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.