In alignment with its steadfast dedication to empowering the success of its clientele, Union Bank has formed strategic alliances with its parent company, TGI Group, and Women’s World Banking. This collaborative effort has given rise to the innovative ‘Digital Supplier Credit’ initiative, which is an integral component of Union Bank’s women-centric banking proposition, αlpher.
The primary goal of the ‘Digital Supplier Credit’ solution is to cater to the financial requirements of women-led small businesses situated in urban hubs across Nigeria. It aims to provide these businesses with accessible credit solutions that facilitate the sustenance of their stock, its replenishment, and progressive expansion, all within established supply chains involving Fast-Moving Consumer Goods (FMCG) companies.
By harnessing the principles of behavioral science and the Women’s Centred Design methodology, and with the support of the London Stock Exchange Group (LSEG) Foundation, this endeavor aspires to collaboratively devise a sustainable and scalable mechanism that notably amplifies the accessibility of financial services for women entrepreneurs.
Women’s World Banking, a globally acclaimed institution specializing in the design and investment of financial solutions, institutions, and policy frameworks within emerging economies, plays a pivotal role in this partnership. Their mission of fostering economic stability and prosperity for women, their families, and communities seamlessly aligns with the fundamental objectives of the ‘Digital Supplier Credit’ initiative. Operating across 34 countries and serving more than 160 million women clients through 69 financial services providers, Women’s World Banking has consistently driven impactful change through solutions grounded in scalability, market-driven approaches, gender-focused private equity funds, and comprehensive leadership and diversity initiatives.
Speaking about the collaboration, Vivian Imoh-Ita, Head of Retail Banking and Digital at Union Bank, said:
“We are delighted to partner with Women’s World Banking and our parent company TGI Group to launch the ‘Digital Supplier Credit’ solution. Our commitment to empowering women-led businesses remains unwavering, and we believe this initiative will have a transformative impact on the entrepreneurial landscape in urban centres. Through this collaboration, we aim to foster financial inclusion and catalyse sustainable growth for women entrepreneurs.”
Commenting on the partnership, Regional Head of Africa at Women’s World Banking, Ade Ashaye, expressed her excitement about collaborating with Union Bank and the TGI Group. She highlighted the global statistic that 38% of all micro, small, and medium enterprises (MSMEs) are owned by women. However, she pointed out that there is still a significant gender credit gap of $1.7 trillion, according to the SME Finance Forum. Ashaye emphasized that leveraging their advanced market and consumer research, they intend to develop a solution that not only assists thousands of women entrepreneurs in Nigeria in overcoming credit barriers to nurture and expand their businesses but also sets a benchmark for banks and fast-moving consumer goods companies throughout Africa and the world. Ashaye regarded this as an exciting phase in the evolution of effective digital financial solutions centered around women’s needs.
The introduction of the Digital Supplier Credit solution underscores Union Bank’s commitment to supporting its customers and fostering an all-encompassing business ecosystem. With a forward-looking approach, Union Bank continues to lead in shaping a brighter and more sustainable future for upcoming generations.
Union Bank Plc, established in 1917 and listed on the Nigerian Stock Exchange in 1971, is a venerable financial institution in Nigeria. It maintains a reputable presence with a wide network of over 300 branches across the nation.
The bank provides an array of services, including current, savings, and deposit accounts, fund transfers, foreign currency management, loans, overdrafts, equipment leasing, and trade finance. Additionally, Union Bank offers electronic banking conveniences such as Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems. More details can be found at www.unionbankng.com. For media inquiries, contact JIUGBOH@unionbankng.com.
About Women’s World Banking: Women’s World Banking is committed to promoting economic empowerment through financial inclusion for approximately one billion women worldwide who have limited or no access to formal financial services. Employing sophisticated market and consumer research, the organization translates insights into tangible actions, advocating for policy engagement, digital financial solutions, leadership programs in workplaces, and gender-conscious investing. To date, Women’s World Banking has facilitated financial product and service access for 30 million women in emerging markets, with a target of reaching 100 million by 2027. This initiative has profound effects on women’s lives, households, enterprises, communities, and worldwide inclusive growth. Explore further at www.womensworldbanking.org.