In a significant move to enhance small businesses in Nigeria, MoMo Payment Service Bank (PSB) has partnered with the Ikoyi-Obalende Local Council Development Area (LCDA) to disburse N50 million in grants to 1,000 women entrepreneurs. This initiative, part of the Empowering Her Fortune Initiative (EHF) 2.0, took place in Lagos and underscores a shared commitment to empowering women-owned businesses.
The initiative, led by Hon. Fuad Atanda-Lawal, Chairman of the Ikoyi-Obalende LCDA, aims to provide crucial support and resources to women entrepreneurs, helping them scale their businesses and positively impact their communities. Through MoMo PSB’s involvement, each beneficiary received N50,000 directly credited to their MoMo accounts, ensuring swift and secure disbursement of funds.
Omolara Michael-Nwadu, Chief Financial Officer of MoMo PSB, highlighted the company’s dedication to fostering the growth of small and medium enterprises (SMEs). “We recognize that SMEs are the foundation for economic growth in our communities and across our nation. Partnering with the Ikoyi-Obalende LCDA on this initiative aligns with our mission to support these businesses,” she stated.
The initiative received praise from various stakeholders, including the Commissioner for Youth and Social Development, Mobolaji Ogunlende, who acknowledged MoMo PSB’s contribution and expressed interest in future collaborations to further support youth and social development initiatives. Similarly, Akaniyere Tommey Ikot, Chairman of Eket Local Government Area in Akwa Ibom State, commended the focus on financial inclusion as a key driver of women’s empowerment.
Hon. Atanda-Lawal announced an additional N100 million commitment to the initiative, slated for December, to further alleviate economic hardships through grassroots support. This extension aims to provide even more substantial backing to women entrepreneurs in the area.
Since its establishment in May 2022, MoMo PSB, the fintech arm of MTN, has been dedicated to offering accessible and affordable financial services, playing a pivotal role in enhancing financial inclusion and supporting business growth across Nigeria.
