The MTN Foundation (MTNF) has officially signed a Memorandum of Understanding (MoU) with the Bank of Industry (BOI) Limited ahead of the third phase of the MTN Y’ellopreneur initiative. The agreement centres on the establishment of a one billion naira matching fund model for Female Entrepreneurs. The MoU was executed at the BOI office in Marina, Lagos on Friday, February 13.
The partnership is designed to help reduce women’s unemployment and promote entrepreneurship by offering targeted capacity-building opportunities that strengthen business skills. Through a mix of equipment loans and advisory support, the programme aims to provide female entrepreneurs with the resources required to build and sustain successful enterprises.
Phase 3.0 builds on the achievements of the first two phases, which attracted thousands of applications, trained 5,754 women, and facilitated access to NGN 304 million in loans for 122 female entrepreneurs.
Under the new matching fund model, up to 200 female entrepreneurs will receive single-digit interest loans of up to NGN 5 million each. Speaking at the signing ceremony, the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, reaffirmed the bank’s commitment to gender-inclusive financial support.
“We are committed to the development of women-led enterprises. Today represents the deepening of our existing collaboration; it is a deliberate intervention targeted at women at the base of the economic pyramid who operate viable businesses,” he said.
He added, “Across Nigeria, women sustain a large share of micro-businesses in markets and communities for local economic development. This partnership goes beyond lending; it aims to provide mentorship and equip the recipients. BOI remains committed to sustainability and partnership on this programme.”
Executive Director of the MTN Foundation, Odunayo Sanya, also spoke on the significance of the initiative. “Today, we stand as custodians of a power that drives meaningful change. This partnership reflects our commitment to creating sustainable growth pathways for women. By 2030, we aim to strengthen the capacity of 30,000 female entrepreneurs and support 10,000 women-founded/led businesses with access to capital. Above all, we celebrate the women whose lives and businesses will be empowered through this initiative,” she said.
According to the organisers, the call for applications for the third phase of Y’elloprenuer will begin with a media parley, followed by the training of 1,000 women and a hybrid business pitch session to select the top 200 businesses. The approach is structured to ensure that female-led business owners can thrive in an evolving economic landscape.
The MTN Foundation and the Bank of Industry said they remain committed to empowering women entrepreneurs and equipping them with the financial and advisory support needed to play stronger roles in Nigeria’s economy.
