- relaunches W Initiative in Zambia and Botswana
Sunrise News, Lagos, Nigeria – September 30, 2024: Access Bank Plc, one of Africa’s leading banks, has reinforced its dedication to advancing women’s empowerment across Southern Africa with the relaunch of its ‘W’ Initiative in Zambia and Botswana. The ‘W’ Initiative, which provides a wide array of financial services and support programs specifically designed for women, is a key component of Access Bank’s broader strategy to drive financial inclusion and foster socio-economic growth in the region.
The revamped ‘W’ Initiative aims to provide financial services for women by offering customised solutions such as savings and investment products, business loans, and mentorship programs. In addition to these services, the initiative also promotes financial literacy and provides opportunities for professional growth. During the event in Zambia, Chizoma Okoli, Deputy Managing Director of Access Bank Plc, highlighted the importance of initiatives like these for empowering women.
“Empowering women is a cornerstone of Access Bank’s mission to drive economic growth across Africa. Through the ‘W’ Initiative, we aim to provide tailored financial solutions while also fostering environments that encourage women to thrive in all areas of life – whether as business owners, professionals, or leaders in their communities,” she said.
Okoli held discussions with key stakeholders, including Vice President of Zambia, Mrs. W.K. Mutala Nalumango, to explore strategies for creating an enabling environment for Zambian women. Access Bank Zambia also pledged a donation of K500,000 towards nutritional programs in the Vice President’s office, further demonstrating the Bank’s commitment to community welfare.
Nalumango highlighted the vital role women play in the nation’s economic development. “It is crucial for women to recognise the value they bring to the table and to be vocal about their accomplishments,” she stated. She also emphasised the importance of self-promotion and self-advocacy, particularly for women and girls, while commending Access Bank’s efforts to support women through initiatives like the ‘W’ Initiative.
Meanwhile, in Botswana, Access Bank’s relaunched ‘W’ Initiative set a new benchmark for women’s financial empowerment in the country. Sheperd Aisam, Managing Director of Access Bank Botswana, described the Initiative as a “transformative platform” offering tailored financial products and services that cater to the unique needs of women. The initiative in Botswana will introduce solutions such as vacation, health, and educational loans, as well as high-interest savings accounts designed for long-term wealth building.
“We are proud to launch the ‘W’ Initiative in Botswana, which is designed not only to provide financial products but also to equip women with the tools, resources, and networks they need to achieve personal and professional success,” said Aisam. “Access Bank is committed to inspiring and empowering women across all sectors of society.”
Over the past 17 years, Access Bank has consistently demonstrated its commitment to gender equality and women’s economic empowerment, expending over N338.6 billion in financing for over 3.6 million women. The ‘W’ Health Loan, the new umbrella product for all health loans available under the W Initiative comes in 3 variants. One of these variants is the Maternal Health Service Support (MHSS) – a flagship product designed to provide discounted financing for fertility procedures, natal support and specialized procedures peculiar to women.
The MHSS, which is currently present in Nigeria, Ghana, Rwanda, Mozambique and Zambia, is positioned to help women and families overcome barriers to good health and wellbeing. Often referred to as the ‘baby making product’, the MHSS is a premier product in Africa which has impacted over 160 women and families with access to finance on various health procedures worth N245.5 million as well as birthed 104 babies through the discounted health financing scheme. The 2 additional health loan variants cover medical emergencies and cancer treatments.
Running in 12 countries across Africa, the ‘W’ Initiative stands as a testament to Access Bank’s broader commitment to women’s empowerment across Africa, ensuring that more women can access financial opportunities that propel them towards success.