MTN Nigeria Opens Application for Women to Get N450m Loan

MTN Nigeria Opens Application for Women to Get N450m Loan

  • MTN has commenced phase two of the MTN Foundation's Yellopreneur to provide N450 million in loans to women
  • In the field of entrepreneurship, the MTN Y'ellopreneur Initiative aims to promote women's development
  • The deadline for applications to the programme is set for Tuesday, March 5, 2024, and will run through March 30, 2024 journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Applications are now being accepted for phase two of the MTN Foundation's "Yellopreneur" project, which aims to provide N450 million in loans to selected female candidates.

MTN opens an application for women loan
The MTN Y'ellopreneur Initiative aims to promote women's development in the field of entrepreneurship. Photo Credit: MTN, Tara Moore
Source: Getty Images

During a press briefing on Tuesday at the MTN head office in Lagos, the Foundation's executive director, Odunayo Sanya, announced the opening of applications.

The telecommunications platform made headlines recently after it disconnected 4.2 million lines from its network.

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The company said those affected were subscribers who failed to submit their NIN as directed by the Nigerian Communications Commission (NCC).

Initiative to promote women

The Sun reported that by providing access to loans, grants, and advisory support services for long-term business sustainability and capacity-building opportunities, the MTN Y'ellopreneur Initiative aims to promote women's development in entrepreneurship.

The project aims to support female entrepreneurs nationwide who operate a business for a minimum of two years and have a strong passion and dedication to self-employment in waste management, manufacturing, processing, agriculture, ICT/digital services, and circular economy.

The company also stated that businesses that obtain their raw materials locally are the main focus.

Women entrepreneurship is key

At the Yellopreneur initiative's second phase introduction, Sanya stated that gender inequality significantly contributed to poverty and hunger.

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Sanya contended that to lower the rate of female unemployment in Nigeria, women should continue to engage in entrepreneurship and company management.

These, according to her, will generate revenue for their families and households and undoubtedly aid in the country's social and economic advancement.

Speaking about the Y'ellopreneur initiative, the executive director stated that its goals include to help close the skills gap in entrepreneurship and increase women's self-employment, which is in line with the development agenda of the federal government and advances the SFGs 1, 2, 3, 5, 8, and 17.

She revealed that in collaboration with EDC and the Mastercard Foundation, the first phase of the Y'ellopreneur initiative was able to empower 4,711 female entrepreneurs.

Sanya also said the first phase had 200 businesses that graced business pitch sessions, of which 101 were deemed viable; 50 Y'ellopreneurs received equipment loans totalling over N94 million.

The executive director said 25% of the loan value was returned as a grant upon full repayment.

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Speaking on the second phase, Sanya said it will provide 1,000 female entrepreneurs with a masterclass and five-week online training in entrepreneurial skills.

She said:

“MTN is investing N600 million in the second phase of the initiative; the sum of N450 million is available for 150 qualified Y’ellopreneurs to access as equipment loans, and upon the full repayment of the loan, the sum of N112,500,000 would be refunded as grants to the Y’ellopreneurs."

How to apply

The program's application period began on Tuesday, March 5, 2024, and is scheduled to end on March 30, 2024. Interested entrepreneurs can apply here.

This is not the first time that MTN will commit to entrepreneurial initiatives. The company, in collaboration with Mastercard and EDC, earlier trained 20,000 Nigerian women in website creation, business planning, others

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