L-R: Odunola Oyegade, Managing Director, Mopheth Nigeria Limited; Titi Osuntoki, Executive Director, Business Banking, Access Banking, Access Bank Plc; Clare Omatseye, Managing Director, JNC International and Ope Wemi-Jones, Head, Inclusive Banking, Access Bank held in Lagos
FUNKE OSAE-BROWN
Penultimate Thursday, women from all walks of life gathered at the Access Bank head office situated at Victoria Island Lagos to discuss the place of women in the Nigerian health sector. Many issues were on the front burner for discussants and attendees, such as lack of funds for female entrepreneurs who have distinguished themselves at home and in their professions at various levels.
The event tagged ‘W in Health’ was organised by Access Bank’s product for women to discuss some of the challenges they face as practitioners in the healthcare industry. While giving her opening remark, Clare Omatseye, managing director, JNC International, said the number of women practicing in healthcare sector in the country was too low as there were only 17.5 percent of women in the sector. According to her, a forum as the ‘W in Health’ is necessary for women to voice their concerns.
“You can count on your fingers,” she said, “how many women are in leadership positions in healthcare. Household responsibilities inhibit women to rise in their chosen fields. Nigerian women are known to have low rate in the number of female entrepreneurs. Women need to become bedrock of businesses not just the household. Women are more astute and frugal. The chances of women defaulting with loans are low. Special packages must be made for women by banks,” she said.
The event was divided into sessions where different issues bothering on women in healthcare sector were discussed. In first session, a presentation tagged ‘Gender and risk entrepreneurship’ was made by Eileen Shaiyen, CEO, H. Pierson Associates Limited, saying “when it comes to entrepreneurship, women are still struggling.” According to her, being a successful entrepreneur is about balancing business and the home.
“There are so many issues women have to deal with,” she observed. “There is the issue of stereotypes. Women are considered to have less will power than men. To be a successful female entrepreneur, you must work with innovation on your side. For you to be successful in business, you need innovation. Innovation will make it easier for you to compete.”
In addition, she said self-confidence was important for a woman to succeed in business. “We need to begin to talk to ourselves. We have an incredible fear of failure as women. We are very risk averse. It is a good trait but we should take it to the positive. As an entrepreneur, you need finance and inner courage to grow,” she said.
To make the sessions more interactive, a panel of notable women in healthcare was constituted to discuss the challenges female entrepreneurs face in the sector. One of the issues raised by the women is lack of access to finance by startups.
“Collateral is a big issue when we want to access loans as entrepreneurs,” said Odunola Oyegade, a pharmacist, saying “women with great business ideas cannot access loans because they cannot provide collaterals. I believe it is about the value we have on our inside. Women are better managers and entrepreneurs.”
Also, Abiodun Eke-Aluko, a paediatrician, said the interest rates charged by banks were great hindrance to entrepreneurs. “The interest rates are killing,” she argued, but “it is a different thing to have collateral and a different thing to get good interest rates.”
However, Titi Osuntoki, executive director, Business Banking, Access Bank, said what was important in accessing finance was the quality of business plan. “You must be able to communicate your business plan to the financier. Access Bank has put in place a process for women to access finance. We usually advise women on how to put together a workable feasibility plan,” she said.
Ope Wemi-Jones, head, Inclusive Banking, Access Bank, also said through the W Initiative, Access Bank had put in place a viable process to assist female entrepreneurs. “For Access Bank, our interest in women began in 2006. For us, W stands for what every woman will want. The essence of this forum is to help women in healthcare by providing finance. The interest rate is 14 percent for the W Initiative. We have a women banking team dedicated to addressing female entrepreneurs in Access Bank.”