SheVentures Launches Zero-Interest Loans to Empower Female Exporters
First City Monument Bank (FCMB) has introduced the SheVentures Export Readiness Programme, a groundbreaking initiative aimed at supporting women-owned businesses in Nigeria seeking to expand into international markets. This program offers participants access to valuable knowledge, specialized advisory services, and zero-interest loans to facilitate their export endeavors.
Mrs. Yemisi Edun, the Managing Director of FCMB, emphasized that the SheVentures Export Readiness Programme’s mission is to empower women-owned businesses to venture into global markets successfully. The program’s comprehensive support includes interest-free loans, training, and mentoring, addressing common challenges such as financial constraints and knowledge gaps. The ultimate goal is to enable Nigerian SMEs to grow beyond local markets, connecting them with global businesses and harnessing the opportunities of globalization.
Open to all women-owned SMEs in Nigeria, the program encompasses essential training modules covering topics such as export market research, product development, and export documentation. Moreover, participants will benefit from personalized mentoring by experienced exporters.
Ms. Yetunde Moito, Head of Women in Business (SheVentures) at FCMB, stressed the importance of supporting Nigerian businesswomen and the bank’s commitment to empowering them. She described the SheVentures Export Readiness Programme as a game-changer for Nigerian women entrepreneurs, enabling them to expand globally and overcome capacity and financial challenges that hinder their full potential.
A recent report by the National Bureau of Statistics (NBS) highlighted that Nigeria has over 41 million SMEs, with women owning 40% of them. These women-led businesses are projected to create 8.9 million jobs in the next five years, making a significant contribution to the country’s economy. This underscores the vital role women can play in Nigeria’s economic growth when provided with adequate funding, capacity-building, networking, and opportunities.
Over the past four years, FCMB SheVentures has made a substantial impact on the female economy through initiatives supporting women-owned SMEs. The bank has disbursed interest-free loans totaling up to One Billion Naira to hundreds of women-led SMEs across Nigeria. Additionally, FCMB has provided valuable support to thousands of female entrepreneurs through free training, mentorship programs, and capacity-building initiatives.
The SheVentures Export Readiness Programme aligns strategically with the government’s efforts to boost Nigeria’s non-oil exports and foreign exchange earnings. By empowering women entrepreneurs, this program actively contributes to achieving this crucial national objective.
As a member of the FCMB Group Plc, First City Monument Bank is dedicated to fostering inclusive and sustainable growth within its communities. The bank aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. Through innovative financial solutions such as Energy Finance loans, FCMB plays a pivotal role in enhancing the economic well-being of businesses and Nigerians.
