17,000 Women Strong: Over 1 Billion Naira in Deposits in One Year
According to available census data, Nigeria women represent about 48-50% of the Nigerian adult population.
This is a very important segment of the economy that cannot be ignored, no one who cares about capacity building should discount that all important group, every day we see banks introduce products target at the womenfolk, please do not be left out in this race, the market is big and booming with plenty of room to for growth.
First Bank yesterday December 5, 2017, at Harbor Point, Victoria Island, as part of the celebration of its first-year anniversary of its product: First Gem, feted and brought economist and financial experts to speak to business women from all works of life about financial products and services that can help empower them.
It was for me heart warm experience. I met a lot of business women and some of the old contacts @ First Bank.
Here are five key learnings:
- There is strength in numbers: Since First Gem was launched last year, 17,000 customers (women) have been on-boarded, with a deposit base of over 1 billion Naira during the 12 months’ period (now that is a stellar achievement by any standard). Given the large turnout at yesterday’s event, I estimate that there were over 1000 women (not counting some men like me that came to the event at the invitation of my wife) the number will triple next year! (and so too will be the deposits).
- Financial Literacy Opportunity: There is a serious knowledge gap (admittedly across all genders) when it comes to financial literacy, statics say about 2/3 of people who have one form of education are financial illiterates. Therefore, there is a big opportunity for financial literacy products and services waiting to tapped.
3. You are Also a Brand: Many people thinking erroneously that branding is for only corporates, well given the lecture and presentation done by Chizor Malize (aka Branding Queen), this cannot be far from the truth. You have to take care of your brand. You need to be out there telling your own story. Even some professionals who complain that they are “not allowed” to advertise were given tips on who get their story out whiles operating with the law: Have you thought of blogging, showing case a charity work you are doing?
4. Men Vs Women: The lecture series help expose harm caused by men who either out of sheer ignorance, timidity or insecurity who refuse to empower their female partners to be financially strong; not only hurt themselves, they also hurt their children by extension their extended families. Yes, sometimes life happens, the man could lose his job or a business could go bust, he could die prematurely (the life expectancy of Nigeria is 52), he may be involved in an accident that leaves the man disabled or incapacitated. When any of these misfortunes occur and we have seen too many of them, the women and children suffer. Yes, sadly, sometimes even Superman leaves earth for another planet!
5. Who Interest is Best Served: The best time to start investing now, the most durable and predictable investment you can make is in women (ask companies that know how to utilize and harness these talents and manpower, they will win in the end). You cannot an asset and only deploy on 50% of it. Whose interest is served?
