Drawing on stakeholder theory, the purpose of this paper examines how Nigerian banks employ their corporate social responsibility (CSR) initiatives to empower women to participate in economic and commercial activities.
The methodology of this paper is regarding a thematic analysis of Nigerian banks' annual CSR and sustainability reports.
A theoretical framework was developed which illustrates the investment foundation (Sustainable Development Goals, Women's Empowerment Principles (WEPs) and Nigerian Sustainable Banking Principles) that supports the different levels of engagement (healthcare, financial, social and career empowerment) aimed at different groups of women (women at large, women in business and women in career) in the society.
The study findings are confined to the banks in Nigeria, focussing on how they empower women to participate in economic and commercial activities.
It is paramount that Nigerian banks consistently report their CSR initiatives. When designing these initiatives, it is equally important to incorporate WEPs, as they are specifically focussed on women.
Due to their low-level institutional and financial development, it is important that Nigerian banks design their CSR initiatives to improve women empowerment. While initiatives should be targeted at women's well-being and physical health, it is important to steer women towards financial and social independence through loans, grants and mentorship.
To the best of the authors' knowledge, no other research study has examined how banks in an emerging market use their CSR activities to empower women to participate in financial activities.
