GTBank CEO on Bridging the Capital Gap for Women in Business

GTBank CEO on Bridging the Capital Gap for Women in Business

Women play a vital role in the growth of Nigeria’s small and medium-sized enterprises, yet they continue to face challenges due to limited access to capital, said Miriam Olusanya, managing director and chief executive officer of Guaranty Trust Bank. She emphasized the importance of thoughtfully redesigning the financial system to unlock their full potential.

Speaking at the Association of Professional Women Bankers (APWB) Women’s Marquee event in Lagos, Olusanya said women-led businesses account for a substantial share of economic activity across Nigeria and other African markets, yet are persistently underserved by formal financial institutions.

“Women are not just participants in the financial system; they are multipliers,” she said. “When women gain access to finance, the benefits extend beyond individual businesses to households and entire communities. But today, many of these businesses remain undercapitalised and unable to scale.”

Her remarks come at a time when Nigeria’s financial system is undergoing rapid transformation, driven by digital payments, data-led lending models and broader financial inclusion efforts. While these shifts have expanded access for millions, Olusanya noted that the gains have been uneven, with women disproportionately excluded from credit and formal financial services.

She pointed out that financial exclusion in Nigeria remains deeply gendered, with women more likely to operate in informal sectors, less likely to have access to structured credit, and underrepresented in decision-making roles across banking and finance.

Despite significant growth in digital transactions, now running into hundreds of trillions of naira annually, she said large segments of the population, particularly women-led enterprises, continue to face barriers in accessing finance needed for expansion.

Olusanya argued that addressing this gap is not just a social imperative but a commercial opportunity for banks and financial institutions. “Inclusion is not charity; it is a growth strategy,” she said, adding that expanding access to underserved segments would deepen markets and drive sustainable economic growth.

She identified access to credit as a critical constraint, noting that traditional collateral-based lending models often fail to reflect the realities of informal and small-scale businesses. Instead, she called for greater adoption of data-driven approaches that assess cash flows, transaction histories and business ecosystems to design more responsive financing solutions.

“The future of credit lies in better use of data,” she said. “This is about aligning finance with how businesses actually operate, not lowering standards but improving insight.”

Beyond access to capital, Olusanya highlighted structural barriers that continue to limit women’s participation in finance, including cultural constraints, lower levels of digital access and literacy, and limited representation in leadership and policy-making roles.

She stressed that true financial disruption must go beyond technology to address these systemic challenges. “Disruption is not just about apps or platforms; it is about expanding access, reducing costs, improving transparency, and bringing more people into the formal economy,” she said.

Drawing on traditional financial practices such as informal savings groups and rotating credit systems, Olusanya noted that women have long played a role in building resilient, community-based financial structures. Today, she said, these models are increasingly being translated into digital platforms, micro-lending tools and payment solutions tailored to real household and business needs.

“This is innovation grounded in lived experience,” she said. “When women design financial products, they start with human needs, not technology.”

She also emphasised the need for stronger institutions to support scale, noting that innovation alone is insufficient without capital strength, governance and trust. “Financial systems are built on credibility, and credibility must be earned over time,” she said.

Olusanya linked the push for inclusion to broader economic opportunities, including rising intra-African trade, which is expected to increase demand for efficient payment systems, trade finance and settlement infrastructure.

She added that recent reforms aimed at strengthening Nigeria’s banking system underscore the importance of stability in driving sustainable disruption. “Disruption built on instability is fragile, but disruption built on strength is transformative,” she said.

Ultimately, she said, leadership will determine whether the financial system evolves to meet the needs of underserved groups, particularly women-led businesses.

“The question is not whether disruption will happen, but who it will serve,” Olusanya said. “If we are intentional about inclusion, we can unlock significant economic value and ensure that growth is both broad-based and sustainable.”

In her opening remarks, Rafiat Onitiri, chairman of the Association of Professional Women Bankers, has urged women in the financial sector to embrace innovation and position themselves as drivers of transformation in an evolving global economy.

Rafiat Onitiri, chairman of the Association of Professional Women Bankers, said the financial services industry in Nigeria and globally is undergoing a significant shift driven by innovation, stressing that disruption should be seen as a force for positive transformation rather than instability. She noted that while traditional banks have made considerable progress, the rise of fintechs has accelerated change by challenging existing models and expanding what is possible. “Disruption is not about negative destruction; it is about positive transformation,” she said, adding that the industry must continue to evolve in ways that improve access, efficiency and impact.

She emphasised that the current wave of innovation from artificial intelligence to digital finance has created opportunities for a new generation of female leaders to emerge and shape the future of the sector. According to her, many women are already leveraging these changes to drive inclusion and deliver practical solutions across the financial ecosystem. “This evening is about innovation, innovation and more innovation,” she said, noting that the event was designed to celebrate women who have “embraced disruption, turned challenges into opportunities, and are shaping the future of finance with courage, vision and impact.”

Onitiri also highlighted the role of the association in preparing women for leadership and strengthening their influence across the industry, urging a shift from dialogue to measurable outcomes. She called on women to take up space in decision-making roles across boards, committees and executive management, stressing the need for confidence and intentional leadership. “Take it, my lady, and own it,” she said.

Speaking at the event, Pius Olanrewaju, president and chairman of council, Chartered Institute of Bankers of Nigeria (CIBN), said “empowering women in finance is not just an aspiration, it is a necessity. It must go beyond rhetoric and translate into measurable, meaningful outcomes.”

He added, “the question before us is no longer whether women will shape the future of finance. That has already been established. The real question is how quickly and how effectively we can accelerate this transformation.”