FG Announces New Credit Scheme for Women With Low Interest, N10bn on Offer
- BOI and NCGC have again announced that a N10 billion GLOW scheme is available to provide guaranteed, low-interest loans for women entrepreneurs
- The programme offers 7% interest, flexible collateral options, and has already recorded over 33,000 applications worth N65 billion
- NCGC will provide a 25% credit guarantee to reduce lender risk and speed up loan access for women-led businesses nationwide
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The Bank of Industry (BOI), in partnership with the National Credit Guarantee Company (NCGC), has launched a new credit programme that will unlock N10 billion in guaranteed loans for women entrepreneurs across Nigeria.
The initiative, known as GLOW (Guaranteed Loans for Women), is designed to expand women’s access to affordable financing and strengthen their participation in key economic sectors.
Source: Getty Images
BOI Managing Director Dr. Olasupo Olusi announced the programme during a signing ceremony in Abuja, where he described the partnership as a deliberate national intervention to remove long-standing barriers faced by women-led businesses.
Under the agreement, NCGC will provide a 25% credit-guarantee cover on BOI’s loan portfolio, reducing lender risk and enabling the bank to fund more women-owned enterprises.
Olusi said the scheme targets high-impact sectors such as manufacturing, processing, ICT, digital marketing, e-commerce, entertainment, education, healthcare, renewable energy, and waste management.
He said:
“This event represents more than a procedural milestone; it signals our collective commitment to expanding access to finance for Nigerian entrepreneurs, particularly women and MSMEs.
“GLOW delivers affordable, flexible, and well-structured financing designed to close systemic gender-financing gaps.”
The programme offers loans at a concessionary interest rate of seven percent, flexible collateral conditions, and capacity-building support.
Demand has already surged, with more than 33,000 applications valued at over N65 billion currently being processed, the Nation reports.
New hope for women-led business
NCGC Managing Director Bonaventure Okhaimo said the company will begin with N5 billion in guarantee support to manage portfolio risk while reaching viable women-owned businesses previously denied credit due to collateral constraints.
He added that the arrangement will enable faster loan approvals and lower borrowing costs for applicants.
The GLOW scheme is expected to support thousands of women entrepreneurs seeking capital to expand operations, innovate, and create jobs across the country.
Source: Getty Images
How to apply for the loan and other details
All applications must be submitted through the BOI official website (www.boi.ng).
Applicants are required to complete the form and must operate women-led businesses. Repayments are typically made on a monthly basis or aligned with the business cycle where appropriate.
The loan carries a 7% per annum interest rate, which includes all application processing fees, except for insurance and legal fees.
The maximum tenor for a term loan is five (5) years, including a six (6)-month moratorium period (or up to one year, where deemed necessary) on principal repayments from the date of disbursement.
The maximum tenor for a working capital loan is three (3) years, including a six (6)-month moratorium period on principal repayments from the date of disbursement.
Applications can be made using this link.
FG invites Nigerian youths to borrow up to N5m
Earlier, Legit.ng reported that the Nigerian Consumer Credit Corporation (CREDICORP) has launched YouthCred to make loans available for Nigerian youths.
The national loan scheme allows young people to access up to N5 million as part of efforts to help them actualise their dreams with ease.
Ayodele Olawande, the minister of Youth Development, in a statement the scheme was not just for corps members but for all youths irrespective of their status.
Source: Legit.ng
