The MTN Foundation has announced a significant investment of N600 million in the second phase of its MTN Y’ellopreneur initiative, aimed at empowering 1,000 women entrepreneurs. The Executive Secretary of MTN Foundation, Odunayo Sanya, unveiled this commitment during the opening and launch of the application process for the initiative’s second phase in Lagos.
Themed ‘Supporting Women in Business for a Brighter Tomorrow,’ the Y’ellopreneur initiative focuses on reducing women unemployment and advancing entrepreneurship among women by providing capacity-building programs and support services to enhance their entrepreneurial skills and sustainability.
Mrs. Sanya outlined the components of the initiative, which include five-week entrepreneurial skills and masterclass training for 1,000 female entrepreneurs. Out of the earmarked N600 million investment, 150 women will have access to N450 million for equipment loans, with each participant eligible for equipment loan support of up to N3 million at a flat interest rate of 2.5 percent.
Upon repayment of the loan, participants will receive a grant equivalent to 25 percent of the loan amount. The initiative targets female entrepreneurs in medium-sized enterprises with a minimum of SSCE education, showcasing passion and commitment to self-employment. Eligible businesses must have been operational for at least two years, operating in sectors such as manufacturing, processing, agriculture, ICT, digital services, waste management, and energy generation, with an emphasis on sourcing raw materials locally.
Mrs. Sanya emphasized that the Y’ellopreneur initiative aligns with the federal government’s development agenda by bridging the entrepreneurship skill gap and promoting women’s self-employment. Ashatu Sadauki, Director of MTN Foundation, highlighted the initiative’s role in reducing female unemployment and improving women’s entrepreneurial skills.
The Lagos State Commissioner for Women Affairs, Bolaji Dada, commended the Y’ellopreneur initiative, affirming its alignment with the state government’s strategic plans for women’s development and poverty alleviation.
