Lagos: The Money Lenders Association, in commemoration of the 2025 International Women’s Day (IWD), has pledged to revolutionise the lending space in support of women-owned businesses, enabling them to fulfill their potential. President of the association, Mr. Gbemi Adelekan, made this known in an interview with News Agency of Nigeria (NAN) on Saturday in Lagos.
According to News Agency of Nigeria, International Women’s Day, annually celebrated on March 8, is a global day to acknowledge the social, economic, cultural, and political achievements of women. Adelekan stated that licensed money lenders are providing small loans to help women in the country boost their incomes and support their families.
He highlighted that women, from petty traders to tailors, shop owners, and market vendors, as well as entrepreneurs and online business owners, prefer licensed money lenders over banks. This preference is due to the ease of access and lack of excessive documentation required by money lenders, who also offer collateral-free loans.
“Many Nano, Micro, Small and Medium-sized Enterprises (NMSMEs) are mostly women-led and owned,” Adelekan noted, emphasizing that providing better financial options has improved women’s livelihoods and incomes. He further stated that NMSMEs account for more than 90 percent of all enterprises in Nigeria, with a rising number of women-owned businesses.
Despite this growth, Adelekan pointed out that access to credit from traditional banks remains a challenge for many women. He suggested that women could turn to mobile loan apps offered by licensed money lenders to meet emergency financial needs, as these apps offer convenient and accessible services.
“The informal sector is a critical backbone of the economy of Nigeria, contributing about 58.2 percent of Gross Domestic Product (GDP),” Adelekan said, stressing the significant role Nigerian women play in the economy through their activities in the informal sector. He asserted the association’s commitment to providing inclusive financing to bridge the financial inclusion gap in the country.
A survey by NAN revealed that women-owned NMSMEs appreciated the swift access to finance, which is crucial for daily business operations. Mrs. Ekom Essien, a baker, shared her experience with Kwikpay Credit, which has supported her business for over five years by offering loans to low-income earners, artisans, and NMSMEs. She praised the flexible repayment terms offered by licensed money lenders.
Mrs. Abiola Folorunsho, a dressmaker, reported that since she began using the services of money lenders, she has expanded her business by adding sales of fabrics and sewing materials, thanks to a credit facility of up to N100,000. Similarly, Mrs. Beatrice Nwachukwu, a trader at Ajah market, shared how her lender helped her build a credit history, enabling her to secure larger loans.