MoMo Payment Service Bank (MoMo PSB) has teamed up with the Ikoyi-Obalende Local Council Development Area (LCDA) in Lagos to provide N50 million in grants to 1,000 women entrepreneurs.
This initiative, part of the Empowering Her Fortune Initiative (EHF) 2.0, aims to empower women-owned businesses and help them thrive in their local communities.
Hon. Fuad Atanda-Lawal, the Chairman of the Ikoyi-Obalende LCDA, spearheaded the project, recognizing the crucial role that small businesses, especially those led by women, play in driving economic growth.
“We are committed to providing the necessary support and resources to help women entrepreneurs scale their businesses and make a positive impact in their communities,” said Hon. Atanda-Lawal.
Through this partnership, each of the 1,000 beneficiaries received a N50,000 grant directly credited to their MoMo accounts, ensuring a swift and secure disbursement of funds.
Omolara Michael-Nwadu, the Chief Financial Officer of MoMo PSB, expressed the company’s dedication to fostering the growth of small and medium enterprises (SMEs) in Nigeria.
“SMEs are the backbone of our economy, and we recognize the importance of supporting these businesses, especially those led by women,” said Michael-Nwadu. “Partnering with the Ikoyi-Obalende LCDA on this initiative aligns perfectly with our mission to drive financial inclusion and empower entrepreneurs.”
The initiative received widespread praise from various stakeholders, including Mobolaji Ogunlende, the Commissioner for Youth and Social Development, who applauded MoMo PSB’s contribution and expressed interest in future collaborations to further support youth and social development programs.
Akaniyere Tommey Ikot, the Chairman of Eket Local Government Area in Akwa Ibom State, also commended the focus on financial inclusion as a key driver of women’s empowerment.
In a further demonstration of the initiative’s success, Hon. Atanda-Lawal announced an additional N100 million commitment to the project, scheduled for December. This extension aims to provide even more substantial support to women entrepreneurs in the Ikoyi-Obalende area, helping them overcome economic challenges and thrive.
Since its establishment in May 2022, MoMo PSB, the fintech arm of MTN, has been at the forefront of offering accessible and affordable financial services to Nigerians. This partnership with the Ikoyi-Obalende LCDA is a testament to the company’s dedication to enhancing financial inclusion and supporting business growth across the country.
The Empowering Her Fortune Initiative (EHF) 2.0 is a testament to the collective efforts of MoMo PSB and the Ikoyi-Obalende LCDA to uplift women-led businesses and foster economic empowerment at the grassroots level. As the initiative continues to evolve, it serves as a model for other local governments and financial institutions to follow, ensuring that women entrepreneurs have the necessary support to thrive and contribute to Nigeria’s economic prosperity.
