In a move that could help bridge gender disparity in business, First City Monument Bank (FCMB) offers interest-free loans of up to ₦10 million to women entrepreneurs.
This interest-free loan offered through its SheVentures programme aims to unlock the potential of women-led businesses in the export and agricultural sectors, providing them with the tools and resources they need to thrive.
Beneficiaries will also receive exclusive business management training and mentorship opportunities, creating a comprehensive support system for business growth. This initiative aligns with the bank’s mission of promoting inclusive and sustainable development by connecting people, capital, and markets across Africa.
“Our revamped zero-interest loan offering is tailored to offer sustainable benefits. It marks another milestone in our commitment to empower Nigerian businesswomen to contribute more to export trade, agribusiness, and the economy,” said Yemisi Edun, Managing Director of FCMB.
She added that “the enhanced intervention is part of our Export Readiness Programme aimed at supporting women in the SME ecosystem to scale beyond their local markets by connecting them with other businesses globally and leveraging the vast opportunities of globalisation.”
Nnenna Jacob-Ogogo, Head of SheVentures, described the zero-interest loan offering as a game-changing opportunity for female entrepreneurs.
“SheVentures addresses a critical need, as 52% of women-led firms identified lack of access to funding as a major constraint. We are passionate about empowering female entrepreneurs, helping them build their businesses, and improving the overall success rate of women-owned or run businesses. We urge them to take advantage of this opportunity,” she stated.
According to her, a recent National Bureau of Statistics (NBS) report revealed that women comprise 49.2% of Nigeria’s adult population.
Jacob-Ogogo said the report also showed that over 41 million SMEs operate in Nigeria, of which women own 40%, saying that women’s businesses are expected to create about 10 million jobs in the next five years, contributing significantly to the country’s economy.
She stated that this underscored women’s vital role in Nigeria’s economic growth if funding, capacity building, networking, and other opportunities are provided.
According to her, over the past five years, FCMB’s SheVentures has significantly impacted the female economy through various initiatives as the bank has offered nearly N780 million in zero-interest loans to 334 women-owned SMEs nationwide since 2019, adding that it has also provided thousands of female entrepreneurs free training, mentorship, and capacity-building support, underscoring FCMB’s commitment to uplifting businesses.
First City Monument Bank, a member of FCMB Group Plc, is dedicated to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem rooted in Africa, primarily Nigeria, and connecting people, capital, and markets.
