MTN Foundation Joins Forces to Empower 20,000 Nigerian Female Entrepreneurs

The MTN Foundation, in partnership with the Mastercard Foundation and the Enterprise Development Centre (EDC) of Pan-Atlantic University, has launched the MTN Y'ellopreneur Initiative in an effort to promote gender equity and women's entrepreneurship. This innovative programme aims to give female entrepreneurs in Nigeria access to crucial finance options, entrepreneurship training, and capacity-building chances.

According to recent statistics data, women make up more than 50% of the population of Nigeria. However, only around 35% of them are actively running small, medium, or large-scale businesses, as well as micro and other types of businesses. This gender pay gap in entrepreneurship fits with current trends throughout the world. According to a United Nations study from 2020, women's labour market involvement was just 47%, in sharp contrast to men's participation rate of 74%. Since 1995, this gender difference has mostly not altered.

The MTN Foundation, under the direction of its Executive Secretary, Odunayo Sanya, has launched a project to train 20,000 Nigerian female entrepreneurs in crucial entrepreneurial skills in response to the need to close this gap and empower women in business. Sanya revealed that the collaboration between the MTN Foundation, Mastercard Foundation, and EDC will result in an extensive training programme lasting four weeks at a media conference held in Lagos.

The initiative's initial phase included a "Call for Application," which received a significant response of 35,000 legitimate applications. 500 female business owners were carefully chosen from among them and put through rigorous training offered by EDC based on the selection criteria. Sanya made a point of stating that the partnership with EDC sought to address the urgent problem of "inadequate training" that frequently impedes the advancement of female entrepreneurs.

Following the training phase, EDC will provide the trained female entrepreneurs with three months of advising and business support services. A marketplace event will also be held to promote their goods and services. Entrepreneurs interested in expanding their businesses will get financial help from the Mastercard Foundation, a significant partner in this project.

Notably, the MTN Y'ellopreneur Initiative's provision of skilled entrepreneurs with access to low-interest financing is one of its most outstanding features. The loans have a low two percent interest rate, and those who are able to pay them back on time will be rewarded with a grant equal to 25% of the loan amount, which will encourage more responsible spending and entrepreneurship.

Through this relationship, Nigerian women will make important strides towards entrepreneurship, economic prosperity, and gender equality. These 20,000 female company owners are prepared to have a significant effect on the Nigerian economic environment as they get money and training.