FCMB Expands SheVentures Loan Pool to ₦1bn, Offers Women Entrepreneurs Up to ₦10m Interest-Free
- First City Monument Bank (FCMB) has expanded its SheVenture interest-free loan scheme to N1 billion from N200 million
- The bank disclosed that the move was aimed at attracting more women into the scheme to allow them access to flexible loans
- Apart from the loan, women-led businesses will have access to mentorship, training to provide financial and non-financial support
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Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
Nigerian commercial bank, First City Monument Bank (FCMB), has expanded its women-banking scheme, SheVentures, to N1 billion for women-led and women-owned small and medium-scale enterprises (MSMEs).
The interest-free loan was initially pegged at N200 million.
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Why FCMB raised SheVentures to ₦1bn
A statement from the bank said that through the initiative, women business owners across sectors can now access interest-free loans of up to N10 million.
According to the statement, the facility comes with a moratorium period and easy payment terms, with training and mentorship programmes to provide financial and non-financial support for sustainable business growth.
The bank’s managing director, Yemisi Edun, said the expansion shows the financial institution’s commitment to women’s economic empowerment and inclusive growth.
Backing women beyond finance
She revealed that by growing the SheVentures from N200 to N1 billion, the bank is scaling a model that combines zero-interest finance with training and mentorship.
Edun stated that it is the way the bank moves from individual success stories to broader economic transformation.
She affirmed FCMB’s commitment to building platforms that enable women-led ventures to thrive and boost Nigeria’s growth story.
FCMB’s divisional head of SME Banking, George Ogbonna, described the initiative as proof that targeted support for women entrepreneurs is viable.
More than 300 women benefit from SheVentures
According to him, SheVentures has shown that when women entrepreneurs are given the right tools, they build strong businesses.
He disclosed that more than 300 women have benefited, and their progress confirms the scheme’s effectiveness.
“With this ₦1bn commitment, we are moving to the next phase: widening access and deepening impact,” Ogbonnaya said.
Commenting further, Nnenna Jacob-Ogogo, the bank’s Group Head of SheVentures, said that the scheme provides easy financing options depending on business needs.
How much can women borrow?
She said that through the programme, women can access up to N5 million for four months with a one-month moratorium, or N10 million for six months, with a one-month moratorium.
Additionally, beneficiaries will get structured mentorship and business management training, equipping them with the capacity to sustain and scale their businesses.
According to a Punch report, since its 2019 launch, SheVentures has empowered hundreds of women-led small and medium-sized enterprises (SMEs) with interest-free loans, comprehensive training, and crucial mentorship.
Applause for SheVentures
The initiative has garnered acclaim for its holistic approach, effectively addressing not only financial hurdles but also the skill and knowledge gaps that often impede the growth of women-owned businesses.
These businesses are vital to Nigeria's economy, contributing significantly to employment and fostering innovation.
However, their expansion has historically been hampered by limited access to finance.
By expanding its commitment to SheVentures, FCMB solidifies its role as a key driver of inclusive economic participation.
This increased commitment aims to accelerate the growth of women-owned businesses, stimulate job creation, and ultimately bolster Nigeria's overall economic resilience.
Nigerian banks increase support for women
Several Nigerian banks are increasingly lending support to women-led enterprises.
Recently, Access Bank announced that applications are open for its Womenpreneur scheme, which gives them access to N17 million for each applicant.
This year, the programme aims to impact 120 deserving women through a comprehensive package of capacity building, mentorship, and substantial business grants, with each selected participant having the opportunity to win up to N17 million to scale their ventures.
Source: UGC
The Womenpreneur Pitch-a-tonne programme, unveiled at a recent media roundtable in Lagos, goes beyond mere financial assistance.
How to apply for FG's Conditional Grant Scheme
Legit.ng earlier reported that the Nigerian government recently announced the takeoff of the Presidential Conditional Grant Scheme to nano businesses across the country as part of the Presidential Palliative Programme.
According to the Nigerian government, the grant sum is about N50,000 per beneficiary and is designed to reach one million petty businesses nationwide in all 774 local government areas.
In an earlier report by Legit.ng, the Nigerian government earmarked N150 billion for nano businesses and the manufacturing sector across the country.
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Source: Legit.ng
