Union Bank Launches; Digital Supplier Credit Empowering Nigerian Women Entrepreneurs

Union Bank has partnered with its parent company, TGI Group, and Women's World Banking to develop a ground-breaking financial solution called "Digital Supplier Credit" in a move that highlights its dedication to promoting success for its clients. This innovative programme is part of Union Bank's lpher women's banking strategy and aims to close the credit gap for women-owned small businesses operating in Nigerian cities.

The "Digital Supplier Credit" solution was created primarily to meet the financial needs of female company owners, particularly those in charge of small enterprises in Nigeria's cities. By utilising established supply networks connected to Fast-Moving Consumer Goods (FMCG) firms, this novel technique provides access to loans that is essential for stock management, replenishment, and progressive company development. The use of behavioural science and the Women's Centred Design approach, both strengthened by funding from the London Stock Exchange Group (LSEG) Foundation, are what distinguish this effort. The ultimate goal is to jointly create a sustainable and scalable solution that will considerably increase the amount of financial services that are available to female entrepreneurs.

Women's World Banking is a key partner in this project and is a worldwide famous organisation known for its experience in developing and funding financial solutions, institutions, and regulatory frameworks inside emerging nations. The organization's unwavering commitment to promoting economic growth and stability meshes perfectly with the primary goals of the "Digital Supplier Credit" solution. Women's World Banking is renowned for its ability to generate impact through scalable, market-driven solutions, gender lens private equity funds, and programmes focusing on leadership and diversity. It operates across 34 countries and serves a large clientele of more than 160 million women through 69 financial services providers.

Ade Ashaye, Regional Head of Africa for Women's World Banking, expressed excitement about the collaboration and said, "We are happy to join with Union Bank and the TGI Group. Despite the fact that 38% of MSMEs worldwide are owned by women, there is still a $1.7 trillion gender credit gap, according to the SME Finance Forum. We will create a solution using our highly sophisticated market and consumer research that will not only assist tens of thousands of Nigerian women business owners in overcoming obstacles to obtaining the critical credit they require to maintain and expand their operations, but also serve as a role model for FMCGs and banks throughout Africa and the rest of the world. The creation of efficient, female-centric, digital financial solutions is at a pivotal moment.

Union Bank's decision to launch the "Digital Supplier Credit" solution is another evidence of its steadfast commitment to serving its customers and promoting a diverse business environment. Union Bank continues to lead initiatives with a forward-thinking mindset in order to create a more prosperous and sustainable future for future generations.

Nearly a billion women globally do not have access to formal financial services, and Women's World Banking is committed to promoting economic empowerment via financial inclusion. The organisation transforms knowledge into practical strategies for policy advocacy, digital financial solutions, leadership programmes, and gender-sensitive investment using advanced market research and consumer insights.

With an ambitious objective of reaching 100 million women by 2027, Women's World Banking has already expanded its revolutionary influence to 30 million women in emerging economies. This accomplishment serves as a reminder of the organization's contribution to increasing women's access to financial goods and services, which in turn sparks positive change in women's lives, homes, companies, and communities and promotes inclusive global growth.