The Role of Businesses in Society and Women Empowerment Through CSR

Businesses are integral to societies, and successful businesses contribute positively to their customers, employees, communities, and shareholders. This is achieved through corporate social responsibility (CSR), which emphasizes that businesses should “strive to make a profit, obey the law, be ethical, and be good corporate citizens.”

The benefits of CSR for businesses include enhanced reputation, legitimacy, and customer loyalty. However, CSR is more than just marketing or image-building—it is a strategy to develop markets and sustain businesses. A key component of CSR today is the empowerment of women, which has become a cornerstone of international development.

Women are essential to the economic and commercial growth of emerging markets and are significant stakeholders in society. In Nigeria, however, women face considerable disadvantages in health and employment. For instance, the maternal mortality rate is 576 per 100,000 live births, the fourth-highest in the world. Women’s unemployment rate rose from 25.9% in 2018 to 31% in 2020, limiting their participation in financial and economic activities.

Research on Nigerian Banks’ CSR Efforts to Empower Women

Our research as marketing academics examined how Nigerian banks empower women through CSR. We analyzed 15 banks’ annual CSR and sustainability reports to understand the principles guiding their initiatives, the nature of their empowerment efforts, and the groups of women they aim to support.

Guiding Principles

The CSR initiatives of Nigerian banks were primarily shaped by three principles:

1. UN Sustainable Development Goals (SDGs)
2. Women Empowerment Principles (WEPs)
3. Nigerian Sustainable Banking Principles (NSBPs)

The first two are internationally recognized, while the third is a local framework. Of the 15 banks analyzed, only eight referred to the NSBPs.

Four Levels of Engagement

The empowerment initiatives were categorized into four levels of engagement:

1. Basic Healthcare
   Banks addressed the shortage of healthcare facilities in Nigeria by offering additional support, particularly for pregnant women.
2. Financial Empowerment
   Initiatives focused on including women in the financial system and enabling economic participation. This included job creation and vocational training.
3. Social Empowerment
   These initiatives built on financial empowerment by developing women’s human capacity. Examples include online communities like Access Bank W Community and First Bank FirstGem Online Community, which provided advice and resources tailored to women’s needs.
4. Career Empowerment
   Targeting women in the banking sector or those considering a banking career, these initiatives supported women’s professional development and encouraged them to take on decision-making roles within banks.

Target Groups and Impact

The initiatives reached three primary groups:

1. All women, regardless of education or location, were included in the first three levels of engagement.
2. Women in business, who needed financial support and training, were a secondary focus.
3. Women working in banks were targeted through career empowerment initiatives.

The first three levels were outward-facing, enhancing the banks’ reputation among external stakeholders. Internally, the initiatives aimed to foster a sense of respect and connection among employees.

Conclusion

Our analysis revealed that Nigerian banks recognize women as crucial to economic growth and poverty reduction. While the banks have made significant strides in empowering women through CSR, more could be done in areas such as healthcare, loans and grants for entrepreneurs, and career mentorship and training.

All organizations should consider integrating Women Empowerment Principles into their CSR strategies to maximize their impact on society and contribute meaningfully to gender equality and economic development.