FCMB launches zero-interest loans for female entrepreneurs
By Esther Agbo
First City Monument Bank (FCMB) has introduced a new initiative aimed at reducing gender inequality in Nigeria’s business sector by offering zero-interest loans to female entrepreneurs.
The initiative, known as the SheVentures programme, provides interest-free loans of up to N10 million and specialised support to women entrepreneurs in the export and agricultural sectors.
According to a statement from the bank, beneficiaries will also be provided with exclusive business management training and mentorship opportunities, forming a comprehensive support system for business growth. This initiative aligns with FCMB’s mission to promote inclusive and sustainable development by linking people, capital, and markets throughout Africa.
FCMB Managing Director, Yemisi Edun stated, “Our revamped zero-interest loan offering is tailored to offer sustainable benefits. It marks another milestone in our commitment to empower Nigerian businesswomen to contribute more to export trade, agribusiness, and the economy.
“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 other businesses globally and leveraging the vast opportunities of globalisation.”
The Head of SheVentures, Nnenna Jacob-Ogogo, characterised the zero-interest loan offering as a transformative opportunity for female entrepreneurs.
She said, “SheVentures addresses a critical need, as 52 percent 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,”
A recent report by the National Bureau of Statistics indicated that women own a substantial portion of the more than 41 million SMEs in Nigeria.
In the past five years, FCMB SheVentures has made a significant impact on the female economy through various initiatives, offering nearly N780 million in zero-interest loans to 334 women-owned SMEs nationwide since 2019.
