The Oasis Reporters
August 23, 2023
In its commitment to enable success for its customers, Union Bank has partnered with its parent company, TGI Group and Women’s World Banking, to introduce the ‘Digital Supplier Credit’ solution under its women’s banking proposition, αlpher.
The ‘Digital Supplier Credit’ solution is designed to address the financial needs of women-led small businesses in urban centres in Nigeria and provide access to credit for stock sustenance, replenishment, and progressive growth, along established supply lines from Fast-Moving Consumer Goods (FMCG) companies.
Leveraging behavioral science and the Women’s Centred Design methodology and backed by the London Stock Exchange Group (LSEG) Foundation, this initiative aims to co-create a sustainable and scalable solution that will significantly enhance access to financial services for women entrepreneurs.
Women’s World Banking is a renowned global organization specializing in designing and investing in financial solutions, institutions, and policy environments within emerging markets.
Their focus on creating economic stability and prosperity for women, their families, and communities aligns perfectly with the objectives of the ‘Digital Supplier Credit’ solution.
With an extensive network spanning 34 countries, serving more than 160 million women clients through 69 financial services providers, Women’s World Banking has consistently driven impact through scalable, market-driven solutions, gender lens private equity funds, and leadership and diversity programs.
Speaking about the partnership, Vivian Imoh-Ita, Head of Retail Banking and Digital at Union Bank, said:
“We are delighted to partner with Women’s World Banking and our parent company TGI Group to launch the ‘Digital Supplier Credit’ solution. Our commitment to empowering women-led businesses remains unwavering, and we believe this initiative will have a transformative impact on the entrepreneurial landscape in urban centres. Through this collaboration, we aim to foster financial inclusion and catalyze sustainable growth for women entrepreneurs.”
Also commenting on the partnership, Ade Ashaye, Regional Head of Africa, Women’s World Banking, expressed:
We are thrilled to partner with Union Bank and the TGI Group. Globally, 38% of all MSMEs are women-owned yet, according to the SME Finance Forum, there remains a $1.7 trillion gender credit gap. Using our sophisticated market and consumer research we will develop a solution that will not only help tens of thousands of Nigeria’s women entrepreneurs overcome barriers to accessing the vital credit they need to sustain and grow their businesses, but also stand as a model for Banks and FMCGs across Africa and the world. This is an exciting time in the development of effective, women-centered, digital financial solutions.
The Digital Supplier Credit solution reflects Union Bank’s dedication to supporting its customers and creating an inclusive business environment.
With its focus set on the future, Union Bank continues to lead the way in shaping a better, more sustainable future for generations to come.
Established in 1917, Union Bank of Nigeria Plc was listed on the Nigerian Stock Exchange in 1971. Union Bank Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria.
The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance.
The Bank also offers its customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.
About Women’s World Banking:
Women’s World Banking is dedicated to economic empowerment, through financial inclusion for the nearly one billion women in the world with no or limited access to formal financial services.
Using our sophisticated market and consumer research, we turn insights into real action to design and advocate for policy engagement, digital financial solutions, workplace leadership programs, and gender lens investing. To date, we’ve helped provide 30 million women in emerging markets – targeting 100 million by 2027 – access and use of financial products and services that are transforming women’s lives, households, businesses, and communities, and driving inclusive growth globally.