First City Monument Bank (FCMB) has launched a new application window for its SheVentures initiative, offering zero-interest loans of up to ₦10 million to women entrepreneurs. The loans are available in two tiers: ₦500,000 to ₦5 million for general businesses and ₦5 million to ₦10 million for sector-specific enterprises. Funding is capped at 50% of an applicant's average monthly turnover.
The loan structure includes no interest, with all fees built into a transparent framework. Repayment periods are set at four or six months, aligned with business cash flow cycles. Yemisi Edun, Managing Director and Chief Executive of FCMB, described the initiative as part of a deliberate strategy to promote inclusive growth. She stated that women-led businesses are vital to economic activity but face structural barriers.
Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at FCMB, noted that access to affordable finance remains a major challenge for women entrepreneurs. She said the zero-interest loan aims to protect existing jobs, support growth investments and strengthen business resilience. The programme targets women-owned SMEs, which make up a significant portion of Nigeria's enterprises but often face high borrowing costs and limited credit access. Applications are currently open.
FCMB promotes zero-interest loans for women while operating within a banking system that routinely charges high rates on other SME products. The bank's gesture highlights a contradiction: affordability is possible when framed as inclusion, yet remains out of reach for most small businesses. If 0% interest can be structured for women under SheVentures, the feasibility of low-cost financing models is already proven. This raises the question of why such terms aren't extended more broadly across FCMB's lending portfolio.
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