First City Monument Bank opened a new round of applications for SheVentures on Monday, offering zero-interest loans of up to ₦10 million to women entrepreneurs, Yemisi Edun said.
The facility is split into two bands: general loans between ₦500,000 and ₦5 million, and sector-specific financing from ₦5 million to ₦10 million. Funding is capped at up to 50% of an applicant’s average monthly turnover, the bank said, and the loans carry a 0% interest rate with repayment scheduled over four months or six months.
Yemisi Edun framed the relaunch as part of a deliberate push to widen economic participation. "Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers. This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs."
Applications for the zero-interest loan are now open, the bank confirmed, and fcmb said the scheme is intended to move quickly from approval to disbursement so businesses can use the funds for immediate working capital and short-term growth projects.
Nnenna Jacob-Ogogo, speaking about the persistence of financing gaps, said bluntly: "Access to affordable finance remains a major constraint for women entrepreneurs." She added that the design of the zero-interest product targets that constraint directly: "By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions."
The numbers underline why the relaunch will attract attention. A zero percent interest rate on loans that can reach ₦10 million is rare in markets where women-owned businesses routinely face high borrowing costs and limited access to credit. The cap at 50% of average monthly turnover means applicants with predictable revenue streams can access meaningful sums without taking full leverage on their balance sheets.
Context matters: SheVentures is FCMB’s proposition aimed at women entrepreneurs, and its stated goals are to support working capital, business growth, job creation, and long-term sustainability. Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises, yet they continue to be hampered by credit costs and availability—precisely the gap SheVentures is pitched to narrow.
The program also contains an obvious friction point. Short repayment windows—four or six months—coupled with a limit of 50% of average monthly turnover mean the product suits firms with steady, predictable cash flows rather than ventures seeking multi-year investment for equipment, real estate or major expansion. The zero-interest rate removes price friction, but the structure shifts the burden onto speed of repayment and revenue stability.
That tension will shape outcomes. If many applicants can turn faster receivables into repayment, the scheme could safeguard jobs and let small businesses scale with little cost. If not, the short tenor may force firms to forgo the offer or to use the funds only for immediate needs rather than long-term growth. The clearest test ahead is whether the mix of zero interest, short terms and turnover caps translates into broader, sustainable access to finance for the women the program is meant to help.
