Bank Of Industry, Credit Guarantee Company Unveil N10bn Women Loan Scheme

Nigeria’s push to expand women’s economic participation gained fresh momentum as the Bank of Industry (BoI) and the National Credit Guarantee Company (NCGC) formalised a landmark partnership to unlock N10 billion in guaranteed loans for women-owned businesses.

At the centre of the initiative is BoI’s managing director/CEO, Dr. Olasupo Olusi, whose drive for gender-inclusive financing is increasingly shaping national MSME development strategy and strengthening the policy shift toward broader financial access for underserved groups.

The MoU, signed in Abuja, establishes a credit-guarantee framework designed to make financing more accessible and affordable for thousands of women-owned businesses across the country.

The managing director of the Bank of Industry, Dr. Olasupo Olusi, signed on behalf of the bank, while the managing director of the National Credit Guarantee Company,  Bonaventure Okhaimo, signed on behalf of the NCGC.

Under the new arrangement, the NCGC will provide a 25 per cent credit guarantee cover on BoI loans, a mechanism expected to reduce lender risk and enable the Bank of Industry to expand credit to more women-led enterprises nationwide.

The initiative targets high-impact sectors, including manufacturing, processing, ICT, digital marketing, e-commerce, the creative and entertainment industries, healthcare, education, renewable energy, and waste management — areas considered critical for job creation and inclusive growth.

Speaking at the ceremony, Olusi said the GLOW (Guaranteed Loans for Women) programme is a deliberate national intervention designed to dismantle long-standing barriers that have constrained women from scaling their enterprises and fully participating in the economy.

“Today’s event represents more than a procedural milestone; it signals our collective commitment to expanding access to finance for the Nigerian entrepreneurs who power our economy, particularly women and MSMEs,” he said.

He explained that GLOW was crafted to provide affordable, flexible and well-structured financing explicitly tailored for women entrepreneurs, stressing that the Bank of Industry designed the programme from the ground up to close systemic gender-financing gaps that have persisted for decades.

“With a N10 billion fund, concessionary pricing at seven per cent, flexible collateral arrangements, and embedded capacity building, GLOW reflects our intentional drive to close gender-financing gaps and stimulate inclusive growth,” he stated.

He noted that one of the clearest indicators of the programme’s necessity is the overwhelming market response it has already generated.

“We have recorded over 33,000 applications in progress, with an estimated value exceeding N65 billion,” Olusi revealed.

He added, “This level of demand clearly demonstrates the depth of entrepreneurial activity among Nigerian women and the urgent need to scale programmes such as GLOW to meet real market demand.”

He described NCGC’s role as essential to expanding the Bank’s reach.

“NCGC’s guarantee support, starting with a N5billion guarantee envelope enhances our ability to responsibly extend credit, manage portfolio risk, and reach women and MSMEs who are viable but previously underserved due to collateral constraints,” he said.

According to the NCGC, the guarantee cover will enable women-owned businesses to access loans at lower interest rates and with faster approval timelines, removing some of the most persistent hurdles in MSME financing.

Beyond credit access, GLOW will also provide mentorship, advisory support and capacity-building programmes to help beneficiaries strengthen their business operations and improve long-term sustainability.

Dr. Olusi stressed that the programme aligns with national priorities on financial inclusion, MSME growth, job creation and the federal government’s broader credit-reform agenda, positioning GLOW as a strategic tool for accelerating women’s economic empowerment.

“This partnership strongly aligns with national priorities on financial inclusion, youth and MSME development, and productivity expansion,” he said.

He commended the leadership of the NCGC for their commitment to strengthening a more resilient credit ecosystem and acknowledged the Bank of Industry teams whose groundwork made the GLOW programme operational.

“I commend the MSME Directorate and the Gender Business Group for the design and operational groundwork that has brought the GLOW Programme to this stage of national relevance,” he added.

Reaffirming BoI’s long-term commitment,  Dr Olusi said the goal remains clear,  “Our shared objective is to empower women, strengthen MSMEs, create jobs, and unlock the productive potential of our economy,” he said.

He added that the Bank of Industry remains committed to working closely with the NCGC to deepen the partnership, expand its reach, and support the scaling of initiatives that deliver measurable impact for Nigerians.

The managing director of the NCGC, Bonaventure Okhaimo, said the organisation continues to play a pivotal role in enabling responsible credit expansion while advancing national priorities for inclusive economic development.

By providing guarantees that reduce risks and strengthen lender confidence, he noted, the NCGC ensures that more women entrepreneurs gain access to the capital, skills, and resources necessary to innovate, compete, and drive Nigeria’s economic transformation.

He added that the NCGC remains steadfast in its commitment to fostering a stronger, more inclusive financial ecosystem, where women-led businesses are empowered with the opportunities and support required to thrive.