First Bank of Nigeria Ltd has strengthened its commitment to women’s entrepreneurship by launching the “Spark A Gem Challenge”, which will offer N10 million in awards to outstanding women-owned enterprises.
According to a statement issued by the bank on Sunday in Lagos, the project is a flagship programme under its “Women Preneur Pitch-A-Tonne” programme and “First Gem” proposal.
It stated that the project was created to empower women entrepreneurs with business training, mentoring, networking opportunities, and financial assistance.
According to the bank, the scheme received 356 applications from women-owned enterprises in agriculture, education, healthcare, food services, and other industries.
It went on to say that after a rigors selection process, eight finalists attended a four-day capacity-building programme before pitching their company concepts to an impartial panel of judges.
According to the bank, Mrs Onyinye Obayi, the founder of Honeypot Confections Ltd, was the overall winner, getting a N5 million grant.
It also stated that the first and second runners-up received N3 million and N2 million, respectively, increasing the total grant amount to N10 million.
The bank also stated that all applicants have been integrated into its FirstGem ecosystem, granting them access to banking services, advisory help, and future credit options.
Mr Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, stated that the programme demonstrated the bank’s commitment to women’s empowerment beyond financial services.
“When women thrive, economies thrive. Women entrepreneurs play a critical role in driving economic growth, job creation and community development.
“Spark A Gem was deliberately designed to identify promising women-led businesses, strengthen their financial and business capabilities and support their long-term growth,” he said.
Ezirim emphasised that access to capital alone was insufficient for company success, stating that women entrepreneurs performed better when investment was accompanied by mentorship, financial literacy, and strong business networks.
He explained that the challenge was created to boost business readiness, strengthen company growth, and promote sustainable enterprises.
According to him, the project is consistent with FirstBank’s objective of improving women’s economic empowerment, increasing financial inclusion, and supporting inclusive economic growth throughout Nigeria.
