BOI Unveils N10bn GLOW Fund to Boost Female Entrepreneurs

The Bank of Industry (BOI) has launched the Guaranteed Loans for Women (GLOW) Fund, a N10 billion initiative aimed at bridging the financial inclusion gap for female entrepreneurs in Nigeria.

Announced by BOI Managing Director, Dr. Olasupo Olusi, the fund will provide women-led businesses with access to capital, mentorship, and capacity-building support. With 23 million female entrepreneurs accounting for 41 percent of Nigeria’s micro-businesses, this intervention could be a game-changer for the economy.

Unlike the Development Bank of Nigeria (DBN), which recently introduced a N30 billion small and medium-sized enterprise (SME) loan program without a gender-specific focus, BOI’s initiative directly tackles the funding barriers women face. BOI has also committed $2 million to Aruwa Capital, a female-led investment firm, and partnered with the African Guarantee Fund for a N50 million partial risk guarantee program—further cementing its leadership in gender-lens investing.

For investors, the GLOW Fund presents both opportunities and challenges. Expanding SME lending to an underserved market could boost BOI’s influence in the financial sector and contribute to gross domestic product (GDP) growth. However, risks such as loan recovery challenges, especially in the informal sector, remain a concern.

Additionally, fintech firms such as Carbon, FairMoney, and Renmoney are rapidly expanding their digital-first lending solutions, posing competition to BOI’s dominance.

Beyond direct financial support, the GLOW Fund is expected to reshape Nigeria’s financial landscape. With a $42 billion financing gap for women-led businesses, this initiative could drive job creation, poverty reduction, and economic development. It may also push commercial banks and fintech firms to introduce more competitive interest rates and women-focused lending products, while encouraging government-backed financial policies that prioritise gender inclusion.

Looking ahead, BOI’s 2025-2027 strategy places gender-focused financial inclusion at the center of its development agenda, signaling potential future funding opportunities for female entrepreneurs. As competition intensifies, fintech firms could disrupt the space by offering faster, more flexible digital loans, potentially attracting women entrepreneurs who prefer tech-driven solutions.

BOI’s GLOW Fund highlights the growing recognition of women as a driving force in Nigeria’s economy. While the initiative positions BOI as a leader in gender-focused SME financing, its success will depend on effective fund disbursement, repayment rates, and long-term economic impact. The big question now is whether this move will spark broader financial sector reforms and if Nigeria’s banks and fintech firms will step up to close the gender financing gap.