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
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
·
· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
·
· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
·
· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos
-
News4 hours ago
NSCDC, Navy, Army uncover illegal refinery in Anambra
-
Sports4 hours ago
Brighton Whip Wolves 2-0
-
Sports4 hours ago
22nd NSF: Ogun State Gov. Vows To Set benchmark
-
News4 hours ago
Address Corruption, Institutional Weakness, ASUU Begs FG
-
Sports4 hours ago
Bundesliga: Kane Scores, Celebrates First Ever Title
-
News4 hours ago
Army Detains Soldier Over Alleged Assault In Benue
-
News4 hours ago
SERAP Gives CBN Seven Days Ultimatum To Disclose Allocation Disbursements To 774 LGAs
-
Sports4 hours ago
Team Sleeps At Facility After Attack