Good News As Bank Of Industry Announces Special Loan For Women
- The Bank of Industry launched Project Guaranteed Loans for Women, a N10 billion special intervention programme
- The MD of the bank stated that the funding is meant to empower women, who are vital to Nigeria's economic growth
- The programme aims to bridge the persistent gap in financial inclusion that women face across the country
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Project Guaranteed Loans for Women (GLOW), a special intervention initiative worth N10 billion, has been introduced by the Bank of Industry (BOI) to assist female entrepreneurs throughout Nigeria.
Dr. Olasupo Olusi, the bank's managing director, made the announcement Thursday in Lagos, highlighting that the financing is intended to empower women, who are essential to Nigeria's economic development.
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According to NAN, the program intends to close the ongoing financial inclusion gap that women in the nation confront by giving them the funding they need to grow their enterprises and support economic growth.
He claims that with 23 million female entrepreneurs running 41% of the nation's microbusinesses, Nigeria leads the world in women's entrepreneurship. For many of these women, however, financial access continues to be a major obstacle.
Despite the remarkable number of women entrepreneurs in Nigeria, Dr. Olusi pointed out that many of them find it difficult to obtain the capital required to expand their companies.
He said BOI is dedicated to tackling this issue through strategic programs such as the GLOW Fund, which is a component of the bank's larger 2025–2027 plan to give gender-focused financial inclusion top priority.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges. Our goal today is to listen, simplify financing processes, and build a strong network that fosters sustainable growth,” Olusi stated.
Dr. Olusi also described other BOI financial interventions aimed at supporting women entrepreneurs, such as the BOI Impact Fund, a $2 million investment in AruwaCapital, a female-led investment firm, and a 50 million partial risk guarantee partnership with the African Guarantee Fund.
The GLOW Fund, created in partnership with the Women’s Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), is intended to provide low-interest loans, capacity-building programs, and mentorship opportunities to help women-led businesses flourish.
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Moniepoint launches tech programme for women
Legit.ng earlier reported that one of Nigeria’s leading financial technology companies, Moniepoint, announced the expansion of its Women in Tech Programme, increasing its internship from 10 to 15 to bridge the gender gap in the tech sector.
The company said the scheme offers applicants the opportunity to join different teams across cloud engineering, backend engineering, technical product management, data engineering, systems administration, technical support, and user experience.
Tagged Dream 15, the programme will enable the participants to embark on a six-month internship, where they will be exposed to direct mentorship, competitive salary, work tools, branded items, and possible full-time employment based on performance.
Proofreading by James Ojo, copy editor at Legit.ng.
