BOI, NCGC to unlock N10b loans for women entrepreneurs

The Bank of Industry (BOI), in partnership with the National Credit Guarantee Company (NCGC), has signed a memorandum of Understanding (MoU) to unlock N10billion in guaranteed loans for women entrepreneurs, as women economic participation gains major momentum.

The Managing Director, BoI, Dr. Olasupo Olusi, who initiated the gender-inclusive financing, has continued to shape national Micro Small and Medium Enterprises MSMEs development policy, noting that the idea is to create a credit-guarantee framework that will make financing more accessible and affordable for thousands of women-owned businesses nationwide.

Olusi started this during the signing of the MoU with the Managing Director of NCGC, Mr Bonaventure Okhaimo in Abuja, saying that under the arrangement, NCGC will provide a 25 per cent credit guarantee cover on BoI loans, significantly reducing lender risk and enabling BOI to fund more women-led enterprises.

He said: “The initiative targets high-impact sectors including manufacturing, processing, ICT, digital marketing, e-commerce, the creative and entertainment industries, healthcare, education, renewable energy, and waste management.  The GLOW (Guaranteed Loans for Women) programme is a national intervention to remove long-standing barriers that prevent women from scaling their businesses.

“This event represents more than a procedural milestone, it signals our collective commitment to expanding access to finance for the Nigerian entrepreneurs who power our economy, particularly women and MSMEs, GLOW was crafted to deliver affordable, flexible, and well-structured financing to women, which is designed by BOI from the ground up to close systemic gender-financing gaps.

“With a N10billion fund, concessionary pricing at seven percent, flexible collateral arrangements, and embedded capacity building, GLOW reflects our intentional drive to close gender-financing gaps and stimulate inclusive growth, one of the clearest signs of its necessity is the overwhelming market response.

‘‘We have recorded over 33,000 applications in progress, with an estimated value exceeding ₦65bn”.

Speaking, MD NCGC Bonaventure Okhaimo has assured that the organisation will start with a ₦5bn, as this will help and also support in managing portfolio risk, and reach women and MSMEs who are viable but previously underserved due to collateral constraints, this will allow women-owned businesses to access loans at lower interest rates and with faster approval timelines.

BOI, NCGC to unlock N10bn guarantee loans for women entrepreneurs