FirstBank has stepped up its efforts to support women entrepreneurs in Nigeria. Through its FirstGem platform, it has expanded opportunities for hundreds of women entrepreneurs and awarded N10 million in grants to exceptional female business owners under the first edition of its Spark A Gem Challenge. The initiative was launched as part of the bank's Women-Preneur Pitch-a-Ton program with the goal of assisting women-owned companies in overcoming typical growth obstacles by giving them access to capital, business training, mentorship, and opportunities for strategic networking. A wide range of industries, including agriculture, healthcare, education, food processing, and hospitality, participated in the competition, which attracted 356 entries from female entrepreneurs nationwide.
Eight entrepreneurs made it to the final round after a competitive screening procedure, where they presented their companies to a panel of impartial judges and participated in a four-day entrepreneurial development program.
Onyinye Obayi, Managing Director of Honeypot Confections Ltd., won the N5 million top prize at the conclusion of the competition. The total prize money awarded was N10 million, with the second and third-place finishers receiving N3 million and N2 million, respectively.
FirstBank stated that the program goes beyond the winners, pointing out that each applicant would join its expanding FirstGem ecosystem and gain access to future funding opportunities, business advisory services, financial education, and other value-added support tailored for female entrepreneurs.
FirstBank's Group Executive for e-Business and Retail Products, Chuma Ezirim, explained the program's justification by stating that strengthening women-owned enterprises is still essential to the bank's long-term plan for promoting equitable economic development. Ezirim emphasized that funding is not enough to ensure business success on its own and added that knowledge, mentorship, and access to the appropriate business ecosystem are necessary for sustainable businesses.
The challenge was created, according to the bank, when it was realized that women-owned businesses perform better when they have access to financing along with excellent support systems, management abilities, and financial knowledge.
It also stated that Spark A Gem is a structured company acceleration program that enhances the managerial ability, investment readiness, and growth possibilities of female entrepreneurs in order to prepare them for long-term success.
FirstBank claims that the program is a reflection of its dedication to increasing financial inclusion and giving women the chance to establish robust companies that support innovation, job creation, and national economic progress.
The bank reiterated its commitment to funding initiatives that assist female entrepreneurs, characterizing women-owned companies as a vital force behind Nigeria's long-term economic growth.
