BoI, MTN okay N1billion for women-led MSMEs
The Bank of Industry (BoI) and the MTN Foundation have signed a memorandum of understanding (MoU) to establish a N1 billion Matching Fund aimed at expanding access to finance and
The Bank of Industry (BoI) and the MTN Foundation have signed a memorandum of understanding (MoU) to establish a N1 billion Matching Fund aimed at expanding access to finance and capacity building for women-led micro enterprises across the country.
The fund, to be implemented under the Y’ellopreneur 3.0 programme, is designed as a pilot intervention to support women operating viable micro businesses who are largely excluded from formal credit due to collateral, documentation and credit history requirements.
Speaking at the signing ceremony in Lagos, BoI’s Managing Director and Chief Executive Officer, Olasupo Olusi, said the initiative goes beyond sustaining an existing partnership and represents a targeted response to structural financing gaps faced by women entrepreneurs.
“This initiative represents more than the continuation of an existing collaboration, but is also a deliberate intervention targeted at women at the base of the economic pyramid, who operate viable businesses but remain excluded from structured finance,” Olusi said.
He noted that women account for a significant share of micro-enterprises across Nigerian markets and communities, supporting household income and local economic activity through trading, processing and service provision.
However, Olusi said access to affordable capital remains a major constraint. “Many of them cannot access affordable capital because traditional lending models often require documentation, collateral and financial histories that do not reflect how these businesses actually operate,” he said.
According to him, the N1billion matching fund is structured as a pilot to test and refine financing models suited to women entrepreneurs most in need, while building a framework that can be scaled sustainably over time.
Beyond credit, the programme integrates capacity building, business development support and mentorship, with plans to train about 1,000 women entrepreneurs in record-keeping, growth management and competitiveness.
“An expanding opportunity at the microenterprise level strengthens productivity, stabilises income and contributes to broader economic resilience.
“BOI remains committed to working closely with MTN Foundation and all stakeholders to ensure the effective implementation of this programme. Our focus will be on transparency, on sustainability and measuring outcomes so the program delivers real value and provides a model that can be replicated under other programme,” Olusi said.
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Executive Director of MTN Foundation, Odunayo Sanya, said the renewed partnership builds on earlier pilot initiatives that enabled both institutions to fine-tune their approach to supporting women-led enterprises.
She said the new phase is designed to deliver faster and more measurable outcomes, noting that the foundation aims to build capacity for 30,000 women-led businesses by 2030, up from nearly 6,000 currently reached. The foundation also plans to unlock access to capital for 10,000 women-owned enterprises through its partnership with BOI.
“This partnership will deepen support for women entrepreneurs, improve business survival rates and attract additional partners to scale funding for this segment,” Sanya said.
She added that the initiative would combine training, mentorship and financing, while serving as a blueprint for broader public–private collaboration in mobilising capital for enterprise development and inclusive economic growth in the country.
