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5 Wealth-Building Strategies for Nigerian Women-led Businesses

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By Chinwe Iwobi, Head of Wealth Management, FairMoney Microfinance Bank

In Nigeria, women are the backbone of our economy. Data from the National Bureau of Statistics shows that women own approximately 40% of small and medium-sized enterprises across the country (NBS Country Data Overview 2023). Yet despite their outsized contribution to GDP, women-led businesses continue to face systemic barriers to the capital and financial infrastructure needed to scale.

5 Wealth-Building Strategies for Nigerian Women-led Businesses

Chinwe Iwobi

The cost of that gap is not abstract. When these entrepreneurs are held back, the ripple effect runs deep, from household stability to the education of the next generation. But the narrative is shifting. Nigerian women are proving, consistently, that they are not just resilient; they are sophisticated, high-earning innovators building businesses that deserve serious financial strategy.

Here are five foundational strategies every women-led business should be deploying to build lasting, generational wealth.

1. Separate Business and Personal Finances Without Exception

Mixing personal funds with business cash is one of the most common and most damaging financial habits I see among growing entrepreneurs. It obscures your true profit margins, makes tax planning nearly impossible and, critically, disqualifies you from accessing formal credit when you need it most.

The discipline of separation is not just administrative. It is the first signal you send to the financial system that your business is serious. Open a dedicated business account, maintain clean transaction records, and treat your business finances with the same rigour you would expect from any enterprise operating at scale. Clarity on your numbers is the foundation on which every other strategy here depends.

2. Build Both an Emergency Fund and an Opportunity Fund

Most financial advice stops at the emergency fund, which is three to six months of operating expenses set aside for lean periods. That is necessary, but insufficient. The entrepreneurs I have watched grow most aggressively also maintain what I call an opportunity fund: accessible liquidity specifically reserved to move fast when a prime supplier deal, an expansion location, or a bulk inventory discount appears.

In an unpredictable market like Nigeria’s, the businesses that scale are rarely the ones with the best products alone. They are the ones with the financial readiness to act decisively. Products like FairMoney’s FairSave are designed precisely for this, keeping your funds accessible while earning competitive daily interest so your idle cash is working even when you are not. Build both buffers, and build them before you think you need them.

3. Invest Profits Back into Revenue-Generating Assets

Surplus cash sitting in a current account is a slow leak. Inflation erodes it and opportunity costs compound quietly. The discipline here is to consistently channel profits back into assets that grow your revenue capacity, whether that is new equipment, improved technology, better inventory systems, or staff training.

For capital you do not need immediately, consider locking it into a fixed-term savings product that offers higher interest returns. The psychological benefit is as important as the financial one: ring-fencing that capital removes it from day-to-day spending temptation and ensures it is preserved and grown for a defined purpose. Discipline in capital allocation separates businesses that plateau from those that compound.

4. Diversify Your Revenue Streams Intentionally

Single-stream businesses are inherently fragile. If your sole revenue source is disrupted by market shifts, a supply chain breakdown, or a change in consumer behaviour, your entire operation is exposed. Resilience is built by design, not by accident.

If you are in retail, consider adding a service-based arm. If you are service-led, explore whether digital products or training offerings could create passive income alongside your core work. Beyond product diversification, consider how you accept payments. Building a verified, diverse transaction history through formal payment channels also quietly strengthens your credit profile, an asset that pays dividends when you approach lenders for growth financing. FairMoney’s Business POS infrastructure, for instance, allows entrepreneurs to expand their payment reach while simultaneously building that financial track record.

5. Invest Beyond the Business

This is the strategy most women entrepreneurs delay for too long, and it is the one I feel most strongly about. Relying entirely on your business for your net worth is a high-risk position, no matter how well that business is performing. Businesses face cycles; personal wealth should not.

As your business stabilises, begin systematically moving a portion of your profits into personal investment vehicles such as long-term savings accounts, money market funds, or other instruments that sit entirely outside the business cycle. Automate it if you can, so the decision is made once and executed consistently. The goal is to build a personal financial foundation that remains intact regardless of what your business goes through in any given quarter. True wealth is not what your business is worth on paper. It is what you own independently of it.

The Bigger Picture

For female entrepreneurs in Nigeria, wealth-building is not simply a personal ambition; it is an economic argument. When women-led businesses scale, communities stabilise, households invest in education, and local economies deepen. The strategies above are not complicated, but they require consistency and the right financial infrastructure to execute well.

