First City Monument Bank (FCMB) has launched a fresh round of applications under its SheVentures initiative, offering zero-interest loans of up to N10 million to women entrepreneurs in a move aimed at easing financing constraints and supporting business expansion across Nigeria’s small and medium-sized enterprise sector.
The lender said the intervention is designed to improve access to affordable working capital for women-led businesses, many of which continue to face structural barriers in accessing conventional credit facilities amid high borrowing costs and tightening economic conditions.
According to the bank, eligible businesses can access loans ranging from N500,000 to N5 million under the general category, while sector-specific enterprises can obtain between N5 million and N10 million. Funding is capped at up to 50 percent of an applicant’s average monthly turnover.
The facility comes with a zero percent interest rate, although the bank noted that charges are embedded within a transparent fee structure. Repayment is structured over four or six months to enable beneficiaries align repayment obligations with their operational cash flow cycles.
The development reflects increasing efforts by financial institutions to deepen financial inclusion and expand targeted lending to underserved business segments, particularly women-owned enterprises that account for a significant share of Nigeria’s SME ecosystem.
Speaking on the initiative, Yemisi Edun said the programme aligns with the bank’s commitment to inclusive economic growth and sustainable enterprise development.
“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,” Edun stated.
“This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs,” she added.
The SheVentures proposition seeks to address that challenge by combining concessionary funding with support mechanisms aimed at improving the competitiveness and resilience of women-led enterprises.
Nnenna Jacob-Ogogo noted that many women entrepreneurs remain excluded from affordable financing opportunities despite their contribution to employment generation and economic activity.
“Access to affordable finance remains a major constraint for women entrepreneurs,” she said.
“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,” Jacob-Ogogo added.
The bank indicated that applications for the facility are now open, with the initiative expected to support businesses across multiple sectors of the economy.
