FirstBank Backs Women Entrepreneurs With N10m Grant

FirstBank has awarded N10 million in grants to outstanding women entrepreneurs after attracting 356 applications from across Nigeria for the maiden edition of its Spark A Gem Challenge, an initiative aimed at strengthening women owned businesses through funding, mentorship and business development support.

The programme, a flagship Women Preneur Pitch a Ton initiative under the bank’s FirstGem proposition, was designed to provide women entrepreneurs with business education, mentorship, ecosystem connections and funding opportunities, reinforcing the bank’s commitment to supporting women led enterprises beyond access to finance.

According to the bank, applications were received from women entrepreneurs operating in agriculture, education, healthcare, food services and other key sectors of the economy. Following the selection process, eight finalists participated in an intensive four day capacity building programme before pitching their businesses to an independent panel of judges.

At the end of the competition, Onyinye Obayi, founder of Honeypot Confections Limited, emerged the overall winner and received the N5 million grand prize. The first and second runners up received N3 million and N2 million respectively, bringing the total grant awarded to N10 million.

FirstBank also disclosed that all applicants have been integrated into the FirstGem ecosystem, providing them with access to future banking relationships, credit opportunities and business advisory services.

Speaking on the initiative, the Group Executive, e Business and Retail Products, FirstBank, Chuma Ezirim, said the programme reflects the bank’s commitment to empowering women entrepreneurs with the tools needed to build sustainable businesses.

“When women thrive, economies thrive. At FirstBank, we recognise that women entrepreneurs play a critical role in driving economic growth, job creation, and community development. Spark A Gem Challenge was deliberately structured as a controlled funnel to identify promising women-led businesses, equip them with critical financial and business capabilities, and convert the most viable into sustainable FirstGem banking relationships.

“We have seen that access to finance alone is not enough. Women entrepreneurs perform better when capital is paired with the right capabilities, networks, and support. With Spark A Gem, we are positioning FirstBank as a long-term partner in growth for women.”

The bank said the initiative was developed from insights showing that women owned businesses achieve stronger outcomes when financing is complemented by financial literacy, business management capabilities, mentorship and access to supportive business networks.