabirm Nigeria Limited, who won the Outstanding Distributor of the Year in North 1 region, and got a reward of two million Naira worth of Chivita|Hollandia (CHI Limited) products expressed delight at the company’s recognition, and stated that the awards served as a way to inspire distributors to do more and put in more effort, which in turn would help both the distributors and the company to grow.
Other outstanding performance distributors of the year rewarded with a two million Naira worth of Chivita|Hollandia (CHI Limited) stock include, Sunny Chuks Limited for East 1 region, MRS FA & Sons Limited for East 2 region, Hussakas Ventures for North 2 region, Rookee 1388 Ventures for Lagos 1 region, Pik N Pil Ventures for Lagos 2 region, FaithJoe Event Management Limited for West 1 region, and Progress Family Nigeria Enterprise for West 2 region.
The annual Distributors Conference aims to strengthen the bond between Chivita|Hollandia (CHI Limited) and its trade partners. This collaborative approach fosters mutual growth and ensures the continued success of the brands in the Nigerian market.
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Business

AXA Mansard Backs Female-Owned MSMEs With N1.4m Grant

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A global leader in insurance and asset management, AXA Mansard, has supported three female-owned MSMEs with business grants totaling 1.4 million to boost their operations.
This, the company said, is part of its commitment to women and the Medium, Small, and Medium-scale Enterprise (MSME) sector in the country.
The three businesses were successful at the International Women’s Day Pitch Competition, organised in partnership with SME 100 Africa in Lagos.
According to the Head of Marketing, AXA Mansard, Olusesan Ogunyooye, the competition, which is aimed at supporting female entrepreneurs in Nigeria, “is another way AXA is demonstrating its commitment to the causes of women and stimulating the MSME sector in Nigeria”.
The business pitch competition received numerous entries from women across different sectors, but after a rigorous selection process, shortlisted participants were selected to participate in the competition.
Ogunyooye said “the programme provided a unique opportunity for women from various works and socio-economic classes to showcase their innovative ideas and solutions in sectors such as food, tech, fashion, and fragrance, creating an atmosphere filled with excitement, enthusiasm, and a strong sense of community”.
He stressed the importance of investing in women, saying it is not just the right thing to do, but also aligns with AXA’s purpose of acting for human progress.
He explained that AXA believes the future of women should not be at risk, hence investing in their economic empowerment is a crucial part

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