First City Monument Bank has commenced a First City Monument Bank for its SheVentures programme, introducing zero-interest loans of up to N10 million for women-owned businesses aimed at improving access to funding and accelerating enterprise growth.

Under the scheme, eligible entrepreneurs can access between N500,000 and N5 million through the general funding category, while businesses operating in selected sectors may obtain between N5 million and N10 million. The bank stated that loan approvals will be limited to 50 per cent of the applicant’s average monthly turnover.

The financing package comes with a zero-interest structure, with all applicable fees clearly outlined upfront. Beneficiaries are expected to repay the loans within four or six months, depending on the agreed terms, giving businesses room to align repayments with operational cash flow.

Yemisi Edun said the initiative is part of the bank’s strategy to drive broader economic inclusion.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers. This intervention aims to help close that gap by providing financing that supports job creation, business expansion and long-term sustainability for women entrepreneurs.”

According to Nnenna Jacob-Ogogo, many female entrepreneurs continue to struggle with accessing affordable financing.

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, group head, SheVentures and Impact Segments at FCMB.

“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,” Ogogo said