Olufemi Adeyemi 

First City Monument Bank has introduced a new program to tackle gender inequality in Nigeria’s business sector. The ‘SheVentures’ program offers zero-interest loans of up to N10 million and tailored support to female entrepreneurs in the export and agricultural sectors.

In a statement released on Wednesday, the bank announced that beneficiaries will also be provided with exclusive business management training and mentorship opportunities, thereby establishing a comprehensive support system conducive to business growth.

This initiative is in line with the bank’s mission of fostering inclusive and sustainable development by facilitating connections between people, capital, and markets across Africa.

The Managing Director of FCMB, Yemisi Edun, stated that the revised zero-interest loan offering is meticulously designed to provide enduring advantages. It represents a significant milestone in our unwavering commitment to empowering Nigerian businesswomen to make more substantial contributions to export trade, agribusiness, and the overall economy.

This enhanced intervention forms an integral part of our Export Readiness Program, which aims to support women within the SME ecosystem to transcend their local markets by establishing global business connections and capitalizing on the extensive opportunities presented by globalization.

The Director of SheVentures, Nnenna Jacob-Ogogo, characterized the zero-interest loan offering as a transformative opportunity for women entrepreneurs.

SheVentures addresses a crucial need, as 52% of women-led firms identify a lack of access to funding as a major constraint. We are dedicated to empowering female entrepreneurs, assisting them in building their businesses, and enhancing the overall success rate of women-owned or managed businesses. We strongly encourage them to seize this opportunity.

A recent National Bureau of Statistics report revealed that women own a substantial portion of the over 41 million SMEs operating in Nigeria.

Over the past five years, FCMB SheVentures has made a significant impact on the female economy through various initiatives.

Since 2019, the bank has provided approximately N780 million in zero-interest loans to 334 women-owned SMEs nationwide.