MTN Foundation (MTNF) has signed a Memorandum of Understanding (MoU) with the Bank of Industry (BOI) Limited to launch the third phase of the Y’ellopreneur initiative, establishing a NGN 1 billion matching fund dedicated to empowering female entrepreneurs.
The agreement, executed at BOI’s Marina office in Lagos on Friday, February 13, 2026, combines equipment loans and advisory support to reduce women’s unemployment and bolster their business skills. Building on phases one and two—which drew thousands of applications, trained 5,754 women, and secured NGN 304 million in loans for 122 entrepreneurs—this phase targets up to 200 women with single-digit interest loans of up to NGN 5 million each.
Managing Director and CEO of BOI, Dr. Olasupo Olusi, described the partnership as a deepening collaboration to industrialize Nigeria through gender-inclusive finance.
“We are committed to women-led enterprises at the base of the economic pyramid who sustain micro-businesses in markets and communities,” he said, stressing mentorship beyond mere lending for sustainable local economic development.
MTN Foundation Executive Director, Odunayo Sanya, affirmed the initiative’s role in fostering economic growth. “This partnership creates sustainable pathways for women, aiming to capacitate 30,000 female entrepreneurs and support 10,000 women-led businesses with capital by 2030,” she stated, celebrating the women set to benefit.
Applications for phase 3.0 will open via a media parley, followed by training for 1,000 women and a hybrid business pitch to select the top 200 ventures. This structured approach ensures female entrepreneurs thrive amid economic challenges.
The MTN Foundation and BOI reiterated their dedication to women empowerment, positioning young business owners as vital drivers of Nigeria’s economy.
