Y’ellopreneur: MTN Opens Application to Get N450m Loan

In a bid to foster women’s development in entrepreneurship, the MTN Foundation is thrilled to announce the commencement of phase two of its groundbreaking initiative, “Yellopreneur.”

This initiative aims to provide a substantial sum of N450 million in loans to selected female candidates who are dedicated to self-employment and have been operating businesses for a minimum of two years.

The launch of the second phase comes on the heels of the recent disconnection of 4.2 million lines by the telecommunications giant. MTN clarified that this action was taken against subscribers who failed to submit their National Identification Numbers (NIN) as per the directive of the Nigerian Communications Commission (NCC).

Fostering Women’s Development in Entrepreneurship

According to a report by The Sun, the Yellopreneur Initiative is designed to promote women’s development by offering access to loans, grants, and advisory support services. This holistic approach aims to ensure long-term business sustainability and provide capacity-building opportunities for aspiring female entrepreneurs.

The project specifically targets women entrepreneurs engaged in various sectors such as waste management, manufacturing, processing, agriculture, ICT/digital services, and the circular economy. Emphasis is placed on businesses that source their raw materials locally, aligning with the goal of promoting sustainable and locally-driven enterprises.

Addressing Gender Inequality

During the introduction of the second phase of the Yellopreneur initiative, the executive director, Sanya, highlighted the significant role gender inequality plays in perpetuating poverty and hunger. Sanya argued that increasing female participation in entrepreneurship and business management is crucial for reducing female unemployment rates in Nigeria.

By supporting women in these endeavors, the initiative aims to generate revenue for families and households, contributing to the overall social and economic advancement of the country. Sanya emphasized that the initiative’s goals align with the federal government’s development agenda and advance Sustainable Development Goals (SDGs) 1, 2, 3, 5, 8, and 17.

Success of Phase One

The executive director shared insights into the success of the Yellopreneur initiative’s first phase. In collaboration with the Entrepreneurship Development Centre (EDC) and the Mastercard Foundation, the initiative empowered 4,711 female entrepreneurs. Business pitch sessions saw the participation of 200 businesses, with 101 deemed viable.

Additionally, 50 Yellopreneurs received equipment loans totaling over N94 million. Notably, 25% of the loan value was returned as a grant upon full repayment, showcasing the initiative’s commitment to sustainable and impactful support for women entrepreneurs.

How to Apply

For aspiring women entrepreneurs interested in the Yellopreneur initiative, you can apply at https://apps.mtn.ng/yellopreneur/

The application period commenced on Tuesday, March 5, 2024, and is set to conclude on March 30, 2024.

This is an incredible opportunity for women entrepreneurs to access financial support, mentorship, and resources to propel their businesses to new heights. The Yellopreneur initiative stands as a beacon for fostering gender equality, economic empowerment, and sustainable development in Nigeria. Don’t miss the chance to be a part of this transformative journey – apply now!