FCMB unveils N10m interest-free loans to power

First City Monument Bank (FCMB) has launched a fresh funding window under its SheVentures platform, offering zero-interest loans of up to N10 million to women entrepreneurs in a bold move to break financing barriers and accelerate business growth.

The scheme provides N500,000 to N5 million for general applicants, while sector-specific businesses can access between N5 million and N10 million. Each facility is capped at 50 per cent of the applicant’s average monthly turnover, a structure designed to ensure sustainability and responsible borrowing.

In a lending market weighed down by high interest rates, the 0 per cent loan stands out, with all charges embedded transparently. Beneficiaries are expected to repay within four or six months, giving them room to align repayments with business cash flows.

FCMB’s Managing Director and Chief Executive, Yemisi Edun, said the initiative is rooted in the bank’s broader push for inclusive economic growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers. This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments, highlighted the urgency of the intervention amid tightening credit conditions.

“Access to affordable finance remains a major constraint for women entrepreneurs. By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

With women-owned SMEs forming a significant pillar of Nigeria’s economy but still underserved by traditional lenders, the SheVentures programme is emerging as a targeted response, blending capital access with business support to help female entrepreneurs scale and stay competitive.

Applications are now open for the latest round.