BOI, MTN Foundation Seal N1bn Pact to Boost Women-led Micro Businesses

Dike Onwuamaeze

The Bank of Industry (BOI) and the MTN Foundation have signed a memorandum of understanding (MoU) to establish a N1 billion matching fund to expand access to finance and capacity building for women-led micro enterprises in Nigeria.

The matching fund, which is tagged “Y’ellopreneur 3.0 Programme,” is a pilot initiative  designed to reach women operating viable businesses who are excluded from formal credit due to collateral and documentation requirements.

Speaking at the signing ceremony yesterday in Lagos, the Managing Director/Chief Executive Officer, BOI, Dr. Olasupo Olusi, said that the initiative represented 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 that across Nigeria, women sustain a large share of micro-businesses that process and provide services that support household income and economic activity.

He observed, however, that many of them could not access affordable capital from traditional lending models that require documentation, collateral and financial histories that do not reflect how these businesses operate.

According to him, this partnership is designed to specifically bridge that gap, adding that the programme is structured more as a pilot to test, learn and refine the model for women entrepreneurs who need financing the most, while building a framework that could be sustainably expanded over time.

He said that beyond credit, the programme would provide capacity building, business development support and mentorship, with plans to train about 1,000 women entrepreneurs in record-keeping, growth management and competitiveness.

Olusi said: “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.”

Speaking in the same vein, the Executive Director, MTN Foundation, Ms. Odunayo Sanya, said that the renewed partnership would build on earlier pilots that have helped both institutions to refine their approach and scale impact in women-led businesses.

Sanya said that the new phase is aimed at delivering faster and more measurable outcomes for women-owned businesses, noting that the foundation targets building capacity for 30,000 female-led businesses by 2030, up from the nearly 6,000 reached presently.

The foundation is also aimed at unlocking access to capital for 10,000 women-owned enterprises with the renewed partnership with the bank.

According to her, the partnership would also deepen support for women entrepreneurs, improve business survival rates and attract additional partners to scale funding for the segment.

She added that the initiative is expected to blend training, mentorship and financing, while also serving as a blueprint for broader public–private cooperation in unlocking new pools of capital for enterprise development and inclusive growth in the country.