The Bank of Industry and the MTN Foundation have unveiled a N1bn matching fund to empower female entrepreneurs, with a focus on providing equipment financing to help 200 women scale their businesses.

The fund was launched at the official unveiling of the BOI–MTN Foundation Y’ellopreneur 3.0 Matching Fund held in Lagos on Tuesday. Chairman of MTN Foundation, Dr Mosun Belo-Olusoga, said the initiative was designed to move beyond traditional empowerment to drive real economic impact.

She remarked, “It is often said that the great barometer of Nigeria’s economic health isn’t found on the stock exchange tickers. More often, it resides in the grit and sheer determination of a Nigerian woman turning business into a huge enterprise.”

Belo-Olusoga added that the foundation now sees women’s empowerment as a critical driver of national development.

“At the MTN Foundation, we have moved far beyond the era of women’s empowerment as social goods or checkboxes on a CSR report. We see it as a cornerstone for nation-building because when a woman thrives, the secular economy is no longer a theoretical concept.

 It becomes a reality that feeds families, educates children, and stabilises communities,” she said.

Announcing the new fund, she stated, “It is therefore my distinct honour to announce a partnership with the Bank of Industry… this is a N1bn intervention fund.

This fund is specifically designed to provide equipment financing for 200 deserving women, enabling them to transition from small-scale operations to industrial-strength businesses.”

She called for wider awareness of the programme across the country, saying, “We need this call for applications to travel beyond the high rises of our cities… We want every Nigerian woman who has an ambition to know that her dream is valid.”

Managing Director of BOI, Dr Olasupo Olusi, represented by the Executive Director for Micro, Small and Medium Enterprises, Oluwatoyin Edu, said the fund would deepen existing collaboration between both institutions and expand support for women-led enterprises.

“The partnership between the Bank of Industry and the MTN Nigeria Foundation reflects a shared commitment to advancing entrepreneurship, empowering women, and creating opportunities for enterprise growth across Nigeria,” he said.

The BOI MD recalled that the bank had partnered with the MTN Foundation over the years to pursue programmes, including the Youth Entrepreneurship Development Programme in 2018, a N100m managed fund designed to support members of the MTN Foundation Scholarship Alumni community with entrepreneurial ambitions.

It was followed by the MTN Foundation Y’ellopreneur Programme in 2022, a N300m initiative focused on supporting women-owned businesses. The 2026 programme sought a major increase in funding.

Olusi added, “Today, we are pleased to deepen this collaboration with the launch of the N1bn Y’ellopreneur 3.0 Matching Fund, jointly funded by both institutions on a 50:50 basis.”

The BOI MD explained that the programme would combine training, financing, and advisory support to ensure sustainability. “Under this initiative, 1,000 women entrepreneurs will participate in a structured capacity-building programme… while 200 women-led MSMEs will receive access to affordable loans of up to N5m to expand their businesses,” he said.

He noted that the programme would target high-impact sectors, including agro-processing, light manufacturing, fashion, energy, waste management, and digital services.

“By supporting women-led enterprises in productive sectors, this programme will help generate employment, strengthen local production, stimulate innovation, and expand the capacity of Nigerian businesses to compete both domestically and globally,” Olusi added.

Executive Director, MTN Foundation, Odunayo Sanya, hailed the initiative as building on years of investment in women entrepreneurs. She stated that it addresses both funding and skills gaps.

“We realised that there was a problem with access to capital, but there was also a problem with capacity… that is why the vision of the Y’ellopreneur was brought forth to combine capacity building with access to capital for women,” she said.

Sanya added that the foundation had already trained thousands of women and disbursed loans to support business growth. On the significance of the new fund, she said, “Today, we are launching a N1bn matching fund… we believe that even small amounts can help women scale. Some women need just N2m to transform their operations.”

Sanya added that the partnership with BOI would accelerate impact, noting that the foundation aims to build capacity for 30,000 women and fund 10,000 female-led businesses over the next five years.

“We are creating an ecosystem that empowers women, strengthens enterprises, and contributes meaningfully to Nigeria’s economic transformation,” she said.