MTN Foundation in partnership with the Bank of Industry (BoI) and the Enterprise Development Centre (EDC) have launched the first phase of the Y’ellopreneur programme for female entrepreneurs in Nigeria.
According to the foundation, the Y’ellopreneur initiative is designed to build the entrepreneurial skills of 500 women, through a four-week capacity-building session that will run.
Odunayo Sanya, the executive secretary, MTN Foundation, stated that the foundation was particular about the types of business it wanted to fund.
“For us, it was about the real economy, and today we are training women across a range of businesses including; manufacturing, processing, ICT, agriculture, waste management and recycling.
“It was also important that we had applications from women across Nigeria and we currently have women across the country who are part of the selected participants,” Sanya said.
Mosun Belo-Olusoga, Director, MTN Foundation, stated that the programme is focused on advancing women’s development in the area of entrepreneurship through capacity building, advisory and business support services.
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“This is a cause I am particularly passionate about, and I am gratified that MTN is demonstrating its continued commitment to supporting women’s development through the implementation of the Y’ellopreneur initiative,” Belo-Olusoga stated while highlighting the impact of the Y’ellopreneur initiative on women-owned businesses in Nigeria.
According to her, the outstanding 150 entrepreneurs with recommended bankable businesses will be supported with an equipment loan of about N2 million each at a fixed interest rate of 2.5 percent and 36 months repayment duration.
“The initiative will contribute to reductions in female unemployment and advance our development through training designed to enhance the entrepreneurial abilities of the 500 women,” Belo-Olusoga stated.
Also speaking at the event, Obaro Osah, the divisional head, SME South, Bank of Industry, stated that the BoI has put several initiatives in place to support women-led businesses based on its understanding that women are the backbone of entrepreneurship in Nigeria.
“That is one of the reasons the Bank of Industry is supporting women-led businesses and at the same time helping them scale their business. We are excited to partner with the MTN Foundation on this initiative,” Osah stated.
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