Access, Zenith, 4 other Nigerian banks with women-focused offerings

• Banks are moving away from just providing financial services
• Many Nigerian banks are embracing other ways of serving their communities
• TheRadar spotlights six Nigerian banks with products designed just for women

Beyond providing financial services, Nigerian banks have veered into other areas that will promote and enrich the lives of the communities they serve.

As part of their corporate social responsibilities and in the spirit of giving back to society, Nigerian banks have ventured into event sponsorship, scholarship awards and supporting small and medium enterprises (SMEs), especially those owned by youths and women.

From Access Bank’s “W” Community to Union Bank’s alpher, TheRadar highlights six Nigerian banks that have women-focused offerings.

6 banks with communities dedicated to women

1. Access Bank’s “W” Initiative

Access Bank launched the “W” Initiative in July 2014 to provide a suite of offerings for female entrepreneurs, address the deficiency of female entrepreneurs in Nigeria, and offer other women's empowerment offerings.

These include capacity-building programmes, mentoring programmes and maternal health services aimed at helping to build a bigger, stronger and more sustainable society. 

Participating women and their families in the initiative have access to loans and credit facilities, access to the “W” community where they can get insights concerning managing finance and increasing productivity and provides women with access to information about several value-adding special offers for the home, specially discounted offers and freebies on health, beauty and fitness. 

Through the “W” initiative, Access Bank hosts its maternal health service support (MHSS) to support local and international treatments for fertility, child delivery, paediatric care, cancer treatment and other specialised procedures such as fibroid treatments, dental and optical surgeries, bariatric (weight loss) and orthopaedic treatments. 

The MHSS loan can be accessed within 72 hours, and loan applications from spouses or third-party sponsors are also acceptable to support a woman or child in need of medical care.

The bank said the “W” initiative is “all about raising, grooming and sustaining—in our communities—a continuing generation of women who are inspired, healthy, connected, and empowered. It is Access Bank’s commitment to banking women.”

2. Zenith Bank’s Z-Woman

In February 2020, Zenith Bank launched Z-Woman, which focuses on empowering female business owners.

The proposition aims to close the financial gap faced by female-owned businesses by offering these business owners loans of up to N10 million at a single-digit interest rate with 12 months tenor, while loans are repayable monthly and quarterly in line with cash flow from sale/collection into the business’ Zenith Bank account.

Other benefits on the Z-Woman platform include free digital skills training and free exhibition stands at Zenith Bank events, among other benefits that will help them grow their businesses and increase their sales.

The Z-Woman community has membership from women in business, education, career, health and technology, who have access to training, coaching, networking and other benefits.

3. Sterling Bank’s OneWoman

Through OneWoman, Sterling Bank provides bespoke financial offerings to its customers and clients. The platform is Sterling’s one-stop shop for an array of women’s needs, helping to drive sustainable economic development and growth.

OneWoman was launched in 2017 to commemorate International Women’s Day and has remained committed to supporting and empowering women to reach their potential.

According to the bank, OneWoman aims to “bridge the gap by providing financial, business and Lifestyle advisory services to help women achieve their goals through capacity building, training and financial support via business loans.”

The platform offers benefits such as access to the market for women-owned businesses, mortgage and rent financing, asset financing loans, distributorship financing, business registration with three years of free banking services, pensions and insurance solutions, access to discounts from partners’ stores using the OneWoman card, and access to health solutions One Mama.

The OneWoman platform also offers mentorship programmes to empower talented and ambitious women to lead and shape Nigeria’s future. The programme aims to dismantle obstacles and promote collective success by equipping women with leadership skills and confidence.

The platform also has OneWoman Saver, which is supported by Women’s World Banking and the Gates Foundation. The initiative has been introduced in Lagos, Delta and Ogun States and offers easy savings and a six per cent interest rate for six months to empower low-income women financially.

4. Fidelity Bank’s HerFidelity

Fidelity Bank’s HerFidelity, launched in 2022, is the bank’s women-focused proposition designed to give financial support, business education, entrepreneurship encouragement, and health and wellness benefits to all Nigerian women irrespective of class, age, profession, religion, or creed.

HerFidelity offers financial support in the form of loans, at a concessionary interest rate of one per cent lower than the prevailing interest rate, and grants for women in business, access to business management training and capacity building for women in business or aspiring women entrepreneurs, access to health and fitness benefits, an opportunity to be recognised and rewarded as a successful woman in business and mentorship programmes.

5. Union Bank’s alpher Community

alpher, Union Bank’s women-focused offering, was launched in 2020 but was initially unveiled at the bank’s International Women’s Day celebration in 2019. It has since grown into a full-fledged women-focused proposition.

alpher aims to leverage the bank’s learning from its foray into the SME market to help women business owners thrive. Alpher offers a range of financial solutions targeted at women, including affordable loans, discounted offers, capacity building and networking opportunities, among others.

According to the bank, alpher aims to “help women on their respective journeys of greatness whether your aim is to start or expand your business, meet new people, build new partnerships or develop capacity for growth; αlpher is here to enable your success.”

6. Polaris Bank’s Pearl Account

Polaris Bank launched its Pearl Account in September 2020 to equip women entrepreneurs with the requisite knowledge, skills and support to run their businesses profitably.

At the launch of the product, the bank’s Group Head of Products and Market Development, Mrs Adebimpe Ihekuna, said the Pearl Account offers users a range of benefits.

Ihekuna said, “We have carefully designed Polaris Pearl Account for women or groups of women entrepreneurs who initiate, organise and operate a business enterprise to fulfill an existing need for the purpose of making profit.

“With Polaris Pearl, women entrepreneurs do not only have access to collateral-free loans but are also regularly supported in understanding vital aspects of business development such as business training, business tips and positioning for new opportunities. We also support them with requisite skills on emerging local and global trends that may impact their businesses.”

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With the changing leadership dynamics in the Nigerian banking sector and other corporations, TheRadar spotlighted the first female CEOs of Nigerian banks who are proving their capabilities and raking in profits for their various banks.