FCMB’s SheVentures disburses N5m interest-free loans to Nigerian female entrepreneurs

By Anita Okoro

SheVentures, an initiative that supports Nigerian female entrepreneurs, has begun disbursement of 90-day interest-free loans of up to N5 million to women-owned Small and Medium Enterprises (SMEs) across the country.

The 90-day zero-interest loan initiative, powered by First City Monument Bank (FCMB), is resuming for the third consecutive year to bridge the funding gaps faced by women-owned enterprises and ensure access to capacity-building programmes.

A statement quoted Yemisi Edun, managing director, FCMB, to have said that the SheVentures zero-interest loan is helping women entrepreneurs pursue profitable and sustainable growth through upfront capital for new products, services and expansion.

“In addition, it has uplifted and safeguarded women-owned businesses from the brutal impact of the COVID-19 pandemic, among other challenges,” Edun said.

Yetunde Moito, head of Women in Business at FCMB, noted that qualified women entrepreneurs could access between N500,000 and N5,000,000.

Moito said SheVentures disbursed over N400m to about 250 women-owned SMEs between January 2021 and June 2022 through the free interest loans offering. Over 15,000 others also benefited from free training, mentoring and other empowerment programmes organised as part of the broad objectives of FCMB to empower women entrepreneurs, she said.

The statement said there are over 41 million SMEs in the country, about 40 percent of which are owned by women. However, poor access to funding, limited entrepreneurial, management and leadership capacity, lack of information and networking, and other challenges posed by the business environment have limited their productivity and growth.

Recognising these realities, particularly as the number one bank for SMEs in Nigeria and Africa, the statement said FCMB is deliberate about funding and capacity building for women-owned businesses.

“The bank’s focus on financial inclusion and SMEs was recently supported by a $17.3m funding partnership with Mastercard Foundation. As a result, FCMB will provide more affordable loans to 100,000 SMEs over the next five years, focusing on 90 percent participation by women,” it stated.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, a financial services holding company led by Ladi Balogun as group chief executive.

The bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.