First City Monument Bank (FCMB) has launched a groundbreaking initiative to combat gender inequality in Nigeria’s business landscape by offering zero-interest loans to female entrepreneurs.
Named the SheVentures programme, this initiative provides interest-free loans of up to N10 million, specifically targeting women in the export and agricultural sectors. Additionally, the programme includes exclusive business management training and mentorship opportunities, forming a comprehensive support system to foster business growth.
According to a statement from the bank released on Wednesday, this initiative aligns with FCMB’s mission to promote inclusive and sustainable development by linking people, capital, and markets across Africa.
Yemisi Edun, the Managing Director of FCMB, remarked, “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. 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, the Head of SheVentures, highlighted the transformative potential of this loan offering. She noted, “SheVentures addresses a critical need, as 52 per cent 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.”
A recent report from the National Bureau of Statistics underscored the significant role of women in Nigeria’s SME sector, revealing that women-owned a substantial portion of the over 41 million SMEs operating in the country.
Since its inception in 2019, FCMB SheVentures has made a considerable impact on the female economy through various initiatives. Over the past five years, the bank has provided nearly N780 million in zero-interest loans to 334 women-owned SMEs nationwide.
