FCMB Launches Zero-Interest Loans for Women Entrepreneurs

First Citi Monument Bank announced the launch of a zero-interest loan program aimed at women entrepreneurs in Nigeria. The loans, which range from ₦500,000 to ₦10 million, are designed to improve access to capital and support business growth.

The bank's Managing Director and Chief Executive, Yemisi Edun, stated that this initiative reflects a deliberate approach to fostering inclusivity and addressing the capital access requirements of women-led enterprises. The program aims to close the financial gap that women entrepreneurs face, as they often encounter structural barriers to financing.

Nnenna Jacob Ogogo, Group Head of SheVentures at First Citi Monument Bank, emphasized that access to affordable finance remains a significant constraint for women entrepreneurs. The zero-interest loans are structured to be repaid over four to six months, allowing businesses to align repayments with their cash flow cycles.

This initiative is expected to facilitate job creation and long-term sustainability for women-owned businesses in Nigeria.