Women entrepreneurs in Nigeria who desire affordable and convenient funding to boost their respective businesses, can now do so. This is because Women in Business at First City Monument Bank Limited (FCMB), is set to launch a proposition that offers zero-interest rate on loans to Small and Medium Enterprises (SMEs).
The development is in line with the commitment of the bank to empower women-owned SMEs (existing and start-ups), through financial support, advisory and value-added products, to enhance customer experience and overall contribution to the growth of the country and its economy. FCMB has established a dedicated desk for women-owned businesses under its Business Banking Group, equipped with highly professional personnel to meet the needs of this segment.
In a statement, the bank explained that the zero-interest rate product, which is for an initial period of three months, is designed as an all-round programme structured to prepare and equip its female-owned SME customers to take their businesses to greater heights.
This product comes with additional benefits, such as capacity building programmes through trainings and financial advisory services; 80 women every quarter, will have access to mentorship and training and 40 of these women will benefit from the loan. This means that by the end of the year, 320 women would have been mentored and 160 women would have enjoyed the facility.