How ‘SARA by Wema’ is redefining gender finance, creating opportunities

In a world where women play a pivotal role in driving economic growth yet continue to face systemic barriers to financial inclusion, the question remains: how can we unlock the full potential of women to foster sustainable development? According to the World Bank, globally, women control nearly $20 trillion in consumer spending, but they still face a staggering $1.7 trillion financing gap. In Africa, this gap is even more pronounced, with women-led businesses facing a $42 billion financing shortfall, as reported by the African Development Bank. In Nigeria, where women make up 47.1% of the labour force compared to 74.8% of men, the challenges are particularly acute. These statistics highlight the deep-rooted gender disparities but also illuminate the immense potential that lies in empowering women economically.

For 80 years, Wema Bank has been a key player in Nigeria’s financial landscape, consistently championing innovation and inclusion. As the bank commemorates this milestone, it is fitting to reflect on one of its most impactful initiatives—SARA by Wema. Over the past three years, SARA has not only addressed the financial needs of women, but has also redefined what empowerment means for women in Nigeria. By offering a unique blend of innovative financial products, capacity-building programmes, market access initiatives, and health support, SARA by Wema has become a beacon of hope, uplifting thousands of women across the country.

Since its inception in 2019, SARA by Wema has demonstrated intentionality in its mission to improve the economic status of Nigerian women. The financing gap between male- and female-led enterprises in Africa, estimated at $320 billion, underscores the gender-based inequalities women face. Recognising this, SARA by Wema embarked on a mission to bridge this divide, and the results have been nothing short of remarkable. In 2020, the initiative launched single-digit loans for women entrepreneurs, disbursing N5.2 million to six women from a portfolio of N100 million. By 2021, the momentum grew significantly, with 328 women-led businesses accessing N263.9 million through the SME Gender Loan, offered at 9% without collateral.

In response to reports like the AfDB’s $42 billion gender financing gap and the World Economic Forum’s estimate of 136 years to close the gender equality divide, SARA by Wema aligned its efforts with the Gender 2X Challenge, further demonstrating its commitment to promoting women-led businesses. In 2023, Wema Bank took a bold step, disbursing N15.07 billion to 37,821 women-led enterprises, many of which were collateralised loans. This move directly addressed the core issues women face—lack of access to finance and collateral—providing tangible solutions to close these gaps.

The results of SARA by Wema’s three-year journey speak volumes. The initiative has impacted over 3 million women by offering access to finance, market opportunities, and capacity-building support. Over N70 billion in loans have been disbursed, both collateralised and non-collateralised, with some loans bundled with health plans. Additionally, more than 100,000 women have benefited from market access programmes, including online and physical trade fairs. To further bolster entrepreneurial growth, the bank provided business startup kits and grants to over 30,000 women within Nigeria’s MSME sector. Specifically, N58.8 billion in loans have gone to women-led MSMEs, while N21.9 billion has been directed to individual women.

Complementing these financial interventions, Wema Bank has invested over N6 billion in market access programmes, giving women the platforms they need to showcase their products and connect with potential buyers. These collective efforts underline the bank’s unwavering commitment to closing the gender financing gap and fostering a more inclusive economy.

SARA by Wema’s impact extends far beyond finance. The initiative has been instrumental in providing market access to women entrepreneurs, ensuring they have the right platforms to showcase and grow their businesses. Over the past three years, more than 45,000 women have benefited from diverse access-to-market programmes, including online and physical trade fairs in partnership with the Naija Brand Chick Trade Fair. In 2023 alone, Wema Bank facilitated opportunities for over 1,000 female-owned MSMEs through trade fairs held in Lagos, Port Harcourt, Abuja, and Ibadan. These events generated over N2.4 billion in sales, with 40% of the businesses being first-time exhibitors, underscoring SARA’s role in fostering new entrepreneurial growth.

One of the many success stories from SARA by Wema is Adolisa Miracle, the founder of Chrisbekbags, a luxury leather brand. Reflecting on her journey, she shares, “Financial challenges are a normal one for small businesses in our nation and everywhere. Working with Wema Bank has been a blessing because they have been there. When I think of Wema Bank, I use the word “Backbone” when it comes to the Chrisbek brand.”

“Along the line this year, I had a contract, and you know when the money comes in at times, what you might have been given may not really be enough to run the production, and I reached out to my account officer that I needed some funds, and within the shortest period of time imaginable, Wema Bank came in for me and answered that call, and I was able to run that project and get my funding back.” Adolisa said.

Adolisa’s story exemplifies the transformative power of SARA by Wema. Through her participation in the Naija Brand Chick Trade Fair and the Fashion Souk, both sponsored by Wema Bank, she expanded her business network, gained brand visibility, and attracted valuable clients.

These trade platforms have proven to be game-changers for female entrepreneurs in fashion, food, beauty, and beyond. The Fashion Souk alone has provided over 200 women-owned businesses with market access, with 80% of registered vendors acquiring SME leads through the dedicated microsite platform. Similarly, the Lagos Leather Fair, another initiative supported by Wema Bank through SARA, has empowered about 50 SME businesses, fostering innovation and positioning African-made merchandise for global export.

