Lagos: Mr Gbemi Adelekan, President of the Money Lenders Association, asserts that licensed digital lenders in Nigeria are significantly empowering women by bridging the credit gap for female entrepreneurs. This is accomplished through the provision of faster and more accessible financing options for small businesses.
According to News Agency of Nigeria, Adelekan, who also serves as Chief Client Officer at KwikPay Credit, discussed this development in an interview held in Lagos to mark International Women’s Day (IWD) 2026. The IWD theme for 2026 is ‘Rights. Justice. Action. For ALL Women and Girls,’ which urges the dismantling of barriers to equal justice for women and girls.
Adelekan highlighted that despite governmental efforts to foster gender inclusion, many women entrepreneurs, especially those running Small and Medium Enterprises (SMEs), encounter substantial obstacles in accessing formal credit. A significant number of women-owned businesses operate in the informal sector, which hinders their ability to secure loans from traditional financial institutions due to a lack of formal credit histories and ownership of physical assets.
Digital lenders are addressing these challenges by providing inclusive financial products tailored for small-scale entrepreneurs. These platforms offer fast, collateral-free loans with minimal documentation requirements, thereby making financial services more accessible to women in business. This approach mitigates the issue of inadequate collateral, particularly prevalent among women entrepreneurs.
Market women, described by Adelekan as vital to Nigeria’s economy, often face short-term cash flow challenges. Digital lenders are increasingly filling this gap by offering quick and simple access to short-term loans, contrasting with the lengthy and rigid processes of conventional bank loans. These loans come with flexible repayment options that align better with the operational dynamics of market businesses.
Furthermore, digital lenders have deployed field agents within markets to extend support services and facilitate loan access for traders. Increasing the number of female agents could enhance women’s participation in digital financial services by fostering trust and encouraging more women to utilize available credit services.
Data-driven credit assessment systems employed by digital lenders help reduce human bias in loan approval processes. Machine learning tools used by these platforms ensure impartial credit decisions, promoting fairness in lending. However, Adelekan emphasized that loans should be utilized to strengthen businesses rather than serve as long-term financial solutions, advising women entrepreneurs to leverage accessible digital loans for business expansion.