ACCESS BANK NIGERIA PITCH-A-TON PROGRAM’S Move to Support Women in Enterprise

By Bem Abubaker

Though the pursuit of financial compensation for solutions and services remains a fundamental driving force behind business formation, it is important to acknowledge the crucial role that growth and expansion play in ensuring long-term success. To achieve their objectives, businesses often engage in strategic partnerships or seek funding from a variety of available resources. However, the ability to develop a comprehensive operational structure that can effectively keep a business in motion remains a significant challenge for a lot of owners and is often a crucial factor in determining their longevity and ultimate success.

Access Bank Nigeria, a prominent financial institution, has since 2019, taken a proactive approach to supporting business owners with its "Womenpreneur - Pitcha-ton" program. Since launching, this initiative addresses challenges faced by female-owned businesses, after having discovered through a survey, reasons behind startup businesses failing within the first two to five years of existence. As results indicated that many businesses collapse due to a lack of proper structure, business management skills, and access to finance, The W Initiative by Access Bank acknowledged these gaps and introduced the Womenpreneur Pitch-a-ton program, a multifaceted program designed for female-owned SMEs.

The program comprises an eight-week "Mini MBA" capacity building training, developed in partnership with the International Finance Corporation (IFC). It also includes a pitching competition that offers various grant prizes, with the goal of this initiative being to empower female entrepreneurs with the necessary skills and resources to grow their businesses and achieve success.

The mission is to bolster the advancement of women-owned small and medium enterprises (SMEs) throughout Africa by providing them with financial grants and transformative business support skills, enabling them to scale up and expand their operations. Robust capacity building and networking opportunities are also made available to women, with a focus on advocating for economic empowerment of SMEs among financial institutions within the women's segment. This initiative offers innovative solutions that go beyond the traditional hand-holding approach, with tailored quality financial and non-financial options that create an enabling environment for businesses to grow beyond their limitations.

At its inception, the program empowered fifty female entrepreneurs with complimentary access to a Mini-MBA program, while the top three finalists were awarded business grants. In light of the COVID-19 pandemic, the program pivoted to incorporate the use of technology, which led to its expansion into seven additional African countries including Ghana, Rwanda, Zambia, Sierra Leone, Gambia, DR Congo, and Mozambique. The number of grant winners was also increased to five female owned businesses.

In 2021, the Mini MBA program witnessed a significant surge in the number of women who enrolled, with a remarkable 100% increase. The program trained and equipped a total of 100 female business owners while also awarding well-deserved grant prizes to worthy winners. The following year, the program underwent an expansion, with an increase in the number of grant recipients from 5 to 7 winners. Fast forward to the present, the program's fifth edition is currently underway, having opened calls for applications on June 26, 2023, and closing on August 11, 2023. This year’s edition is poised to train 120 female business owners and make available grant prizes to 10 winners, with an additional 20 consolation prize winners.

IMPACT AND SCALING WITH THE WOMENPRENEUR PITCH-A-TON

The Womenpreneur Pitch-a-ton has yielded an impressive array of 320 International Finance Corporation certified Women Small and Medium Enterprises (SMEs), accompanied by the receipt of grants of up to $100,000. Presently, this program is highly sought-after, with women in business eagerly anticipating its annual occurrence, demonstrated by the influx of thousands of applications each year.

The program attains its greatness through the in-depth business courses it offers, the caliber of its facilitators, the constructive relationships forged through networking, and the unwavering support of its business coaches. To qualify for the esteemed Mini MBA program, an enterprise must satisfy the primary requirement of having a female majority ownership of at least 50%. However, other essential factors are considered during the selection process. These include an innovative value proposition for the business, proper registration with regulatory bodies, a minimum of one year of operation, and a positive social impact. Upon completion of the program, finalists present their ventures to an impartial panel of distinguished industry and financial experts from diverse sectors.

These judges adhere to a rigorous evaluation framework to determine recipients of our esteemed grant prizes. Throughout the five years of operation, a lot of testimonials from participants, detailing significant improvements across a variety of key performance indicators has been witnessed. These include an impressive 200% increase in product and business visibility, leading to stronger brand recognition and the acquisition of new clientele in international markets such as Cabana, New York, and London. Additionally, business owners have reported a remarkable 300% increase in production capacity, liquidity, and revenue, as well as a substantial 150% growth in their client base.

Capacity Building For Program Participants

The program has also enabled participants to secure grants for new equipment and expand their operations with a 50% increase in outlets and staffing, among other notable achievements. Partnership with the International Finance Corporation provided a lot of credibility for the program when they launched, which set the ball rolling for a well-structured program. Access to their wide pool of IFC master trainers helped to solidify the quality of the training and practicable knowledge passed across to the participants.

Unearthing The Foundations

The W Initiative is the foundation of everything. Access Bank commits to offering African women with innovative solutions designed to support their financial and lifestyle needs across the continent. With a mantra to inspire, connect, and empower women in the markets, the W initiative applies a segment-based approach in supporting five key segments: W in Business, W professional, W and Family, W quintessential and Gen Zs. For women entrepreneurs, Access Bank through the W Initiative provides the following:

Access to Finance: The organization has strategically developed one-ofa-kind offerings aimed at empowering female-owned small and medium enterprises (SMEs) to obtain financing at reduced rates and simplified procedures. A few examples of their customized solutions are:

• The W Power Loan: Launched in 2018, The W Power Loan is a discounted financing scheme aimed at bridging the financing gaps faced by women in business due to barriers such as huge collateral requirements and complex documentation. The loan can be used for expansion, working capital or purchase of equipment.

• W Power Vehicle Loan: A discounted financing product for women in business to access funding for the acquisition of vehicles for business purposes. This product was designed to address the logistic issues encountered by female owned businesses.

• Instant Business Loans: This is a digital loan product where women-owned SMEs can access funds through their mobile phone using the Quick Bucks app.

Access to Market: Typically, African businesses, especially women-owned SMEs struggle with lack of visibility and low clientele. Through the W Community businesses gain visibility and access to a wider range of customers through channels like trade fairs and exhibitions, e-commerce platforms and free business spotlight.

Access to Capacity Building: Here, women gain access to free training and resources that can help their businesses thrive. Apart from the Womenpreneur Pitch-a-ton program others capacity building opportunities available are the W webinars, W session in Branches, Ladies let’s Drive etc.

Access to Network: Participants also enjoy networking opportunities for women which has resulted in impactful partnerships and collaborations. Example of such is the International Women’s Day conference. The W Initiative boasts a global community, W Community with a strong membership of over 200,000 women across all platforms including web, social media, and other virtual platforms. It is a noteworthy African online community for women to share information, network and enjoy privileges that enhance their lifestyle. Through the virtual community platforms, opportunities to advertise products and services exist, which have translated into better sales have partnerships, and collaborations. The program is championed by Executive Management and Board members from inception till now, which has ensured continuity and growth of the program offers. It has become a household name within the Bank.

Furthermore, a strong alumni network is maintained that allows all previous beneficiaries of the program to connect, support and collaborate amongst themselves. The immense value received by these women have made them strong advocates for this program as they look forward to future winners emerging from the Womenpreneur Pitch-a-Thon which has created a sense of attachment towards the program.

With the numerous successes achieved thus far, it is no doubt that the Womenpreneur Pitch-a-ton program is here to stay as Access Bank is committed to playing a pivotal role in promoting and developing the well-being of women in all aspects of life.