Bank of Industry, MTN Open Application for Female Entrepreneurs Offer Training, N2m Credit to Help

Bank of Industry, MTN Open Application for Female Entrepreneurs Offer Training, N2m Credit to Help

  • Bank of Industry has partnered with MTN to train Nigerian female entrepreneurs and also provide a credit facility
  • The partnership will give female-led businesses a chance to be well equipped to grow their businesses
  • Over 2 million is on offer, and with the opportunity for more when successfully utilised

The Bank of Industry of Nigeria and MTN, Nigeria's telecoms provider, have established a business program to train female entrepreneurs and assist them with loans and incentives.

MTN's Y'ellopreneur initiative will train and credit 100 female businesses with N2 million, according to the company.

According to Premium Times, the entrepreneurs will utilize the equipment loans to build and sustain their enterprises, and grants will be given to those who satisfy the credit terms and repay the loan in full.

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MTN, Bank of Industry female business
Bank of Industry, MTN wants to train African female entrepreneurs Credit: Westend61
Source: Getty Images

Details on the loan

The loan includes a six-month moratorium and a 36-month payback term. The payback time, on the other hand, is subject to the terms and circumstances agreed upon by the female entrepreneur and the BOI.

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The loan has an interest rate of 2.5 per cent of the loan amount, minus a grant of 25%.

How to qualify

According to BOI, MTN, the application is opened to female entrepreneurs who display passion and commitment to self-employment.

It is also for existing businesses of two years and above in manufacturing, processing, agriculture, ICT/digital services, and financial services qualified to apply.

Businesses that also source raw materials locally are preferred.

The applicant must have at least a minimum qualification of a secondary school certificate and have up till July 20 to apply.

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Applicants will be required to possess a laptop or tablet, or internet-enabled device.

Click on the link to apply.

List of Africa's top 10 wealthiest women

In another report, two Nigerian women have been included in the list of the richest women in Africa, which is dominated by South Africa

The list included people who are worth at least $10 million, and their financial muscles make them influential figures in society

Other countries in the least are Angolan, who happens to be the richest, and also a Kenyan worth $1 billion.


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