17/09/2026
Access to finance is a familiar challenge for many MSMEs across Africa, especially those owned/led by women entrepreneurs. However, though the barriers tend to bear similarities, from high interest rates to stringent collateral requirements, the solutions often vary, requiring greater nuance.
The 2024 ICR-SMEDAN study on Enhancing Access to Finance for Women-Owned Enterprises in Nigeria, implemented by Octoville Development Company, found that only 25.9% of women entrepreneurs surveyed had accessed finance from commercial financing institutions. The study also identified an estimated ₦2.9 trillion financing gap for women-owned enterprises.
However, addressing this gap requires more than simply increasing the supply of finance. It also requires understanding how finance can be made more accessible and responsive to the realities of women-owned businesses.
Findings from the study therefore pointed towards a more responsive financing approach by commercial banks, including: alternative forms of collateral, finance bundled with Business Development Services, value-chain-specific financing, stronger women’s cooperatives and support networks, and simpler loan application processes.
Critically, the question is not only about how much finance can be made available, but whether it is designed to reach the businesses that need it.
For the full report, click the link below:
https://www.icr-facility.eu/wp-content/uploads/2024/12/ICReport-Enhancing-Access-to-Finance-for-Women-Owned-Enterprises.pdf
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