FirstBank Awards 10m Grants to Women Entrepreneurs in Nigeria

FirstBank, the leading financial inclusion service provider in West Africa and the top financial institution, has reaffirmed its resolve to uplift women entrepreneurs through the successful delivery of the first edition of its Spark A Gem Challenge.

A centerpiece of the Bank's FirstGem proposition, the initiative aimed to offer women entrepreneur’s business education, mentorship, networking ecosystem and funding opportunities. It is very much in line with the vision of FirstBank to provide support to women-led businesses beyond access to finance and thereby becoming a long-term partner for growth.

A total of 356 applications came in from women entrepreneurs from across Nigeria whose businesses are in various sectors of the economy such as agriculture, education, health, food services and other critical sectors.

After a thorough evaluation, eight finalists were selected and took part in a highly intensive training and capacity development program which culminated in a Pitch Day where the finalists pitched to a panel of independent judges.

Key Highlights:

• FirstBank launched the inaugural Spark A Gem Challenge to support women entrepreneurs
• Eight finalists were selected from 356 applicants, with ₦10 million awarded in grants
• The initiative provides funding, mentorship, and business training to help women-led businesses grow

Onyinye Obayi, Founder of Honeypot Confections Ltd, won the big prize which is five million naira. The two runners-up received three million and two million naira, respectively, bringing the total grant awards to ten million naira. The larger applicant base is also a part of the FirstGem ecosystem, establishing a robust applicant pipeline for banking, credit, and advisory relationships.

Speaking on the initiative, Chuma Ezirim, Group Executive, e-Business and Retail Products, FirstBank, said, “When women thrive, economies thrive. At FirstBank, we recognize that women entrepreneurs play a critical role in driving economic growth, job creation, and community development. Spark A Gem Challenge was deliberately structured as a controlled funnel that identifies promising women-led businesses, equips them with critical financial and business capabilities, and converts the most viable into sustainable FirstGem banking relationships.”

“We have seen that access to finance has to be combined with other things. Women entrepreneurs do better if they have the right capabilities, networks and support. Spark A Gem is essentially putting FirstBank as a growth partner for women for a long term.”

The Spark A Gem Challenge emerged from the insights that financial literacy, business management skills, mentorship, and access to supportive business networks are all crucial and act as an integral part of access to finance for women's businesses to achieve better results.

The program thus embeds these key components into a supported pathway in business development to enhance business readiness, growth and long-term success. FirstBank is committed to advancing the empowerment of women through strategic initiatives such as the Spark A Gem Challenge, continuing to promote financial inclusion and innovation, enterprise building and inclusive growth throughout the country.