WOMEN IN BUSINESS

Women entrepreneurs in Nigeria often struggle to access affordable financing due to collateral constraints and gender-based lending barriers. To close this gap, government agencies, banks, fintechs, and microfinance institutions now offer female-focused loan programs designed to support business growth across different sectors.

Key Loan Programs for Women

SheVentures (FCMB) is one of Nigeria’s most prominent women-focused financing initiatives. It provides zero-interest loans of up to ₦10 million, plus mentorship and business support. FCMB has expanded the scheme to a ₦1 billion fund, and more than 300 women-led SMEs have already benefited, using the loans to expand retail shops, launch food processing businesses, or acquire equipment.

The Bank of Industry (BOI) supports women through programs like GLOW (Guaranteed Loan for Women) and the We-Fi initiative. These loans come with flexible tenors, reduced interest rates, and alternative collateral options. BOI’s partnership with the Central Bank of Nigeria (CBN) and Development Bank of Nigeria (DBN) has unlocked additional financing pools targeted specifically at women in agriculture, fashion, manufacturing, and services.

The Central Bank’s MSME interventions also have strong gender impact. Programs such as AGSMEIS, MSME-DF, and the COVID-19 Targeted Credit Facility (TCF) have collectively empowered thousands of women. Under the TCF alone, over ₦159.2 billion was disbursed to more than 330,000 female entrepreneurs, helping many keep their shops and small factories running during the economic downturn.

Microfinance banks remain key players. Baobab Microfinance Bank has disbursed more than ₦229.66 billion to MSMEs, with women receiving about 56% of the total. Many beneficiaries include traders, small-scale producers, and rural entrepreneurs who lack traditional collateral but qualify through character-based lending and group guarantees.

Fintech platforms like Shecluded—founded by Ifeoma Uddoh—offer yet another pathway. Shecluded provides fast digital loans, financial education, and savings tools specifically for women. Many early-stage entrepreneurs, especially in tech, fashion, and beauty, use these loans to launch or stabilize their businesses.

How to Prepare and Apply Successfully

To improve your chances of approval, prepare a concise business plan showing your market opportunity, revenue model, and intended use of funds. Keep proper financial records, such as bank statements and sales history. Ask lenders about alternative collateral—many women-focused programs accept movable assets or group guarantees. Also take advantage of training and mentorship, which strengthen both your business and loan application.

Conclusion

From zero-interest loans to concessionary government-backed schemes, financing opportunities for Nigerian women have never been more accessible. By choosing the right program and preparing well, you can secure the capital needed to grow and sustain your business.

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