First City Monument Bank (FCMB) has launched a new initiative to tackle gender inequality in Nigeria’s business sector by offering zero-interest loans to female entrepreneurs. The SheVentures programme, as it is called, provides interest-free loans of up to N10 million and tailored support specifically for women in the export and agricultural sectors.
According to a statement from the bank on Wednesday, beneficiaries of the SheVentures programme will also receive exclusive business management training and mentorship opportunities. This comprehensive support system is designed to foster business growth and aligns with FCMB’s mission to promote inclusive and sustainable development by connecting people, capital, and markets across Africa.
Yemisi Edun, the Managing Director of FCMB, highlighted the significance of the initiative. “Our revamped zero-interest loan offering is tailored to provide sustainable benefits. It marks another milestone in our commitment to empower Nigerian businesswomen to contribute more to export trade, agribusiness, and the economy,” Edun said. “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 global business opportunities and leveraging the vast opportunities of globalisation.”
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 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,” she stated.
A recent report by the National Bureau of Statistics revealed that women own a significant portion of the over 41 million SMEs operating in Nigeria. Over the past five years, FCMB SheVentures has had a substantial impact on the female economy through various initiatives, offering nearly N780 million in zero-interest loans to 334 women-owned SMEs nationwide since 2019.
