E-Financial
Importance of Financing Women-Owned MSMEs in Global Supply Chain
By Omokehinde Adebanjo
There is significant evidence that women are the glue that hold their families, communities and even local economies together all over the world.
What I find enlightening is that this impact is particularly keenly felt in emerging economies such as those in Africa, where women are drivers of growth and widespread financial inclusion – which has been a key message coming out at the Women’s World Banking Making Finance Work for Women conference here in Dar Es Salaam.
In fact, we have done research into this trend through our Mastercard Index of Women’s Entrepreneurship (MIWE) and found that female entrepreneurs in developing countries are driven by resilience, determination and the desire to provide for their families.
Although the research was focused on only select markets initially, we learnt that women in these markets typically tap into local business opportunities that are not dependent on knowledge or innovation alone, effectively allowing them to avoid substantial financial, regulatory or technical constraints.
According to the index East Africa, specifically, shines in this area: the Index showed that Uganda has the highest percentage of female business owners in any of the 54 countries surveyed worldwide, with 34.8 percent of businesses in the country owned by women.
What’s more, Uganda’s women boast a 100 percent entrepreneurial activity rate, 93.9 percent labour participation rate and 90.5 percent borrowing or saving rate for the purposes of opening a business.
Uganda’s neighbour, Tanzania – where many of us are currently gathered for the Making Finance Work for Women Summit – is also making notable strides in this area, with dedicated programmes like the UN Joint Programme on Youth Employment helping many of the country’s young women entrepreneurs hone their own skills and capabilities as well as generate employment opportunities for other young people.
Likewise, the Kenyan Government has made provision for 33 percent of Government jobs and procurement opportunities to be accessed by women.
If we look at Nigeria, we also notice a high percentage of female entrepreneurship, with as many as 41 percent of the country’s women acting as entrepreneurs.
This is notably higher than many developed countries like the USA where only 10 percent of women are entrepreneurs and France where a tiny three percent of women are entrepreneurs.
These examples serve to illustrate the sheer value of women entrepreneurs, and why it is critical to finance women-owned businesses and micro, small or medium-sized enterprises (MSMEs) in supply chains – and in Africa, in particular – in order to truly be able to generate the economic growth that is necessary at local, national and global levels.
Collective Action Required To Support Women Entrepreneurs
Only through collective action can we hope to help bring vital cogs of development into formalised business processes as well as strengthen the overall ecosystem of vibrant and resilient women entrepreneurs.
This has been a key focus area for us at Mastercard for many years now, not only at a global level but across the African continent, which we recognise as a breeding ground for smart and innovative female entrepreneurs.
In this vein, we have partnered and collaborated with organisations from across the spectrum of the public and private sectors to broadly empower the continent’s women and provide them with the knowledge and tools necessary to start and sustainably grow their own businesses.
That included joining forces with African Women and Beyond (AWAB) in Kenya to launch the Africa Women Leadership Network (AWLN) last year to bring together like-minded women from various business sectors to tackle challenges facing women in East Africa, and more broadly across the continent.
In Nigeria, which is also a key growth market, we are starting to focus more on women empowerment. This includes our partnership with Mercy Corps to provide 2,500 girls with access to financial tools and entrepreneurship training.
Last year, together with UN Women, we signed a Memorandum of Understanding to bring more women into the formal financial fold and empower them through financial literacy training.
More than just enabling the country’s women to participate in formal financial activities through identity documents, we additionally partnered with the Youth for Technology Foundation to provide women entrepreneurs with the support and training they require to start and continue running their businesses.
Through the experience gained in the course of much of this work, we have noticed and learnt the importance of digitising operations and processes as a way of supporting women entrepreneurs. Practical examples of where we have introduced digital solutions that have considerably assisted women business owners of Micro, Small and Medium enterprises include Masterpass QR and 2KUZE.
Masterpass QR is our person-to-merchant, mobile-driven payment ecosystem that is in the process of being rolled out in 33 markets across Africa.
It addresses challenges with the acceptance of electronic payments for MSMEs without the need for expensive point-of-sale (POS) infrastructure. These women merchants can effectively accept fast and secure payments for their goods through their smart or feature phones.
The 2KUZE solution was introduced specifically to streamline the value chain for farmers in Kenya and Tanzania, where agriculture is the economic backbone.
It connects farmers, buyers and agents through both feature and smartphones and facilitates the entire transaction, removing the need for the country’s farmers to walk long distances to sell their produce at markets. As women play a critical role in the agricultural sector in these countries, it is a solution that has assisted them in running their businesses more efficiently.
Ultimately, what we can see is that when women are empowered through entrepreneurship and technology, they are able to make significant contributions to their economies. This makes it critical for us across industries and both the public and private sectors to band together and continue providing the financial and non-financial support these inspirational women require.
E-Financial
First Asset Management Launches National Initiative to Raise 100m Investment-Smart Nigerians
First Asset Management, one of Nigeria’s leading investment managers and a subsidiary of FirstHoldCo Plc, launches the 100 million Smart Inventors campaign.
Nigeria’s investment market has huge potential, yet it remains underutilised due to widespread distrust, misinformation, and past losses suffered through fraudulent schemes. Trillions of Naira have been lost, leaving many Nigerians fearful and excluded from real, rewarding investments and leaving them on the economic sidelines.
Reports show that less than 5% of adult Nigerians currently participate in the formal capital market, and as low as 0.25% invest in Mutual Funds, a stark contrast to participation rates often exceeding 50% in developed economies like the United States. This highlights the urgent need to restore trust and improve access to credible investment education.
