The World Savings and Retail Banking Institute (WSBI) has launched a flagship initiative in Nigeria aimed at enhancing financial inclusion and promoting climate-smart agriculture, supported by grants from the Visa Foundation and ”la Caixa” Foundation. The pilot program specifically targets women smallholder farmers and women-led businesses in rural areas, expanding access to finance and supporting climate adaptation efforts. The initiative is implemented in partnership with LAPO Microfinance Bank, a WSBI member with extensive experience in lending to women-led micro, small, and medium enterprises (MSMEs).
The pilot seeks to create a scalable, evidence-based model demonstrating how gender-smart financing and climate-resilient agricultural practices can drive inclusive economic development. It is expected to benefit approximately 20,000 smallholder farmers, including at least 6,600 women, and 5,000 small and medium-sized enterprises, of which over 2,200 are women-led businesses. The program will facilitate financing for agriculture through partnerships with development finance institutions, equip local financial institutions with tools for sustainable agriculture, and strengthen impact measurement frameworks. LAPO Microfinance Bank is expected to emerge as a national reference under the Women Entrepreneurs Finance Code.
This initiative aligns with Nigeria’s climate and financial inclusion strategies, including the Nationally Determined Contribution (NDC 3.0) and National Financial Inclusion Strategy (NFIS 3.0). It also builds on WSBI’s strategic partnerships under the Women Entrepreneur Finance Code, housed by the World Bank, and with the Food and Agriculture Organization (FAO). The WSBI Development Finance Unit, established in 2023, will lead the pilot, leveraging decades of experience to scale impact-driven projects at the intersection of finance, gender, and climate.
WSBI and partner foundations emphasize the social and economic significance of the initiative. Isidro Fainé of ”la Caixa” Foundation highlighted its contribution to poverty reduction, youth empowerment, female entrepreneurship, and environmental sustainability. WSBI CEO Peter Simon noted that combining inclusive finance with climate resilience strengthens rural economies and communities. Visa Foundation President Najada Kumbuli emphasized that financial inclusion empowers small business owners and promotes sustainable growth, while LAPO Microfinance Bank CEO Cynthia Ikponmwosa highlighted the program’s role in providing climate-smart financial solutions to women farmers and entrepreneurs vital to rural resilience.
Founded in 1924, WSBI brings together savings and retail banks from 76 countries, focusing on international regulatory issues, knowledge exchange, and sustainable, inclusive growth. The institute aims to promote financial access for all, support best practices among member banks, and foster inclusive, well-governed financial institutions globally. Through this pilot initiative, WSBI demonstrates its commitment to leveraging inclusive banking solutions to address climate, gender, and economic challenges in rural communities.
