Bank Launches Zero-interest Loans For Women Entrepreneurs

First City Monument Bank (FCMB) has opened a new round of applications under its SheVentures initiative, offering zero-interest loans of up to N10 million to support women entrepreneurs and improve access to affordable business financing.

The programme provides funding in two tiers: between N500,000 and N5 million for general business needs, and N5 million to N10 million for sector-specific enterprises.

Loan approvals are capped at up to 50 per cent of an applicant’s average monthly turnover, designed to align financing with existing cash flow levels.

At the centre of the offering is a zero per cent interest structure, with all associated charges transparently embedded.

Repayment is structured over four or six months, giving beneficiaries flexibility to match repayment schedules with business cycles.

Managing director and chief executive of FCMB, Yemisi Edun, said the initiative reflects the bank’s commitment to inclusive economic growth, particularly by addressing financing gaps affecting women-owned businesses.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively,” Edun said.

“Women-led enterprises are critical to economic activity, yet they continue to face structural barriers. This intervention is designed to support job creation, business expansion, and long-term sustainability for women entrepreneurs.”

Group head of SheVentures and Impact Segments at FCMB, Nnenna Jacob-Ogogo, also noted that affordability remains a major challenge for women in business, adding that the initiative is structured to remove cost barriers while improving access to quick and flexible funding.

“Access to affordable finance remains a major constraint for women entrepreneurs,” she said. “By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned enterprises account for a significant share of Nigeria’s small and medium-sized businesses, but many continue to struggle with high borrowing costs and limited access to credit, constraining their ability to scale operations.

FCMB said the SheVentures programme is aimed at closing this gap by combining targeted funding with broader support measures to strengthen women-led businesses, encourage innovation, and improve competitiveness across key sectors of the economy.

Applications for the latest round of zero-interest loans are now open to eligible women entrepreneurs across Nigeria.