Nigeria’s Bank of Industry and telecoms company, MTN, have announced a business initiative that will train female entrepreneurs and provide them with loans and grants.
The effort, through MTN’s Y’ellopreneur, will train and provide N2 million credit to 100 female entrepreneurs, MTN said.
The entrepreneurs will use the equipment loans to grow and sustain their businesses, and grants would be extended to those who meet expectations of the credit terms, upon full payback of the loan.
The loan has a moratorium of six months and a 36-month repayment period.
The repayment period, however, is subject to the terms and conditions reached between the female entrepreneur and BOI.
The loan has an interest rate of 2.5 percent value, less than 25 percent as given as a grant.