Wema Bank supports women entrepreneurs with N8.9bn loan scheme

Wema Bank Plc Managing Director/CEO, Moruf Oseni, has emphasised the importance of equity for women in the workplace while revealing that the bank has set aside N8.9 billion in uncollateralised loans for women.

Oseni made these remarks at the Wema Bank International Women’s Day (IWD) programme in Lagos, as part of the 2024 IWD celebrations.

During his speech, Oseni highlighted the bank’s commitment to supporting, promoting, and empowering women to achieve their goals.

He mentioned that Wema Bank has allocated N8.9 billion for uncollateralised loans for women and has been actively supporting Nigerian businesses owned by women.

Oseni stressed the significance of gender equality in the workplace, stating that it is essential for inclusion and diversity. He mentioned that Wema Bank is intentional about recruiting and supporting women in their careers, ensuring they have equal opportunities and an enabling environment to thrive.

Furthermore, Oseni mentioned the bank’s specific proposition for women, called Sarah for Women, which offers various products including mentoring and coaching.

He emphasised that Wema Bank is not just talking about supporting women but is taking concrete actions to empower them in the workplace.

“Let’s talk about their (women) offerings here and why it’s important to commit to these. The first thing we need to talk about is why support women? It’s extremely important. I’ve never seen a plane that will fly on one wing. It’s important to ensure that there’s inclusion and equality in the workplace for women. We are very deliberate in WEMA, as we make sure we recruit a good number of women.

“We make sure women are guided through their career. We also ensure we create an enabling environment for them and they’re not disadvantaged against the men. But we want to show that we’re not just talking about it, we want to put our words to action.

“That is why we do these kinds of programmes. This is just one of the events we do. There’s a proposition we have specifically for women called Sarah for Women. And in that proposition, we have a lot of products, which includes mentoring and coaching.

“It’s important that we put our money where our mouth is. Quite a number of businesses we also curate and we finance are also for women. But it’s not just giving them financing, we’re making sure that those businesses are successful and they’re able to have societal impact.

Oseni added that it was important to ensure more women are in Science, Technology, Engineering and Mathematics (STEM), saying they should be represented in the digital space.

Also speaking, Chairman Wema Bank Board of Directors, Oluwayemisi Olorunshola, stated that the bank’s female focused proposition, SARA has transformed many lives, providing physical, financial, intellectual and other relevant resources for their personal and professional success.

“Wema Bank recognises the indispensable role of women in shaping a prosperous society. Celebrating women aligns with the bank’s commitment to fostering an inclusive environment where women can thrive and achieve their fullest potential,” she said.