The Bank of Industry (BOI) and the MTN Foundation have launched a N1bn matching fund under the Y’ellopreneur 3.0 programme to support women-led businesses in Nigeria, introducing a more structured approach that combines training, advisory support, and equipment financing to drive scale and sustainability.
The initiative, unveiled in Lagos, reflects a deeper commitment by both institutions to move beyond symbolic empowerment and focus on measurable economic impact. With a clear framework in place, the programme is designed to empower 1,000 women through capacity building, while providing up to N5m in loans to 200 female entrepreneurs to help them expand their operations.
Chairman of MTN Foundation, Dr Mosun Belo-Olusoga, described the programme as a deliberate shift in how women’s empowerment is approached, stressing that it is now seen as a central driver of national development rather than a corporate obligation.
“It is often said that the great barometer of Nigeria’s economic health isn’t found on the stock exchange tickers. More often, it resides in the grit and sheer determination of a Nigerian woman turning business into a huge enterprise,” she said.
Her remarks underline the broader vision behind the fund, which positions women not just as beneficiaries, but as active contributors to economic growth. According to her, the foundation has moved away from viewing empowerment as a checklist item and now treats it as a core strategy for nation-building.
“At the MTN Foundation, we have moved far beyond the era of women’s empowerment as social goods or checkboxes on a CSR report. We see it as a cornerstone for nation-building because when a woman thrives, the secular economy is no longer a theoretical concept. It becomes a reality that feeds families, educates children, and stabilises communities.”
The structure of the N1bn fund reflects this philosophy. Designed as a matching fund between BOI and the MTN Foundation on a 50:50 basis, it focuses specifically on equipment financing, enabling selected entrepreneurs to transition from small-scale operations to more industrial-level production.
“It is therefore my distinct honour to announce a partnership with the Bank of Industry… this is a N1bn intervention fund. This fund is specifically designed to provide equipment financing for 200 deserving women, enabling them to transition from small-scale operations to industrial-strength businesses,” Belo-Olusoga added.
Beyond financing, the programme integrates training and advisory components to ensure that beneficiaries are equipped with the skills needed to manage and sustain growth. Managing Director of BOI, Dr Olasupo Olusi, represented by Executive Director for MSMEs, Oluwatoyin Edu, highlighted the importance of this combined approach.
“Under this initiative, 1,000 women entrepreneurs will participate in a structured capacity-building programme… while 200 women-led MSMEs will receive access to affordable loans of up to N5m to expand their businesses,” he said.
This dual focus on capacity and capital addresses a long-standing gap in Nigeria’s entrepreneurial ecosystem, where access to funding alone has often not translated into sustainable business growth. By pairing financial support with training and mentorship, the programme aims to create more resilient enterprises.
Olusi also noted that the initiative builds on an existing partnership between BOI and the MTN Foundation, which has delivered several targeted interventions over the years. From the Youth Entrepreneurship Development Programme in 2018 to the earlier phases of the Y’ellopreneur scheme in 2022, both organisations have steadily expanded their support for small and medium-scale enterprises.
“Today, we are pleased to deepen this collaboration with the launch of the N1bn Y’ellopreneur 3.0 Matching Fund, jointly funded by both institutions on a 50:50 basis,” he said.
The programme is also strategically targeted at high-impact sectors such as agro-processing, light manufacturing, fashion, energy, waste management, and digital services. These sectors were selected for their potential to generate employment, boost local production, and enhance Nigeria’s competitiveness in both domestic and global markets.
“By supporting women-led enterprises in productive sectors, this programme will help generate employment, strengthen local production, stimulate innovation, and expand the capacity of Nigerian businesses to compete both domestically and globally,” Olusi added.
Executive Director of MTN Foundation, Odunayo Sanya, further emphasised that the programme is designed to tackle both financial and knowledge barriers faced by women entrepreneurs.
“We realised that there was a problem with access to capital, but there was also a problem with capacity… that is why the vision of the Y’ellopreneur was brought forth to combine capacity building with access to capital for women,” she said.
According to her, previous interventions by the foundation have already demonstrated the impact of this model, with thousands of women trained and supported through earlier funding initiatives. The new N1bn fund represents a significant scale-up, aimed at accelerating outcomes and reaching more beneficiaries.
“Today, we are launching a N1bn matching fund… we believe that even small amounts can help women scale. Some women need just N2m to transform their operations,” Sanya noted.
She also pointed to the long-term ambition of the programme, which goes beyond immediate funding. The MTN Foundation aims to build capacity for 30,000 women and fund 10,000 female-led businesses over the next five years, creating a broader ecosystem that supports sustained growth.
“We are creating an ecosystem that empowers women, strengthens enterprises, and contributes meaningfully to Nigeria’s economic transformation,” she said.
The call for wider participation remains a key part of the rollout, with stakeholders encouraging women across the country to take advantage of the opportunity. Belo-Olusoga stressed the importance of ensuring that information about the programme reaches beyond major urban centres.
“We need this call for applications to travel beyond the high rises of our cities… We want every Nigerian woman who has an ambition to know that her dream is valid,” she said.
