Women-led businesses are central to Nigeria's goal of building a $1 trillion economy by 2030, according to Gloria Onosode, Director of Enterprise Sales at FairMoney Microfinance Bank. She emphasized that digital inclusion and improved access to finance are essential for scaling the country's large base of women-owned micro, small, and medium enterprises (MSMEs). Data from the Small and Medium Enterprises Development Agency of Nigeria shows that about 72 percent of Nigeria's nearly 39.6 million MSMEs are owned or led by women. Despite their economic contributions, these businesses face a credit gap exceeding ₦2.9 trillion, as estimated by the International Finance Corporation. Onosode highlighted that fintech solutions can help close this gap by offering digital savings products, credit access, and financial planning tools tailored to small business owners. Digital transformation, she said, enables better financial record-keeping, broader market reach, and stronger credit profiles for women entrepreneurs. Examples include local business owners expanding beyond physical markets using digital platforms. The National Bureau of Statistics reports rising participation of women in business ownership. Experts note that women tend to reinvest much of their income into education, healthcare, and community development, creating wider economic benefits. Integrating more women-led businesses into the formal and digital economy could enhance productivity and national development outcomes. With Nigeria's young population and growing digital infrastructure, targeted support for women entrepreneurs is seen as vital to achieving long-term economic targets.
The focus on women-led businesses as economic catalysts rings hollow without addressing the systemic barriers that keep them underfunded and offline. FairMoney highlights a ₦2.9 trillion credit gap, yet the bank's own lending data to women-led MSMEs is not disclosed. If digital tools are the solution, proof of actual access — not just availability — must be shown.
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