In response to this critical challenge, First Asset Management has announced the launch of a landmark national movement, the “100 million Smart Investors Initiative”. The campaign is positioned as a direct strategy to rebuild investor confidence and democratise financial knowledge across the nation.
According to the firm, the initiative was conceived from the need to address the anxieties that have historically prevented countless Nigerians from participating in real wealth-building investments. Drawing on its track record of trust and market expertise, First Asset aims to cultivate a new generation of informed, confident investors.
At the heart of the initiative is a comprehensive investor education programme. The goal is to transform casual interest in investing into active participation within a supportive, well-informed community.
Beyond expanding investor numbers, the movement seeks to improve the quality of investment decisions by equipping individuals with the tools to evaluate opportunities and avoid fraudulent platforms.
For everyday Nigerians, the initiative promises simplified, practical financial education that demystifies investing. By building a strong peer network through a nationwide community platform, it seeks to reduce the isolation often faced by new investors and promote collective financial empowerment.
Ultimately, the 100 Million Smart Investors movement represents a significant investment in Nigeria’s human capital. By providing actionable steps, success stories, and sustained education, First Asset Management aims to usher in a new era of financial literacy and participation.
This initiative would not only enhance the financial well-being of individuals and families but also contribute to the broader economic prosperity of the nation by channelling dormant capital into productive sectors of the economy.
To kickstart this bold quest, the brand has planned a series of free educational bootcamps, podcasts and community engagement with industry experts and leaders. The inaugural event will take place live on 26 July 2025.
Follow @FirstAssetManagement on all social media handles to stay informed and visit https://first-assetmanagement.com/smart-investors for details on how to join the movement.
PalmPay, a leading neobank and fintech platform focused on emerging markets, has been recognised in CNBC and Statista’s 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world’s most innovative and impactful financial technology firms.
The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact. This year’s list includes a mix of global leaders – including Revolut, Nubank and Ant Group – alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay.
PalmPay’s inclusion reflects its continued momentum as one of Africa’s leading fintech platforms. With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities.
In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance – all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients.
“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,” said Sofia Zab, Founding Chief Marketing Officer at PalmPay.
“Through cutting-edge technology, deep local distribution, and a customer-first mindset, we’ve built Nigeria’s leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.”
As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services.
“PalmPay is building a neobanking platform tailored to the realities of emerging markets,” said Jiapei Yan, Group Chief Commercial Officer at PalmPay. “We are creating the infrastructure for a connected digital economy – where people and businesses can thrive through reliable, inclusive financial tools.
This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.”
PalmPay’s inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times – Africa’s Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay’s rapid scale and market traction across Africa.
PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth.
Fidelity Bank Plc has reaffirmed its commitment to quality education and youth empowerment with the renovation of a classroom block and donation of textbooks to Aso Pada Government Secondary School in Karu LGA, Nasarawa State.
L-R: The Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; Vice Principal, Government Secondary School, Aso Pada, Maraba, Mr. Abdullahi Idris; Project Co-ordinator, Elite Bankers 2025 Inductee Class, Fidelity Bank Plc, Onyinyechi Ihesiaba; Vice Principal -Academics, Government Secondary School, Aso Pada, Maraba, Mr. Ela Isa; during the commissioning of a renovated block of classrooms and the distribution of Back-to-School Materials at Government Secondary School Aso Pada, Maraba, Nassarawa State recently.
The project was executed through the Fidelity Helping Hands Program (FHHP), a corporate social responsibility initiative that enables staff to identify community needs, raise funds, and receive matched support from the bank.
Speaking at the handover ceremony, Dr. Meksley Nwagboh, Divisional Head, Brand and Communications, said the school was chosen due to its impact on the local community and its lack of renovation in over 15 years.
Vice Principal Abdullahi Idris praised the bank’s gesture, calling it “an investment in the future of our nation,” and expressed hope for a lasting partnership.
The initiative follows Fidelity Bank’s recent donation of 1,000 solar-powered schoolbags to pupils across Ogun State, aimed at improving study conditions in areas with limited electricity.
Fidelity Bank serves over 9.1 million customers and has received multiple awards for innovation and SME support, including the 2024 Excellence in Digital Transformation Award and Best Bank for SMEs in Nigeria by Euromoney.
Prateek Suri CEO Maser Meets Zambia’s Education Minister to Propel Student Housing and Education Projects
First Asset Management Launches National Initiative to Raise 100m Investment-Smart Nigerians
Operators Seek Action Over Persistent Vandalization of Telecommunications Infrastructure Across Nigeria
MTN’s $150m Data Hub Gets Government Nod for Advancing Digital Economy
FirstBank Celebrates ₦1 Trillion Milestone in Instant Loans via AI-Powered Platforms
News2 days agoHCSF Describes Galaxy Backbone as a Strategic Partner in Civil Service Digitalization Reforms
General News2 days agoMayor of London Commits to Deepening UK-Nigeria Ties in Tech, Creatives and Trade
E-Financial2 days agoPalmPay Named Among CNBC and Statista’s World Top 300 Fintech Companies 2025
E-Financial2 days agoFidelity Bank Champions Education in Nasarawa with CSR Project
Telecom1 day agoOperators Seek Action Over Persistent Vandalization of Telecommunications Infrastructure Across Nigeria
General News1 day agoFirstBank Celebrates ₦1 Trillion Milestone in Instant Loans via AI-Powered Platforms
News2 days agoFG Eyes 8,000MW Power Boost in 18 Months with Grid Overhaul
Telecom1 day agoCritical Telecom Infrastructure Under Siege as Vandalism and Theft Rise – ALTON