The Bank of Industry has taken a significant step toward empowering young women entrepreneurs by partnering with the Adeola Azeez Community Care Foundation (AACCF) and Neighbours Shop to donate 50 solar-powered smart retail kiosks in Ogun and Lagos States. This initiative is supported by a financial commitment of N97 million from the bank and aims to specifically empower 50 women who are poised to engage in micro-retail businesses. The unveiling event took place recently in Ijebu-Ode, Ogun State, where 35 women received their kiosks, which are pre-stocked with various retail items, including a solar-powered freezer and a tablet for management purposes.
Mrs. Adeola Azeez, the founder of AACCF, emphasized that this project is pivotal for growth, transformation, and sustainability within communities. Her foundation is committed to helping women, children, and youth realize their full potential through initiatives that promote collective prosperity. The launch aligns with AACCF’s mission to drive financial independence and support community development while tackling critical issues such as informal trading hurdles, financial exclusion, energy shortages, and security concerns. Azeez celebrated the collaboration with the Bank of Industry, highlighting its transformative impact and dedication to empowering individuals in Nigeria.
The initiative highlights the pressing need to address the gaps in Nigeria’s informal retail sector, which reportedly encompasses 90% of all retail activities in the country. The selected beneficiaries underwent training facilitated by Neighbours Shop, which helped develop the concept behind these solar-powered kiosks. Azeez articulated that these kiosks are meant to be innovative hubs for the women, equipped with modern technologies like cloud-connected devices for inventory management and security features. This integration aims to foster an environment where women can thrive economically while also adhering to sustainable practices, particularly given the focus on using solar energy.
In terms of geographical distribution, 15 of the kiosks are designated for women in Ikorodu, Lagos, while 35 will be utilized by entrepreneurs in Ijebu-Ode. Olasupo Olusi, the Managing Director of the Bank of Industry, underlined the importance of this initiative as a reflection of the bank’s commitment to creating opportunities for women and recognizing their role as significant contributors to economic growth. He pointed out that empowering women isn’t merely a moral obligation but an economic necessity, given that women represent over half of the population and play a pivotal role in family and community development.
Furthermore, the Bank of Industry has made gender empowerment a focal point of its operations and has established a dedicated desk to support women-led businesses. This initiative is echoed in its broader strategy that encompasses six thematic areas of development. The importance of such targeted support reflects a growing recognition of the critical role women can play in transforming local economies and communities, especially in a country where more inclusive growth strategies are increasingly essential.
Muyideen Sanwo-Ola, the founder of Neighbours Shop, explained the profit-sharing model associated with the kiosks, where beneficiaries retain 60% of the profits generated from sales. Payments are made weekly to their accounts, providing a steady income stream that can foster financial stability. This structured approach aims to ensure the long-term success of the initiative by monitoring kiosk performance online, which stands in contrast to traditional empowerment programs that have sometimes failed to deliver tangible results. By keeping track of sales and profits, the program seeks to ensure that the financial benefits of empowerment are sustainable and that women can continue to grow their businesses effectively.