The tools exist. The opportunity is real. What remains is the decision to treat your business, and your personal wealth, with the long-term seriousness both deserve.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Report Reveals More than Half of Users Encountered Fraud or Scams Online

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More than half (56%) of Internet users faced fraud over the past year, and 45% became victims of attacks on their devices, accounts or data (social media accounts hacking, data leakage, malware infection etc.), according to a new global survey* by Kaspersky.

Scams are now more sophisticated than ever, and Kaspersky’s AI- and ML-powered technologies help users stay protected against fraudulent schemes. For greater confidence and clarity, these capabilities are now grouped into a dedicated block inside Windows and macOS apps.

The scam landscape continues to evolve rapidly, becoming more sophisticated and targeted, and attacks are increasingly powered by AI. Users can face potential threats in almost any type of online interaction: emails, messengers, social media, online shops or apps.

In Q1 2026 only, Kaspersky anti-phishing technologies blocked over 140M phishing and scam attempts, underscoring how pervasive this web threat has become.

Kaspersky experts highlight that scams are becoming more widespread, as almost every emerging trend or global event quickly becomes a foothold for fraudsters.

In March 2026, Kaspersky’s anti-phishing technologies detected rising scam activity around the 2026 World Cup, uncovering fraudulent resources that mimicked official tournament websites or exploited the event to lure users into unsafe interactions.

The same underlying approach, combining machine learning, pattern recognition and real-time threat analysis, also helps Kaspersky technologies detect a broader range of scam scenarios, from classic phishing pages to fake shops, crypto scams and other schemes that may lead to financial loss.

Scam campaigns now may be even fuelled by personal data stolen from breaches, infostealer malware, compromised accounts and other online exposures.

Fraudsters combine this information to craft targeted messages, impersonate trusted contacts or make their scams more convincing. Kaspersky Premium protects customers from various digital threats, reducing these risks across all devices, including smartphones, with protection technologies tailored to each platform and reinforced by AI- and ML-based detection.

These include Data Leak and Identity Theft checkers that warn users about potential exposure of personal information, Kaspersky Password Manager that helps keep credentials secure and unique, and behaviour-based protection technologies such as System Watcher, which uses advanced app behaviour monitoring and pattern recognition to detect signs of misuse or malicious activity in real time.

In Kaspersky apps for Windows and macOS, these capabilities are now brought together in a dedicated AI-powered Scam Protection block, making them easier for users to find and understand, while in mobile apps they continue to work in the background.

“AI-powered scams are a new reality. AI-generated, constantly increasing in volume and lurking everywhere, from fake ticket sites to impersonating friends on messengers, they can trick even the most experienced user. Relying on your own ability to spot a scam is not enough. That’s why we’ve integrated advanced AI detection directly into our products – so our technology can spot what the human eye can’t, and protect users in real time,” commented Marina Titova, Vice President for Consumer Business at Kaspersky.

New AI-labels mark the group of features that provides comprehensive protection from various web threats, allowing Windows and macOS users to find out how the solution secures every aspect of their digital interactions.


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Kaspersky Warns of The Gentlemen Ransomware Group Expanding Operations with New Malware

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New Kaspersky Global Research and Analysis Team (GReAT) research into the rapidly growing ransomware group known as The Gentlemen has showed that the attackers have evolved their tactics through new custom-built tools – a backdoor designed to facilitate information gathering before ransomware deployment and control over compromised systems, and a ransomware executable file.

The group has been active worldwide across industries including manufacturing, IT services, healthcare, financial services, construction, and logistics.

In its recent report Kaspersky shared an overview of ransomware trends: according to Kaspersky Security Network, in 2025 Latin America had the highest share of organisations with ransomware attacks detected (8.13%), followed by the Asia-Pacific region (7.89%), Africa (7.62%), Middle East (7.27%), the Commonwealth of Independent States (CIS, 5.91%) and Europe (3.82%).

The Gentlemen is a rapidly expanding Ransomware-as-a-Service (RaaS) operation believed to have emerged around mid-2025. The Gentlemen and its affiliates primarily gain initial access to victim systems through the exploitation of Internet-facing services and compromised credentials.

The attackers may be seeking collaboration with Initial Access Brokers (IABs) to acquire access to organisations with valuable intellectual property with minimal effort. Kaspersky found that access to some victim systems, using techniques the group does not typically employ, occurred long before the ransomware infection. This may mean that the initial access was not carried out by The Gentlemen, but rather by another threat actor, possibly an IAB.

