BOI, MTN Foundation signs N1bn fund for women-led enterprises

The Bank of Industry (BOI) and MTN Foundation have signed a memorandum of understanding to create a N1 billion matching fund to expand access to finance and training for enterprises led by women across Nigeria.

The fund, under the Y’ellopreneur 3.0 programme, will support women who run businesses and face barriers to loans due to collateral and documentation rules.

Read also: Jesse Jackson dies at 84, civil rights giant who reshaped American politics

Speaking during the signing in Lagos, Olasupo Olusi, managing director of the bank, said the initiative targets women who run enterprises yet remain outside structured finance systems.

He said women sustain many businesses in markets and communities while providing goods and services that support income and activity. He noted that many cannot secure capital because lending models rely on records and assets that do not match how such enterprises operate.

Olusi said the partnership will test and refine a funding model for enterprises led by women while building a structure that can expand over time. He added that the programme will include training and mentorship, with about 1,000 participants expected to receive instruction in record keeping and business management.

Odunayo Sanya, executive director of MTN Foundation, said the partnership builds on earlier phases that helped both groups shape their approach and increase reach among enterprises led by women.

Read also: Kenya eyes exit from money laundering list as more regional banks deepen footprint

“The foundation plans to build capacity for 30,000 businesses run by women by 2030, up from about 6,000 reached so far, and aims to unlock capital for 10,000 enterprises through the partnership,” she said.

She added that the effort will combine training, mentorship and finance while drawing support from other partners to expand funding for enterprise growth.

Chinwe Michael is a financial inclusion advocate and economy journalist who uses compelling storytelling to drive awareness. With a background in Banking and Finance and experience across accounting, media, and education, she applies sharp analysis and attention to detail to every piece. She simplifies complex financial and economy concepts into engaging content for Africa and global audience. Chinwe also doubles as a speaker with global recognition for her expertise.

Join BusinessDay whatsapp Channel, to stay up to date