MTN Foundation, BOI launch N1bn matching fund to supports women-led businesses across Nigeria

The MTN Foundation and the Bank of Industry (BOI) have launched a N1 billion matching fund programme aimed at helping women entrepreneurs in Nigeria expand their businesses and move into larger-scale production.

The initiative, called Y’ellopreneur 3.0, opened for applications this week and will support women-led micro, small and medium enterprises (MSMEs) across the country. The programme will provide equipment financing, training, mentorship and business advisory services to selected participants.

Recent insights highlight a strong entrepreneurial drive among Nigerian women, with 85 percent identifying as entrepreneurs and 90 percent expressing intent to start their own businesses. This growing ambition underscores the need for targeted financing and structured support systems to enable scale and strengthen women‑led enterprises across multiple sectors.

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Ibijoke Sanwo‑Olu, the first lady of Lagos state, at a media parley hosted at MTN Headquarters in Lagos, highlighted the importance of initiatives like the MTN Y’ellopreneur which provides women with access to the skills, financing, and networks necessary to grow sustainable businesses.

Sanwo-Olu who was represented by Oyinlola Agoro, wife of the Lagos state head of service, said, ‘’The Lagos state administration remains deeply committed to initiatives that transition our women from the margins of the economy to the mainstream of industrial growth. I am immensely proud of the past Y’ellopreneurs who have stepped up to transform their skills into scalable enterprises. This partnership with MTN and the BOI is a testament to what we can achieve when the public and private sectors align to champion the African woman.’’

Mosun Olusoga, chairman, MTN Foundation, said the organisation views women’s empowerment as a key part of economic development rather than a corporate social responsibility activity.

According to her, when women succeed in business, the impact spreads across families and communities.

She said the new fund is designed to provide equipment financing that will allow selected entrepreneurs to expand their operations and compete in the digital and industrial economy.

“It is with great honour that we are launching the MTN and BOI Y’ellopreneur 3.0 Matching Fund, a N1 billion intervention. We are looking for innovators and builders who are ready to grow their businesses and take advantage of opportunities in today’s economy,” Olusoga said.

Representing BOI’s managing director and chief executive officer, Olasupo Olusi, executive director for MSMEs, Oluwatoyin Ahmed Edu, said the partnership goes beyond financing and reflects a shared commitment to inclusive economic growth.

He said women entrepreneurs play an important role in job creation and economic stability.

“Today represents more than a financial partnership. It shows our belief in the power of women to drive sustainable economic progress,” he said.

During her presentation, Odunayo Sanya, executive director, MTN Foundation, also highlighted the programme’s impact and encouraged broader industry participation to accelerate support for women-led businesses. She remarked: “Y’ellopreneur 3.0 is designed to deliver measurable impact by equipping women with the skills, networks, and financial support required to grow resilient businesses that contribute meaningfully to Nigeria’s economy.”

The launch event included a market activation where past beneficiaries of the Y’ellopreneur programme showcased their products and shared experiences from earlier editions.

A panel discussion during the event focused on how to build stronger support systems for women-led enterprises in Nigeria’s changing economy.

Panelists included Dr. Oreoluwa Finnih-Awokoya, special adviser to the Lagos State Governor on Sustainable Development Goals, Princess Adesola Ogunleye, national president of the Country Women Association of Nigeria, and Hansatu Adegbite, national consultant on Private Sector Partnerships at UN Women.

Speakers at the session said access to financing remains one of the biggest barriers for women entrepreneurs, especially those operating small businesses in sectors such as agriculture, fashion, food processing, energy and digital services.

They also stressed the need for supportive policies, stronger networks and mentorship opportunities to help women grow their businesses sustainably.

Applications for the Y’ellopreneur 3.0 programme are open to women entrepreneurs across several sectors including agriculture, trading, ICT, manufacturing, recycling and energy.

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MTN Nigeria said the initiative forms part of its broader effort to support economic development and entrepreneurship in the country.

With more Nigerian women turning to entrepreneurship as a pathway to income and independence, stakeholders at the event said programmes like the new fund could play a role in helping businesses scale and contribute more to the national economy.