Exciting news for small businesses in Nigeria! MoMo Payment Service Bank (PSB) has teamed up with the Ikoyi-Obalende Local Council Development Area (LCDA) to support 1,000 women entrepreneurs with a generous N50 million grant. This initiative, known as the Empowering Her Fortune Initiative (EHF) 2.0, took place in Lagos and shows a strong commitment to lifting up women-owned businesses.
Supporting Women Entrepreneurs with Financial Boosts
Led by Hon. Fuad Atanda-Lawal, Chairman of Ikoyi-Obalende LCDA, this initiative is all about giving female entrepreneurs the resources they need to thrive. Each woman received N50,000, directly deposited into their MoMo accounts, thanks to MoMo PSB’s efficient system. This quick and secure disbursement helps these women grow their businesses and make a positive impact in their communities.
MoMo PSB’s Dedication to Business Growth
Omolara Michael-Nwadu, Chief Financial Officer of MoMo PSB, emphasized the company’s commitment to supporting small and medium enterprises (SMEs). According to her, SMEs are the backbone of economic growth, both locally and nationally. Partnering with Ikoyi-Obalende LCDA aligns perfectly with MoMo PSB’s mission to help these businesses succeed.
A Promising Future for Women Entrepreneurs
The initiative has received a lot of praise. The Commissioner for Youth and Social Development, Mobolaji Ogunlende, and Akaniyere Tommey Ikot, Chairman of Eket Local Government Area, both applauded MoMo PSB’s efforts. They’re excited about the potential for future collaborations to further support women’s empowerment and social development. Plus, Hon. Atanda-Lawal announced an additional N100 million grant coming in December to provide even more support to women entrepreneurs.
MoMo PSB, the fintech arm of MTN, has been on a mission since May 2022 to make financial services accessible and affordable across Nigeria. They’re playing a vital role in promoting financial inclusion and boosting business growth, particularly for women entrepreneurs.
