Busha has awarded N6 million in grants to three women-led beauty businesses in Nigeria, as it moves to support female entrepreneurs facing limited access to funding in the country’s fast-growing beauty sector.
The funding, delivered in partnership with Beauty Hut Africa, was announced at the finale of the Beauty Hut Africa Women’s Grant Initiative held at the Ecobank Pan-African Centre in Lagos.
Five finalists pitched their businesses to a panel of judges drawn from across the beauty and technology industries. At the end of the session, Inveo Labs emerged as the top winner, followed by Tulivu Fragrance and SavedSkin Cosmeceuticals.
The grant, which is equity-free, comes at a time when Nigeria’s beauty and personal care market is expanding quickly, driven by rising consumer demand, e-commerce growth and global interest in African brands. Industry estimates show the global beauty market could exceed $700 billion in the coming years, creating opportunities for local players.
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However, many female founders in Nigeria still struggle to access capital, limiting their ability to scale production, invest in research, and compete with larger or international brands.
Subuola Oyeleye, founder of Beauty Hut Africa, said, “This grant initiative was created to bridge a real gap for women in the beauty industry, access to funding, visibility, and the right support systems to grow. The level of innovation and resilience we have seen from these founders is incredibly inspiring, and we are proud to have partnered with Busha to help bring their vision to life. This is just the beginning of what we believe will be a new wave of scalable, women-led beauty businesses in Africa.”
Busha said its involvement is part of its broader social impact programme focused on education and empowerment. The company, known primarily as a digital asset exchange, is expanding its role beyond financial services into entrepreneurship support. Such moves reflect a growing trend among fintech firms in Africa to deepen their presence in the real economy, especially by supporting small and medium-sized enterprises (SMEs).
Magdalene Ekanem, founder of Inveo Labs and the first-place winner, said the funding would be used to strengthen research and development, improve testing infrastructure and scale product development.
“Winning this grant is a milestone for Inveo Labs. Beyond the funding, this platform has given us valuable visibility and affirms the relevance of our work. This support will be directed toward advancing our R&D, expanding our testing infrastructure, strengthening claim substantiation, and further expanding our already existing foundation for high-performance product development,” Ekanem stated.
Experts note that while grants of this size may appear modest, they can have a strong catalytic effect in Nigeria’s early-stage startup ecosystem, where many founders operate with limited access to venture capital or bank loans.
Women-led businesses, in particular, face steeper barriers. According to industry data, they receive a disproportionately small share of formal funding despite playing a major role in sectors such as beauty, fashion and retail.
By targeting this gap, initiatives like the Beauty Hut Africa grant programme aim to unlock growth in a segment that is both consumer-driven and export-ready.
For Busha, the move also signals a strategic positioning. As regulatory scrutiny increases in the digital asset space, companies are seeking to build trust and relevance by supporting broader economic development.
The company said it plans to continue backing high-potential African founders, especially those building scalable businesses in underserved sectors.
With Nigeria’s beauty industry gaining global attention, stakeholders say sustained access to funding, mentorship and distribution networks will be key to turning small brands into regional or international players.
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