MTN Foundation and Bank of Industry sign strategic MoU to launch phase 3.0 of Y’ellopreneur Initiative for female entrepreneurs

The MTN Foundation (MTNF) has officially signed a Memorandum of Understanding (MoU) with the Bank of Industry (BOI) Limited in preparation for the third phase of the MTN Y’ellopreneur initiative. At the core of the agreement is the setup of a one billion naira matching fund model for Female Entrepreneurs. The MoU was executed at the BOI office in Marina, Lagos on Friday, February 13.

The partnership seeks to contribute to the reduction in women’s unemployment and advance their development in entrepreneurship by providing targeted capacity-building opportunities that strengthen their business skills. Through a combination of equipment loan and advisory support, the programme aims to equip female entrepreneurs with the resources they need to build and sustain successful enterprises.

Phase 3.0 builds on the solid achievements of the first two phases, attracted thousands of applications, capacitated 5,754 women, and facilitated access to NGN 304 million in loans for 122 female entrepreneurs.

This matching fund model will support up to 200 female entrepreneurs with single-digit interest loans of up to NGN 5 million each. Speaking at the signing, Managing Director and Chief Executive Officer, Bank of Industry, Dr. Olasupo Olusi, emphasized the bank’s commitment to industrialising Nigeria through gender-inclusive financial support. He said, “We are committed to the development of women-led enterprises. Today represents the deepening of our existing collaboration; it is a deliberate intervention targeted at women at the base of the economic pyramid who operate viable businesses.

“Across Nigeria, women sustain a large share of micro-businesses in markets and communities for local economic development. This partnership goes beyond lending; it aims to provide mentorship and equip the recipients. BOI remains committed to sustainability and partnership on this programme.”

Odunayo Sanya, Executive Director of the MTN Foundation, highlighted the importance of the partnership in driving economic growth. She said, “Today, we stand as custodians of a power that drives meaningful change. This partnership reflects our commitment to creating sustainable growth pathways for women. By 2030, we aim to strengthen the capacity of 30,000 female entrepreneurs and support 10,000 women-founded/led businesses with access to capital. Above all, we celebrate the women whose lives and businesses will be empowered through this initiative.”

The call for applications for the third phase of Y’elloprenuer will commence with a media parley, followed by the training of 1,000 women and a hybrid business pitch session for selection of the top 200 businesses. This approach is designed to ensure that female-led business owners can thrive in an evolving economic landscape.

The MTN Foundation and the Bank of Industry remain dedicated to their role as enablers of women empowerment, ensuring that young female entrepreneurs have the resources and advisory needed to become key players in the Nigerian economy.