BOI, MTN Foundation Unveil N1bn Fund For Women-owned Businesses

As part of efforts to deepen financial inclusion and drive enterprise growth, the Bank of Industry (BOI) and the MTN Nigeria Foundation have launched a N1 billion Yellowpreneur 3.0 Matching Fund to scale women-led businesses across Nigeria.

Speaking at the official launch in Lagos, the managing director/chief executive of BOI, Olasupo Olusi, said the initiative underscores a shared commitment to advancing entrepreneurship and inclusive economic growth.

Olusi, who was represented by Executive Director, MSME, Oluwatoyin Edu, noted that the collaboration between both institutions has evolved over time, beginning with the Youth Entrepreneurship Development Programme in 2018, followed by the Yellowpreneur Programme in 2022.

“The partnership between the Bank of Industry and the MTN Nigeria Foundation reflects a shared commitment to advancing entrepreneurship, women empowerment and creating opportunities for enterprise growth across Nigeria,” he said.

“Today, we are pleased to deepen this collaboration with the launch of the N1 billion Yellowpreneur 3.0 matching fund,” he averred.

According to him, the programme aligns with BOI’s 2025–2027 corporate strategy, which focuses on driving enterprise development and economic transformation.

“At the Bank of Industry, we do not reckon our performance by the quantum of profit that we make; what we look at is the impact that will be made across the various sectors in Nigeria,” he said.

Edu disclosed that under the initiative, about 1,000 women entrepreneurs will undergo structured capacity building, while no fewer than 200 women-led MSMEs will access funding of up to N5 million each to scale their businesses. He added that the programme targets high-impact sectors including agro-processing, light manufacturing, fashion, renewable energy, waste management, and digital services.

The BOI executive further stressed that the initiative would contribute to job creation, innovation, and industrialisation. “By supporting women-led enterprises in the productive sector, this programme will help to generate employment, create innovation and expand the value of Nigeria’s businesses to compete both domestically and globally,” he added.

Commenting, the executive director of the MTN Foundation, Odunayo Sanya, said the initiative reflects the foundation’s long-standing commitment to economic empowerment and inclusive development.

“The MTN Foundation was founded in 2004, and since then, we have focused on education, youth development, health, and economic empowerment. Our vision is to see a Nigeria where no community is left behind,” she said, noting that partnership remains central to achieving this goal.

She explained that the Yellowpreneur initiative was conceived to address structural barriers faced by women entrepreneurs, including limited access to finance and skills gaps. “We began to see data that showed only about 2 per cent of global venture capital funding went to women-led businesses. This highlighted the need for a more deliberate intervention,” she said.

Samya added that the programme combines capacity building with access to finance, in partnership with the Enterprise Development Centre of Pan-Atlantic University. “Our approach has never been just about giving out money; rather, we invest in equipment and resources that enable women to scale their businesses,” she stated.

The ED, while highlighting the programme’s impact, said the foundation has trained over 5,000 women entrepreneurs and supported more than 100 businesses with funding. “When a woman thrives, the economy is no longer theoretical; it becomes a reality that feeds families, educates children and stabilises communities,” she said.

She described the new N1 billion fund as a significant milestone in expanding support for women-led enterprises. “This fund is designed to provide equipment financing for women, enabling them to transition from small-scale operations to industrial-level businesses,” she added.

Sanya called on stakeholders and the media to amplify awareness of the initiative nationwide. “We want women across Nigeria, from Kano to Ibadan to Enugu to hear this call. Every Nigerian woman with ambition should know that her dream is valid,” she said.

Consequently, the organisers called on stakeholders, corporate organisations, and the media to amplify awareness of the initiative, even as they stressed that broader collaboration is essential to empowering more women entrepreneurs and strengthening Nigeria’s economic growth trajectory.