By Ayomide Otitoju
The MTN Foundation (MTNF) and the Bank of Industry (BOI) have signed a Memorandum of Understanding (MoU) to launch Phase 3.0 of the Y’ellopreneur Initiative, introducing a N1 billion matching fund model to support female entrepreneurs across Nigeria.
The MoU was executed on Friday, February 13, 2026, at the BOI headquarters in Marina, Lagos. The partnership is aimed at reducing women’s unemployment and advancing female entrepreneurship through targeted capacity-building, equipment loans, and advisory support.
Phase 3.0 builds on the successes of the first two phases, which attracted thousands of applications, trained 5,754 women, and facilitated access to N304 million in loans for 122 female entrepreneurs.
Under the new matching fund model, up to 200 women-led businesses will benefit from single-digit interest loans of up to N5 million each.
Speaking at the signing ceremony, Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, reaffirmed the bank’s commitment to gender-inclusive industrialisation. He described the initiative as a deliberate intervention targeting women operating viable businesses at the base of the economic pyramid.
“Across Nigeria, women sustain a large share of micro-businesses in markets and communities. This partnership goes beyond lending; it aims to provide mentorship and equip the recipients. BOI remains committed to sustainability and partnership on this programme,” Olusi said.
Executive Director of the MTN Foundation, Odunayo Sanya, said the collaboration reflects a shared commitment to driving sustainable economic growth through women empowerment. She disclosed that the Foundation aims to strengthen the capacity of 30,000 female entrepreneurs and provide capital support to 10,000 women-founded or led businesses by 2030.
Applications for Phase 3.0 will open with a media parley, followed by training for 1,000 women and a hybrid pitch session to select the top 200 beneficiaries. The organisers said the approach is designed to position female-led enterprises to thrive in Nigeria’s evolving economic landscape.
Both institutions reaffirmed their commitment to enabling women entrepreneurs with the financial and advisory support required to scale their businesses and contribute meaningfully to national economic development.
