Susan Abayomi
Women entrepreneurs are contributing significantly to Nigeria’s economy through businesses spanning agriculture, manufacturing, fashion, technology, healthcare, retail and other sectors.
However, limited access to finance continues to constrain the growth of many women-owned enterprises, despite their strong entrepreneurial drive.
Mastercard research published in 2025 found that 83 per cent of Nigerian women considered themselves entrepreneurs, while 90 per cent wanted to start businesses. The study also reported that 93 per cent of Nigerian business owners expected their revenues to grow over the following five years.
A 2026 national report estimated that women own nearly 40 per cent of businesses in Nigeria but receive a disproportionately smaller share of formal credit. The International Finance Corporation has also estimated that closing gender participation gaps across key sectors could add up to $22.9 billion to Nigeria’s economy.
The financing challenge can prevent businesses from purchasing equipment, increasing stock, taking on larger contracts or expanding operations.
Recent lending data also challenges perceptions about risk. A 2025 impact report cited in 2026 found that women-owned businesses in the portfolio studied recorded a loan default rate 2.5 times lower than male borrowers. Yet women accounted for only 36 per cent of loans issued, while 62 per cent of female borrowers surveyed said the facility was their first formal business loan.
It is against this backdrop that Fidelity Bank developed HerFidelity, launched in 2022 to support women through financing, capacity building, wellness and entrepreneurship initiatives.
A key component, FundHer, provides eligible women-led SMEs with up to ₦50 million for working capital and up to ₦100 million each for asset acquisition and business expansion, subject to eligibility and credit approval.
Fidelity Bank has also recorded significant lending to women. In 2023, the bank provided ₦4.3 billion to 22,684 female individuals and ₦26.3 billion to 522 women-owned businesses.
Beyond funding, the bank’s initiatives have included digital and business management training. In 2024, more than 6,000 women entrepreneurs and female-led SMEs received digital skills training through its partnership with ImpactHER.
With appropriate financing and business support, women-led enterprises can increase production, create jobs, adopt technology and contribute more substantially to household incomes and Nigeria’s wider economic growth.
The continued expansion of financing solutions such as FundHer therefore represents an opportunity to bridge the gender funding gap while unlocking the commercial potential of women-owned businesses.
