Sanusi urges banks to disclose lending to women-led businesses

Muhammad Sanusi II, the Emir of Kano, has urged financial regulators to mandate banks to publish the volume of loans granted to women-led businesses.

He said greater transparency would promote inclusive financing and spur competition.

Sanusi, a former governor of the Central Bank of Nigeria (CBN), made the call in a goodwill message at the third Gender Impact Investment Summit and the launch of the Gender Equity and Social Inclusion (GESI) Roadmap 2025–2035 in Lagos on Thursday.

“We just heard about the need for gender-disaggregated data. But it’s not just about data. By regulation, banks and funds should be compelled to publish how many female-led businesses they have lent to. Nobody is forcing you to lend to women, but publish the numbers. If you have lent to 10,000 companies and only five are women-led while your competitor lent to 200, the discipline of disclosure itself will drive competition,” he said.

Sanusi also called for constitutional reforms to guarantee more women in political leadership.

“Why is diversity in Nigeria only a matter of states? Why can’t the constitution require that 30 to 40 per cent of cabinet positions go to women? Why can’t at least one senatorial district in every state be reserved for women on a rotational basis? Out of 109 senators, only four are women. How can laws favourable to women be passed under such conditions?” he asked.

Despite gains in financial inclusion, from 56 per cent in 2020 to 64 per cent in 2023, only six per cent of Nigerian women have access to formal credit, according to Women’s World Banking.

The International Labour Organisation also estimates that women-led MSMEs account for between 32.9 and 40 per cent of businesses in the country.

The summit, themed “Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development”, featured global and local stakeholders pushing for gender-responsive financing.

Jessica Espinosa, CEO of 2X Global, said closing the gender finance gap could unlock a $6 trillion opportunity worldwide.

“Investing in women as entrepreneurs, owners, and leaders consistently boosts financial performance. Closing the gender finance gap is both a moral imperative and a huge market opportunity,” she said.

At the event, the Impact Investors Foundation, in partnership with PwC Nigeria, unveiled the GESI Roadmap 2025–2035. The framework sets ambitious targets: mobilising $8bn in gender-inclusive capital, launching 40 inclusive financial products, integrating GESI principles into 90 per cent of investment partners, and enacting 20 new policy and regulatory instruments.

Foundation Chairman, Frank Aigbogun, said the initiative would transform Nigeria’s investment landscape.

“This framework is our commitment to ensure capital is not exclusive but truly inclusive,” he noted.

Former FirstBank Chairperson, Ibukun Awosika, stressed that empowering women and marginalised groups is key to social and economic stability.

“We only gain when we use the best of our people, male or female. A nation that creates opportunities for women and people with disabilities strengthens its social and economic fabric,” she said.

Impact Investors Foundation CEO, Etemore Glover, added that the roadmap is designed as a continental model.

“We want to close the $42bn financing gap for women on the continent and ensure that capital serves everyone, leaving no one behind,” she said.