MTN Y’elloprenuer to Offset Lopsided Female Unemployment 

Vanessa Obioha 

To bridge the disparity in female unemployment, MTN Foundation recently launched Y’elloprenuer, an initiative designed to help women achieve their entrepreneurial ambitions through funding. The first phase of the program was launched in partnership with the Bank of Industry, and the Enterprise Development Centre (EDC). 

With a considerable amount of research carried out by the foundation to ascertain why most grant initiatives fail, the team designed Y’elloprenuer to engage women using capacity-building sessions that will accommodate 500 women. 

Of that figure, a final 150 who scale through with outstanding business plans will have access to an equipment loan of up to N2 million at a fixed interest rate of 2.5 per cent over 36 months. in addition, they will have access to advisory and business support services. 

“I found that when you empower a woman, you empower a community,” Executive Secretary, MTN Foundation, Odunayo Sanya remarked. “Women are natural influencers, so for us, the single goal is to contribute to the reduction of women unemployment through investment in women entrepreneurship, thereby moving to a sustainable socioeconomic development of Nigeria.”

“For us, what comes first is capacity building. The funding isn’t just about giving; it is going to the best 150, and it is based on their individual plan, as they present their company. The power, really, is in the hands of our female entrepreneurs,” she concluded. 

Currently, the program which trains women from each state of the federation covers a wide range of professions that include manufacturing, processing, ICT, agriculture, waste management and recycling to mention a few. 

“We understand that women are the backbone of entrepreneurship in Nigeria,” noted Divisional Head, SME South, Bank of Industry, Obaro Osah. “And that is one of the reasons the Bank of Industry has put several initiatives in place to support women-led businesses at the same time helping them scale their business.” 

The Y’ellopreneur initiative began with a call for entries on June 23, 2022, receiving over 42,300 applications.