UBA, BOI Partner to Empower Women Entrepreneurs with N5bn MSME Fund

The United Bank for Africa (UBA) has announced a bold initiative in collaboration with the Bank of Industry (BOI) to empower female entrepreneurs and strengthen financial inclusion in Nigeria. Under the scheme, a dedicated ₦5 billion fund has been earmarked to support women-owned micro, small, and medium enterprises (MSMEs), positioning the program as one of the largest targeted financing drives for women in business across the country.

The fund is part of UBA’s broader commitment to gender equity and inclusive growth, reflecting the bank’s recognition of the critical role women play in driving economic activity and job creation. By providing access to affordable financing, capacity-building, and business support services, UBA and BOI aim to bridge the financial gap faced by women entrepreneurs, who often struggle with limited access to credit and capital.

Speaking at the launch, UBA’s Group Managing Director, Oliver Alawuba, emphasized that the initiative was designed not only to empower women financially but also to transform the MSME sector into a driver of inclusive economic growth. “Women are at the heart of every thriving economy. They are innovators, entrepreneurs, and leaders who deserve access to resources that will help them scale their businesses. This fund is our way of ensuring that female entrepreneurs get the recognition, financing, and tools they need to succeed,” Alawuba said.

He noted that MSMEs account for more than 80% of employment in Nigeria, yet women-owned businesses receive less than 30% of formal credit opportunities. The ₦5 billion partnership with BOI, he explained, seeks to close this gap by targeting women across diverse sectors such as agriculture, fashion, technology, healthcare, and retail.

The Managing Director of the Bank of Industry, Dr. Olasupo Olusi, described the partnership as a strategic move to deepen financial inclusion while stimulating sustainable development. He said BOI would bring its experience in managing intervention funds and supporting SMEs to ensure that the program delivers measurable impact.

According to Dr. Olusi, the loan facility will be disbursed at competitive interest rates with flexible repayment plans to reduce the pressure on beneficiaries. In addition, beneficiaries will receive training in financial management, digital skills, and business strategy to ensure they maximize the funding.

The scheme has been widely welcomed by stakeholders in the financial and business community. The President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, commended UBA and BOI for taking practical steps toward addressing the financing challenges faced by women entrepreneurs. He noted that empowering women has a multiplier effect on the economy, as it enhances household welfare, reduces poverty, and promotes social stability.

Experts also highlight that Nigeria’s economy cannot achieve its full potential without leveraging the creativity and resilience of women. With over 41 million MSMEs in the country, of which women lead more than 40%, targeted funding such as the UBA-BOI initiative is expected to catalyze innovation and competitiveness in the sector.

Beyond financing, UBA has pledged to provide mentorship opportunities, networking platforms, and market linkages for women entrepreneurs under the scheme. This, the bank explained, is to ensure that women not only access funds but also gain the capacity and support to scale their enterprises sustainably.

The initiative aligns with global efforts to promote gender-inclusive financing. International institutions such as the World Bank and the International Finance Corporation (IFC) have consistently urged Nigerian financial institutions to increase their focus on women-led businesses, which are often underserved despite their proven potential for growth.

In her remarks, Chairperson of UBA Foundation, Bola Atta, stressed that investing in women is synonymous with investing in communities. “When women succeed, families prosper, communities grow stronger, and economies become more resilient. This is why UBA is determined to drive female empowerment through innovative financial solutions,” she said.

Women entrepreneurs across Nigeria have expressed optimism about the fund. Fatima Sule, who runs an agro-processing business in Kaduna, said the scheme could be a game-changer for businesses like hers that struggle with access to credit. “Banks often see us as high-risk borrowers, but with this initiative, we finally have a chance to prove our capacity. This could help us expand and employ more people,” she said.

Similarly, Nkechi Obasi, a Lagos-based fashion designer, described the move as timely, especially given the rising cost of production and limited financing options. She noted that having access to affordable credit would allow her to invest in modern equipment and increase output to meet growing customer demand.

While the scheme has been praised, analysts caution that its success will depend on effective implementation, transparent disbursement, and robust monitoring. They stressed the need for clear eligibility criteria, adequate outreach to rural women, and measures to prevent misuse of funds.

UBA has, however, assured that the fund will be administered transparently, with a strong monitoring framework in place. The bank said applications will be carefully reviewed, and beneficiaries will be selected based on their business potential, sustainability, and alignment with growth sectors of the economy.

The launch of the ₦5 billion UBA-BOI MSME Fund marks a significant step toward building an inclusive financial ecosystem in Nigeria. By focusing on women entrepreneurs, the initiative is expected to reduce gender inequalities, accelerate job creation, and strengthen the resilience of the Nigerian economy in the face of global uncertainties.

As stakeholders continue to track its rollout, expectations remain high that the partnership will not only boost women’s participation in economic activities but also inspire similar collaborations across Nigeria’s financial sector. If well-executed, the program could serve as a model for inclusive financing across Africa.