Kuda Microfinance Bank has expanded its “Kuda for Her” initiative, increasing total funding to ₦10 million to support women-led small businesses in Nigeria. The move comes as more female entrepreneurs continue to seek capital to sustain and grow their operations in a challenging business environment.
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Rising participation drives expansion
The programme was initially designed to support a limited number of businesses but has now been extended to fund ten entrepreneurs. Each selected business will receive ₦1 million to support operations, inventory, and expansion. According to the organisers, the decision to increase funding followed a rise in applications and the quality of business ideas submitted. The initiative focuses on the food and hospitality sectors, where many women-led SMEs operate and contribute to economic activity.
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Funding gap limits growth
Available data shows that women own about 43 percent of micro and small businesses in Nigeria, yet only 23 percent can access formal credit. This gap continues to slow business growth, as many entrepreneurs rely on personal savings or informal borrowing. Limited access to finance affects their ability to expand operations, invest in equipment, and compete effectively. Analysts say targeted funding programmes remain important in addressing these challenges and improving inclusion within the SME sector.
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Implications for SMEs
The increase in funding highlights the growing role of fintech institutions in supporting underserved entrepreneurs. It also shows that alternative funding channels are becoming more important for SME development. The selected beneficiaries, expected to be announced later in March, are likely to use the funds to scale operations and create employment. The development reinforces the need for consistent funding support to strengthen small businesses and improve their long-term sustainability.
