First City Monument Bank has opened a new round of applications for its SheVentures programme, offering zero-interest loans of up to N10 million to women entrepreneurs across Nigeria.
The initiative is designed to address one of the most persistent barriers to growth for women-led businesses: access to affordable working capital in a lending environment where commercial rates remain well above 30 per cent annually.
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How the facility works
The programme offers two funding tiers. General applicants can access between N500,000 and N5 million, while businesses operating in selected sectors can access between N5 million and N10 million. All loans are capped at 50 per cent of the applicant’s average monthly turnover — a structure designed to ensure repayment remains manageable relative to actual business cash flow. Repayment is scheduled over four or six months, giving businesses flexibility to align obligations with their operating cycles.
The zero-interest structure is the headline feature. All applicable charges are embedded transparently upfront rather than added through hidden fees — a significant departure from most commercial loan products currently available to Nigerian SMEs.
In a market where a N5 million loan at 30 per cent interest can cost a small business over N1.5 million annually in financing charges alone, a zero-interest facility of this size is not just attractive — it is structurally different from everything else available.
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Who it is designed for
The programme is open to women-owned or women-managed SMEs registered in Nigeria across sectors including retail, agriculture, fashion, manufacturing, trade, and services. Businesses with clear operational structures and documented growth potential are prioritised in the selection process.
Managing Director and Chief Executive Yemisi Edun described the initiative as rooted in the bank’s commitment to inclusive growth, noting that women-led enterprises remain critical to economic activity but continue to face structural barriers that limit their contribution. Group Head of SheVentures Nnenna Jacob-Ogogo added that removing the cost barrier is designed to protect existing jobs while enabling businesses to invest in expansion and build resilience under difficult economic conditions.
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Why the timing matters
The launch comes as a new report from the Inclusive Investment Forum confirms that only 23 per cent of Nigerian women hold bank accounts, and that the gender credit gap in Nigeria remains one of the most significant in sub-Saharan Africa. For the millions of women-owned businesses currently excluded from formal credit, programmes like SheVentures represent one of the few practical pathways to affordable capital that does not require collateral or existing banking relationships.
Applications are open via FCMB’s official SheVentures portal.