Recognising that true empowerment goes beyond financial inclusion and market access, SARA by Wema has prioritised capacity building and holistic development. Since 2020, the initiative has impacted thousands of women through business training, skill acquisition programmes, and mentorship opportunities. That year, over 6,500 women participated in various capacity-building webinars, including a session on “Restructuring Your Business, Career, and Finance” with more than 1,400 attendees. By 2021, participation had surged to 8,467, and in 2022, the reach expanded further to 10,200 women through targeted business seminars and skill development workshops. Wema Women Network members have also benefited from ongoing professional development through conferences and women-focused events.

Taking its efforts even further, SARA by Wema intensified its impact in 2023 by introducing business startup kits and SARA grants, benefiting over 30,000 women in the Nigerian SME sector. More than 10,500 women and 2,500 female-owned businesses received direct support, while 4,870 youths were trained under the Transforming Nigerian Youth Programme in collaboration with the Enterprise Development Centre (EDC).

At the heart of Wema Bank’s efforts to empower women is the SARA Accelerator Programme, designed to nurture the next generation of female leaders. Over the past three years, this initiative has trained over 800,000 women, equipping them with the skills needed to thrive in competitive business environments. The SME Learning Series, delivered in partnership with EDC, has been instrumental in strengthening the capacity of women entrepreneurs with existing businesses.

What’s more, the Creative Class programme, tailored for women aged 21 to 35, has sharpened business acumen through structured workshops and grants. Meanwhile, the Transforming Nigerian Youth Programme, a collaboration between Wema Bank, EDC, and the MasterCard Foundation, has provided young entrepreneurs, particularly women, with comprehensive business training and support.

Innovation has always been at the heart of SARA by Wema, driving impactful initiatives that empower women and foster sustainable development. One of its key vehicles for change is Hackaholics, Wema Bank’s annual hackathon, which has awarded over $200,000 in seed funding to young innovators, with a special focus on women-led projects. By championing problem-solving and leadership in STEM and other high-demand industries, Hackaholics is not just funding startups—it is nurturing a new generation of female innovators.

Building on this commitment to digital empowerment, Wema Bank has extended its reach beyond hackathons, partnering with the Federal Government of Nigeria to launch the FGN/ALAT Digital Skillnovation Programme. With a bold vision to equip two million Nigerian youth and 1 million MSMEs with critical digital skills, this initiative ensures that young entrepreneurs stay competitive in an evolving technological landscape. More than just training, it provides funding opportunities to scale businesses, reinforcing Wema Bank’s dedication to holistic empowerment.

Beyond financial and digital inclusion, healthcare remains a critical pillar of SARA by Wema. Recognising that health challenges can limit women’s ability to thrive, the bank has partnered with organisations like Mobi Health International to provide free breast cancer screenings and awareness sessions. In 2023 alone, over 300 women in Lagos and Port Harcourt benefited from these screenings, reinforcing the bank’s commitment to early detection and treatment. These efforts build upon previous initiatives, such as its collaboration with AIICO Multishield, which offers affordable HMO and hospital cash plans for women. Notably, female business owners hospitalised for at least three days, can receive N10,000 in business support—up to five times a year. Expanding its reach further, Wema Bank partnered with the Women’s Health Platform Foundation (WHPF) in 2022 to provide free screenings for over 100 women in Abuja and surrounding communities, ensuring that healthcare support extends beyond urban centres.

This dedication to female empowerment has not gone unnoticed. In 2024, Wema Bank was named ‘SME Financier of the Year in Africa’ at the Global SME Finance Awards, while SARA by Wema earned the prestigious ‘Platinum Award for Best Financier for Women Entrepreneurs in Africa.’ Further solidifying its influence, SARA by Wema was also recognised as the ‘Most Outstanding Female-Centric Bank Product of the Year’ at the WIMCA Awards 2024, with Wema Bank being honoured as the ‘Most Outstanding Bank in Women Empowerment.’ These accolades underscore the bank’s unwavering commitment to breaking barriers and creating opportunities for women-led ventures.

As Wema Bank celebrates its 80th anniversary, SARA by Wema stands as a testament to the bank’s enduring mission of innovation and female empowerment. In just three years, it has transformed thousands of lives, providing the financial resources, skills, and opportunities women need to thrive. From market access programmes and capacity-building initiatives to health support and accelerator programmes, SARA by Wema has created a comprehensive ecosystem where women are equipped to succeed.

Looking ahead, the journey continues. As Wema Bank embraces the future, its dedication to empowering women and driving sustainable development remains unwavering. According to Moruf Oseni, MD/CEO of Wema Bank, “As we celebrate 80 years of innovation and service, our commitment to empowering women remains steadfast. SARA by Wema is not just a programme, it is a movement that reflects our dedication to creating a more inclusive and prosperous future for all.”

As Wema Bank marks this milestone, they also celebrate the countless women whose lives have been transformed through SARA by Wema. Their journeys are proof of the transformative power of financial inclusion and gender empowerment. Together, we will continue to break barriers, create opportunities, and build a more inclusive and prosperous future.