Key points
- FirstBank has awarded ₦10 million in grants to women-owned businesses through the Spark A Gem Challenge.
- The initiative attracted 356 applications, with eight finalists pitching after a four-day business training programme.
- All participants will receive ongoing banking, advisory and financing support through the FirstGem platform.
Main story
First Bank of Nigeria Ltd. (FirstBank) has reinforced its support for women entrepreneurship by awarding ₦10 million in grants to outstanding women-owned businesses through its inaugural Spark A Gem Challenge.
The initiative, launched under the bank’s Women Preneur Pitch-A-Ton programme and FirstGem proposition, is designed to equip women entrepreneurs with business training, mentorship, networking opportunities and funding support.
According to the bank, the competition attracted 356 applications from women-led businesses operating across sectors including agriculture, education, healthcare and food services.
Following a selection process, eight finalists participated in a four-day capacity-building programme before presenting their business ideas to an independent panel of judges.
Onyinye Obayi, founder of Honeypot Confections Ltd., emerged as the overall winner and received a ₦5 million grant, while the first and second runners-up received ₦3 million and ₦2 million respectively.
FirstBank said all applicants had also been integrated into its FirstGem ecosystem, giving them access to banking services, business advisory support and future credit opportunities.
The issues
Access to finance remains a major challenge for many women-owned businesses in Nigeria. Financial institutions are increasingly complementing funding with mentorship, business development support and networking opportunities to improve enterprise sustainability, financial inclusion and women’s participation in economic growth.
What’s being said
“When women thrive, economies thrive. Women entrepreneurs play a critical role in driving economic growth, job creation and community development.” — Chuma Ezirim, Group Executive, e-Business and Retail Products, FirstBank.
“Spark A Gem was deliberately designed to identify promising women-led businesses, strengthen their financial and business capabilities and support their long-term growth.” — Chuma Ezirim, Group Executive, e-Business and Retail Products, FirstBank.
“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.” — Chuma Ezirim, Group Executive, e-Business and Retail Products, FirstBank.
What’s next
FirstBank is expected to continue supporting participants through its FirstGem platform, providing access to financial services, business advisory programmes and future financing opportunities as the beneficiaries scale their businesses.
Bottom line
By combining grant funding with training, mentorship and ongoing financial support, FirstBank is seeking to strengthen women-led enterprises and promote more inclusive entrepreneurial growth in Nigeria.
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