Polaris Bank says many female entrepreneurs are unable to access finance to either stabilise or scale their businesses mainly because of a lack of awareness on how to leverage bank funding to drive and sustain profit.
The bank stated this just as it pledged that its Polaris Pearl account will equip business owners with the requisite knowledge, skills, and support to run their businesses profitably.
In a statement on Monday, the bank said the popularly held view that unavailability of finance is the main challenge facing the average businesswoman is erroneous.
Speaking further on the benefits of the Polaris Pearl Account, the bank’s group head, products and market development, Adebimpe Ihekuna, explained that lack of proper guidance on access to opportunities is also a major hindrance to women in their entrepreneurial ventures.
Mrs Ihekuna noted that “we have carefully designed Polaris Pearl Account for women or groups of women entrepreneurs who initiate, organise, and operate a business enterprise to fulfil an existing need for the purpose of making profit.”
Speaking on the value proposition of the Polaris Pearl, acting managing director/CEO, Innocent Ike, explained that “Polaris Bank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI) and hence a critical stakeholder in the global conversation about gender inclusion and women empowerment especially in enhancing their access to finance and business opportunities.”
Mr Ike explained that the empowerment of Nigerian women constitutes one of the six pillars of Polaris Bank’s corporate citizenship and sustainability focus.