In a lending environment where commercial interest rates remain punishing, First City Monument Bank is doing something unusual, charging nothing to borrow.
FCMB has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth. The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant's average monthly turnover.
The product architecture is designed for real-world business cycles rather than banking convenience. At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure. Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.
Nnenna Jacob-Ogogo, Group Head of SheVentures and Impact Segments at FCMB, was direct about why the product is structured this way: "Access to affordable finance remains a major constraint for women entrepreneurs. By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions."
The problem the initiative is designed to solve is structural and well-documented. Women-owned businesses account for a significant share of Nigeria's small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit. Nigeria's benchmark Monetary Policy Rate, though modestly lower than its 2024 peak, still keeps commercial lending rates well above 25% for most SME borrowers. This cost disproportionately locks women-owned businesses out of the formal credit system.
FCMB Managing Director and CEO Yemisi Edun described the initiative as a product of deliberate institutional thinking rather than philanthropy: "Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively."
Through SheVentures, FCMB is combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.
The SheVentures platform has grown into one of Nigeria's most recognisable bank-led women's economic empowerment initiatives since its launch, moving well beyond credit to include training, mentoring, and networking support. The latest loan round adds a sharper financial edge to that ecosystem, one calibrated specifically to address the working capital gaps that have historically limited women-owned businesses’ ability to expand during periods of economic stress. Applications are now open.
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