Nigeria: Fcmb Addresses Gender Disparity in Business With Zero Interest Loans

25 July 2024
Vanguard (Lagos)
By Providing Interest-Free Loans of Up to N10 Million and Tailored Support to Female Entrepreneurs in the Export and Agricultural Sectors, the Bank Is Fostering a More Inclusive Economic Environment.

First City Monument Bank (FCMB) is addressing gender inequality in Nigeria's business sector with its SheVentures programme.

Beneficiaries will also receive exclusive business management training and mentorship opportunities, creating a comprehensive support system for business growth. This initiative aligns with the bank's mission of promoting inclusive and sustainable development by connecting people, capital, and markets across Africa.

Speaking on the initiative, Managing Director of FCMB, Yemisi Edun, said: "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."

Also speaking, Nnenna Jacob-Ogogo, Head of SheVentures, described the zero-interest loan offering as a game-changing opportunity for female entrepreneurs.

"SheVentures addresses a critical need, as 52% 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."

Read the original article on Vanguard.

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