First City Monument Bank (FCMB) is tackling gender inequality in Nigeria’s business sector through its SheVentures programme. This initiative offers interest-free loans of up to N10 million, specifically targeting female entrepreneurs in the export and agricultural sectors. By doing so, FCMB aims to foster a more inclusive economic environment.
In addition to financial support, beneficiaries will receive specialized business management training and mentorship, creating a comprehensive support system designed to facilitate business growth. This initiative is part of FCMB’s broader mission to promote inclusive and sustainable development by connecting people, capital, and markets across Africa.
“Our revamped zero-interest loan offering is tailored to provide sustainable benefits and 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.
Edun further highlighted that this enhanced intervention is a key component of FCMB’s Export Readiness Programme, which aims to help women in the SME ecosystem expand beyond their local markets by connecting them with global business opportunities. Nnenna Jacob-Ogogo, Head of SheVentures, described the zero-interest loan offering as a transformative 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 businesses. We urge them to take advantage of this opportunity,” she stated.
A recent report from the National Bureau of Statistics (NBS) revealed that women make up 49.2% of Nigeria’s adult population. The report also showed that women own 40% of the over 41 million SMEs in Nigeria, with women’s businesses expected to create about 10 million jobs in the next five years, significantly contributing to the country’s economy. This underscores the vital role of women in Nigeria’s economic growth when provided with funding, capacity building, networking, and other opportunities.
Over the past five years, FCMB SheVentures has significantly impacted the female economy through various initiatives. Since 2019, the bank has offered nearly N780 million in zero-interest loans to 334 women-owned SMEs nationwide. Additionally, thousands of female entrepreneurs have received free training, mentorship, and capacity-building support, underscoring FCMB’s commitment to uplifting businesses.
First City Monument Bank, a member of FCMB Group Plc, remains dedicated to fostering inclusive and sustainable growth within its communities. By building a supportive ecosystem rooted in Africa, primarily Nigeria, the bank continues to connect people, capital, and markets.