To celebrate Women’s World Banking’s 45th anniversary, we are showcasing the voices of individuals from around the world who have shaped and touched Women’s World Banking journey since its inception in 1979 at Commission on the Status of Women to today!
These are stories from across Women’s World Banking’s reach from the women we serve and our customers, to allies and women in leadership who have contributed to women’s economic empowerment and financial inclusion.
Meet Olubukola Pedro. She is a 43-year-old graduate of economics and mother of two, who has been running her business, Jeda Ventures, for four years. What started with her own savings, alongside support from her mother and sister, has grown into a thriving wholesale drinks business.
“I started with my own savings, but it wasn’t enough. I knew I needed something more to take my business to the next level.”
Like many women entrepreneurs in Nigeria, Olubukola faced significant hurdles when it came to accessing formal capital. Although Nigeria has the highest percentage of women entrepreneurs globally, with 23 million women running 41% of the country’s micro-businesses, only 10% of loans from Financial Services Providers (FSPs) go to women-led businesses.
Financial systems are often structured in a way that prioritizes male entrepreneurs, with traditional loan products requiring collateral, manual reviews, or significant lump-sum repayments – barriers that disproportionately affect women.
FCMB’s Auto Repeat Loan: A Gender Intentional Solution
Olubukola learned about First City Monument Bank (FCMB) and their Auto Repeat Loan developed in partnership with Women’s World Banking designed to meet the specific needs of women entrepreneurs.
Unlike traditional financial systems that impose rigid structures and lengthy processes, the Auto Repeat Loan provides a digital, automated system that allows women to access repeat loans quickly and easily, through basic SMS technology. This feature is particularly impactful for women with limited digital literacy or access to more advanced technology, which remains a challenge in many parts of Nigeria.
Olubukola mentions “I was surprised at how seamless the process was, I followed the instructions over the phone, and within five minutes, the loan was approved.”
Flexible Repayment
A key feature of the Auto Repeat Loan is its flexible weekly repayment schedule. Traditional loan structures often require large monthly repayments, a burden that many women struggle to meet due to fluctuating income cycles influenced by market conditions or family responsibilities.
“The usual process we knew was to return a huge sum at the end of the month, but with weekly repayments, it’s easier. Regardless of how sales turn out, we are still able to repay,” Olubukola says. This flexibility has provided her with the stability needed to grow her business while managing other responsibilities.
The Importance of Gender-Centered Financial Products
Olubukola’s experience highlights the critical need for financial products that consider the specific realities of women entrepreneurs. Traditional systems often fail to recognize the challenges women face, from managing household responsibilities to operating in informal sectors with limited collateral or digital access.
FCMB’s Auto Repeat Loan is part of a growing effort to design financial solutions that directly address these barriers, enabling more women to access the capital they need to succeed.
It is stories like Olubokola’s that inspire us every day. We hope she inspires you too.
Women’s World Banking has changed the lives of millions of women, transforming their households, businesses and communities, and driving inclusive growth globally through financial inclusion.
Today, using our sophisticated market and consumer research, we turn insights into real action to design and advocate for policy engagement, digital financial solutions (see Blanca’s story here), workplace leadership programs, and gender lens investing.
Help us reach the nearly billion women still excluded from the formal financial system. Donate now.
