Finance app, others team up to increase business finance for women | The Guardian Nigeria News
To ensure that women are at the heart of financial inclusion, the Managing Director of Branch Nigeria, a digital finance app that draws on innovative insights, Dayo Ademola championed the board of venture capitalists and investors to direct more funding to women-led startups. .
Ademola, who shed light on the large number of women trying to access funding for their businesses at the recent Forbes Leading Women Summit 2022, said fintech is a well-funded field, but a large portion does not go to companies founded by women. “This is evident in the abysmal 3.2% funding that has been given to female-led startups out of the whopping $3 billion attracted to Nigerian fintechs in 2021. surprise of women who need working capital for their micro-enterprises.
Speaking on partnership, Ademola advised women looking to grow their business and career to find a mentor. According to Ademola, “You invest in what looks like you and so we need more angel investors and venture capitalists led by women.
I think as human beings we are geared towards emulating what we see and what we believe to be the pinnacle of achievement. This would allow women’s businesses to obtain as much capital as needed. »
The summit explored gaps in access to finance for women-led businesses and attempted to come up with solutions on what needs to be done.
Speaking on women’s financial inclusion, co-panelist Odunayo Eweniyi, co-founder of Piggyvest, a digital savings platform, said there are myths that women don’t build, but the problem lies in discovery because many partners are distorted. towards funding male-led startups in the sector. “Women need this belief capital, just like men, to be able to get these ideas off the ground. It is important for female-led startups to be able to access funding at an early stage, as this would help these female founders catch up with their male counterparts in later startup cycles.
Eweniyi, however, called for the need to investigate the funding biases of male-led businesses compared to their female counterparts, as data shows that female-led businesses perform at the same level as female-led businesses. men. She said: ‘Not giving funding to women is just plain wrong because these companies are not underperforming.’