MTN Foundation is set to invest N600 million in stage 2 of its Y’ ellopreneur effort to assist bridge the capability space for women-owned services in Nigeria.
The Foundation will provide N450 million to 150 certified Y’ ellopreneur as devices loans, representing N3, 000 for each of the certified females business owners.
Upon the payment of the loan, the amount of N112.5 million would be reimbursed as grants to the Y’ ellopreneur, which account for 25 percent of the loans being offered back as grant to the receivers.
Read likewise:MTN Foundation introduces ‘Y’ ellopreneur’ to deepen intervention for female business owners
Require application formally open on Tuesday March 5, 2024, and are anticipated to run for 4 weeks.
Odunayo Sanya, executive secretary, MTN Foundation, stated that Y’ ellopreneur begins with a capacity-building effort for women-owned organizations that have actually been functional for a minimum of 2 years with the Enterprise Development Centre (EDC) of the Pan-Atlantic University. “Capacity space is the greatest for females business owners.”
According to her, the Y’ ellopreneur effort is a driver for financial advancement, and revealed that every lady who uses winds up with a bankable company strategy.
She likewise divulged that the loan is a sustainability method for MTN with a 2.5 rates of interest for receivers and six-month moratorium. “For us at the Foundation; we will continue to invest to move Nigeria forward,” Sanya stated.
Bolaji Cecilia Dada, Commissioner for females affairs and hardship relief, stated that the state is open to partnering with the economic sector on females empowerment with about 20 abilities acquisition centres throughout Lagos. According to her, over 21,000 trainees have actually finished from the school given that 2019.
“We are really delighted to partner with MTN and hope that the majority of the receivers from stage 2 will be from Lagos State,” Dada stated.
Thelma Ekiyor-Solanke, nation chairperson, National Philanthropic Office (NPO) and effect investing, stated that the federal government plays a crucial function in deepening the business owner community in Nigeria. According to her, the NPO will offer access to economic sector organisations to deepen the business owner area in Nigeria.