FirstBank empowers female business owners with ₦10m grants

First Bank of Nigeria has reaffirmed its dedication to fostering women's entrepreneurship by awarding ₦10 million in grants through its "Spark A Gem Challenge." This initiative, a key component of the bank's "Women Preneur Pitch-A-Ton" program and "FirstGem" proposition, aims to empower women business owners with essential business training, mentorship, networking opportunities, and crucial funding support.

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When women thrive, economies thrive. Women entrepreneurs play a critical role in driving economic growth, job creation and community development.

The program saw a significant response, attracting 356 applications from women leading businesses across diverse sectors including agriculture, education, healthcare, and food services. Following a rigorous selection process, eight finalists participated in a four-day intensive capacity-building program. They then presented their business ideas to an independent panel of judges.

Mrs. Onyinye Obayi, the founder of Honeypot Confections Ltd., emerged as the overall winner, securing a substantial ₦5 million grant. The first and second runners-up were awarded ₦3 million and ₦2 million, respectively, bringing the total grant disbursement to the targeted ₦10 million. Beyond the grants, all participants have been integrated into the FirstGem ecosystem, granting them access to ongoing banking services, advisory support, and potential future credit opportunities.

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Spark A Gem was deliberately designed to identify promising women-led businesses, strengthen their financial and business capabilities and support their long-term growth.

Mr. Chuma Ezirim, Group Executive of e-Business and Retail Products at FirstBank, highlighted the bank's commitment to supporting women beyond financial provision. "When women thrive, economies thrive," he stated, emphasizing the critical role women entrepreneurs play in driving economic growth, creating jobs, and developing communities. Ezirim noted that access to finance alone is insufficient, and that combining funding with mentorship, financial literacy, and strong business networks leads to better outcomes for women-led enterprises. The "Spark A Gem Challenge" was specifically designed to enhance business readiness, foster enterprise growth, and promote sustainability, aligning with FirstBank's vision of advancing women's economic empowerment and promoting inclusive growth across Nigeria.

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access to finance alone was insufficient for business success, stressing that women entrepreneurs achieved better outcomes when funding was combined with mentorship, financial literacy and strong business networks.