First City Monument Bank (FCMB) has introduced the SheVentures program, offering zero-interest loans to female entrepreneurs in Nigeria to address gender inequality in the business sector. This initiative provides interest-free loans of up to N10 million, particularly supporting women in the export and agricultural sectors.
Announced on Wednesday, the program not only offers financial support but also includes exclusive business management training and mentorship opportunities. This comprehensive support system aims to foster business growth and aligns with FCMB’s mission to promote inclusive and sustainable development across Africa.
Yemisi Edun, Managing Director of FCMB, highlighted the bank’s dedication to empowering Nigerian businesswomen, saying, “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 initiative is part of FCMB’s Export Readiness Program, designed to help women in the SME ecosystem scale their businesses globally by connecting them with other enterprises and leveraging global market opportunities.
Nnenna Jacob-Ogogo, Head of SheVentures, described the zero-interest loan as a transformative opportunity for female entrepreneurs. “SheVentures addresses a critical need, as 52 per cent 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,” she stated.
A recent report by the National Bureau of Statistics revealed that women own a significant portion of the over 41 million SMEs operating in Nigeria. Since its inception in 2019, FCMB SheVentures has provided nearly N780 million in zero-interest loans to 334 women-owned SMEs across the nation, significantly impacting the female economy through various initiatives
