NCGC Launches GuaranteeHer for Women-Owned Businesses

The National Credit Guarantee Company (NCGC) has launched an initiative called GuaranteeHer, aimed at closing the gender gap in access to finance by mobilizing over ₦100 billion in credit for female-led businesses over the next five years. In its first year, NCGC reported that 11,374 women benefited from its credit programs, with a total of 67,512 women-owned businesses reached through its guarantee initiatives.

The company provided ₦21.59 billion in risk cover, unlocking ₦46.95 billion in loans across 25 states and the Federal Capital Territory. GuaranteeHer will increase risk coverage for eligible lending portfolios to 70%, and will begin with a 12-month pilot deploying between ₦5 billion and ₦10 billion through selected banks.

The initiative is expected to support over 150,000 direct and indirect jobs and aims to assist more than 20,000 women-owned businesses. The launch was supported by the Minister of Finance, Taiwo Oyedele, and the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, with NCGC's Managing Director, Dr Bonaventure Okhaimo, emphasizing the potential of credit guarantees to expand lending.