Unlike many RaaS groups, The Gentlemen demonstrates a high level of sophistication, employing custom tooling and flexible intrusion tactics. Kaspersky researchers identified a previously unknown, custom-developed backdoor written in Go deployed by the attackers one day before ransomware execution.

The implant gathers host and network information and hides its console window to avoid detection. Its capabilities include bidirectional communications with the attackers, server-controlled command execution, and reconnaissance, enabling attackers to extend and adapt their activity within a compromised environment.

Kaspersky also found a new ransomware variant written in C affecting a limited number of corporate victims. While The Gentlemen has primarily used a ransomware implant written in Go that was designed for cross-platform use, the new C-based variant appears to be Windows-focused. The group may be testing the malware in real victim environments as it expands its technical arsenal.

Notably, in their attacks the Gentlemen attempted to remove the Kaspersky security solution by utilising kavrmvr.exe (a tool designed to remove Kaspersky products). However, the Kaspersky solution remained active, and the move by the attackers was blocked and flagged as malicious.

“Despite being a relatively recent entrant to the ransomware threat landscape, The Gentlemen group is rapidly gaining a reputation among threat actors, attracting affiliates and executing high-profile attacks.

“The testing of the new C-based ransomware variants suggests that the group is actively refining its capabilities, which may translate into more stable and scalable attack chains in the near future.

“Organisations should anticipate further malicious ransomware activity and are strongly advised to prioritise vulnerability management and system hardening processes to mitigate the risk of compromise,” said Fatih Sensoy, security expert at Kaspersky GReAT.


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Kaspersky Reveals Malware Attacks on SMBs Disguised as AI Services Surged by Five Times in 2026

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From January to April 2026, Kaspersky security solutions detected more than 33,300 attacks on small and medium-sized businesses (SMBs), in which malicious or unwanted software for PCs were disguised as popular artificial intelligence (AI) services. This number has surged by almost five times when compared to the same period in 2025.

A new Kaspersky report reveals threat analysis and mitigation strategies to help SMBs protect themselves against the evolving threat landscape.

Kaspersky experts explored the extent to which threat actors target small and medium-sized businesses with malware disguised as legitimate AI services, considering the growing popularity of such tools for the business workflow. At the beginning of 2026 the most common lures in cyberattacks involved malware posing as ChatGPT (42%), Claude (24%), and DeepSeek (20%).

Among unique malicious files detected in the SMB sector and masqueraded as AI services, Kaspersky experts observed mainly different Trojware (Trojans and Trojan-like malware), including those capable of downloading and running other malware on compromised devices.

Trojware disguises itself as harmless files to trick users into installing them. Their functionality may vary depending on the type of the malware. It may include stealing, deleting, blocking, modifying or copying users’ data, as well as other malicious capabilities. Given this, Trojware represents a highly dangerous cyberthreat to entrepreneurs and businesses.

However, in 2026 Kaspersky telemetry detected even more attacks on SMBs, in which malicious or unwanted software for PCs were disguised as messenger apps and video conferencing software: Telegram, WhatsApp, Zoom and Microsoft Teams. From January to April Kaspersky solutions blocked almost 415,000 such attacks.

The number of attacks changed marginally compared to the previous year’s figures. Thus, Kaspersky experts note that the lure of fake communication apps remains a widespread cyberthreat.

“The threat landscape is evolving with new lures constantly appearing. For example, for the first four months of this year our solutions for small and medium-sized businesses detected hundreds of attacks, in which malicious or unwanted software were disguised as OpenClaw – an AI tool that rapidly gains popularity in 2026.

Corporate employees are increasingly using various AI services and other tools in their workflows, including those that are publicly available. Thus, to be on the safe side, SMB employees – as well as all users – should exercise caution when looking for software on the Internet. Always check the correct spelling of the website and links in suspicious emails, and use robust security solutions,” says Vasily Kolesnikov, security expert at Kaspersky.

“As adversaries constantly refine their methods to exploit human error, the need for up-to-date security awareness training for businesses of all kinds and sizes is undeniable. However, the reality is that micro-organisations often struggle to allocate time and budget to regularly update their staff on the latest threats and malicious trends.

“We believe this issue can be largely addressed through solutions tailored for small businesses which deliver robust core protection while also providing accessible security education,” adds Rodion Pyanov, product manager, Kaspersky Small Office Security.

 


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