MTN Foundation Launches program to Empower Nigerian Women

MTN Foundation started the Yellopreneur program in an effort to encourage and empower female entrepreneurs in Nigeria. The program's goal is to assist women realize their entrepreneurial goals by providing training, money, and coaching. The initiative's initial phase, launched in collaboration with the Bank of Industry and the Enterprise Development Centre (EDC), targeted 500 women in diverse business sectors such as manufacturing, processing, ICT, agricultural, waste management, and recycling.

Maryanne Aondoakaa, the CEO of Fellam's Collections, a shoe manufacturing firm focused on quality school shoes, was among the attendees. Aondoakaa, like many others, had issues compounded by the COVID-19 outbreak, such as lockdown-related interruptions and restricted financing. The Yellopreneur program saved the day by providing capacity-building sessions and the opportunity for participants to present their company proposals.

Following a thorough screening procedure, 101 women were selected to get equipment loans of up to N2 million with a fixed interest rate of 2.5% for 36 months. This financial assistance, together with advice and business support services, is intended to help these entrepreneurs expand their firms and contribute to the decrease of female unemployment in Nigeria.

Encouraged by the success of the first phase, MTN Foundation recently launched the second phase of the Yellopreneur program in conjunction with Mastercard Foundation and EDC. Over the course of four weeks, the objective is to teach an additional 20,000 Nigerian female entrepreneurs, providing them with vital entrepreneurship skills, advising services, and prospective financing help from the Mastercard Foundation.

The Yellopreneur program emphasizes the importance of entrepreneurship for women, acknowledging their major contribution to economic activity. As the initiative progresses, it is projected to have a long-term influence on women-owned enterprises, promoting Nigeria's long-term socioeconomic growth.