Sterling Bank pledges N1bn facility to support women-owned businesses

Sterling Bank Plc is prepared to extend credit facilities worth N1 billion to businesses founded by women across the country with a free interest rate for the first 30 days.

Managing Director and Chief Executive Officer (MD/CEO) of the bank, Abubakar Suleiman disclosed this in Kano recently while presenting the keynote address at the 5th edition of the Women Founders Conference.

According to him, the bank is also set to invest another $100,000 in the next two years in such businesses. He noted that the best business is that which is set up to solve a problem.

Suleiman told the audience that as entrepreneurs, women will always be exposed to diverse opinions but they should always remember why they set up those businesses in the first place.

“When a customer continues to validate the product or service of a business as a solution to its problem, then everyone will queue behind it,” Suleiman said.

Head of Sterling’s OneWoman proposition, Ifunanya Ugboko, also said that “this collaboration with the Women Founder’s Conference is evidence of Sterling’s commitment to enriching women’s lives. Sterling, through the OneWoman offering, has created dedicated discounted business loans, support facilities, and capacity-building programs for businesses founded for and focused on women.”

Also speaking, a co-founder of Startup Kano, Aisha Tofa, said the project was set up in order to create a platform for young people to interact, network and provide solutions and opportunities among themselves on the realization that jobs were unavailable for youths.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.