By 9jaeye 
Tosin Eniolorunda, the Founder and CEO of Moniepoint Inc., has made a compelling case for focusing financial services on women. Speaking at a recent plenary session titled “Leveraging Data to Accelerate Access to Finance for Woman-Owned and Women-Led Enterprises in Nigeria,” Eniolorunda emphasized that women-led businesses offer higher profitability and reliability compared to their male counterparts. This assertion underscores the importance of gender-inclusive financial strategies in driving economic growth.
According to Eniolorunda, Moniepoint’s data reveals that women-owned businesses exhibit 7.2% higher activity rates than male-owned businesses when supported with financial tools such as point-of-sale devices or Know Your Customer (KYC) compliance. Moreover, he highlighted that women-led enterprises have an impressive 87.5% lower loan default rate compared to men. Clearly, these figures indicate that investing in women entrepreneurs is not only socially impactful but also financially rewarding.
Financial Inclusion as a Business Strategy
Furthermore, Eniolorunda argued that financial institutions must adopt data-driven approaches to improve access to finance for women. He explained that serving women-owned businesses is both a profitable and sustainable strategy. Additionally, he noted that women reinvest a significant portion of their income into their families and communities, creating a ripple effect that boosts overall economic development.
Despite these promising statistics, Eniolorunda acknowledged that women, particularly in Nigeria’s northern regions, remain underserved in financial services. He called for increased efforts to close this gap, urging stakeholders to prioritize female entrepreneurs and their potential contributions to the economy.
Bridging the Gender Gap in Financial Services
Therefore, addressing the barriers that limit women’s access to finance should become a top priority for financial institutions. By leveraging insights from platforms like Moniepoint, banks and fintech companies can develop targeted solutions that empower women and foster economic stability.
Investing in Women for Economic Growth
Finally, the focus on women entrepreneurs is more than a social obligation; it is an opportunity for financial institutions to thrive. Through gender-inclusive practices, the financial sector can unlock untapped potential, ensuring long-term prosperity for businesses and communities alike.
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