PwC MSME Survey 2020

Key Insights and Considerations for SMEs Studies show that women entrepreneurs are more likely to face challenges in upscaling businesses than their male counterparts. Globally, studies show that 65% of men have an account at a formal financial institution compared to 58% of women. Women business owners in male dominated industries also have to defy social expectations and work very hard to be taken seriously. This makes it challenging for women to access the financial support they need to sustain their businesses. In order to help tackle financial inclusion of women, organizations like the Bank of Industry have special funds targeted at women. In addition, some commercial banks also have special credit programmes and initiatives aimed at providing support, capacity development and funding to women-owned businesses. The Ninety Million Naira Business Development Fund for Women (BUDFOW) is another special fund by the Federal Ministry of Women Affairs and Social Development (FMWASD), the goal of this fund is to provide soft loans to women entrepreneurs. Globally, Goldman Sachs 10,000 Women is an initiative that fosters economic growth by providing women entrepreneurs around the world with a business and management education, mentoring and networking, and access to capital. Support networks like Women in Management, Business and Public Service (WIMBIZ) can be a powerful tool in empowering women through these challenges and connecting women with one another for knowledge sharing and support. https://www.pwc.com/ng/en/assets/pdf/impact-of-women-nigeria-economy.pdf PwC MSME Survey 2020 PwC June 2020 56 56

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