Addosser Microfinance Bank Empowers Female Entrepreneurs

Addosser Microfinance Bank (MFB) has reinstated its commitment not only to the small and medium-sized enterprises (SME), but also to female business owners.

At the grand finale of the event, which was held at the bank’s head office in Ikoyi recently, the winner was awarded the “Female Entrepreneur Scale up Grant” with N500,000. Omowumi Etiko, founder of the Nusafiri Experience, a travel and concierge company emerged the winner of the competition.

She expressed gratitude to Addosser Microfinance Bank not only for the award but for “the great opportunity to be part of the SME Boutique Exclusive Women’s Club (SWEC) Business Plan Accelerator Programme and interacting with and learning from high quality business leaders and mentors.”

She urged all women to be part of SWEC, adding that what they would learn from the programme would be priceless.

The Managing Director, Addosser Microfinance Bank, Deji Sobulo noted that some of the things they looked out for in the presentations were businesses that had local content and import substitution.

He further stated: “We know what is going on with the scarcity of foreign exchange. We can create our foreign exchange as a country to better use and people can actually find the innovative in terms of looking inwards and finding raw materials they can use in substituting what might have been imported which would reduce the cost of production for businesses and hopefully impact more on their profitability.”

In August, the SWEC powered by Addosser Microfiance Bank had put out a call for innovative female entrepreneurs to apply for its Business Plan Accelerator Programme scale up. Over 150 applications were received out of which 10 women were selected to go through a four month business strategy and development course.

These included in-depth capacity building sessions from established business leaders, one- on -one mentorship opportunities with successful female business owners, as well as networking opportunities. Top business leaders such as Ndidi Nwuneli, Femi Longe, Tara Fela Durotoye, Omoyemi Akerele, Biola Alabi, Tale Alimi, amongst others were some of the top class business leaders and facilitators who provided a range of business development and capacity building courses. However, the final stage of the program saw 10 of these selected participants provide high caliber and engaging business pitches to a select panel of judges, which included Sobulo, Branch Manager for the SME Boutique, Bukola Adepitan, Publisher of Exquisite magazine, Tewa Onasanya, Business coach and strategist, Tale Alimi.

The launch of SWEC and inaugural edition of its accelerator programme and business plan competition aims specifically to empower female led Nigerian businesses which have the potential to contribute to Nigeria’s economic future and sustainable development.

The selected female entrepreneurs also received one-on-one mentorship with established business owners such as Ada Osakwe of Agolay Ventures, Joycee Awosika of Oriki, Gbemi Adebayo of Hagai and Esther, Isoken Ogiemwonyi of Zazzai, Glory Edozien of Inspired by Glory amongst others. The aim of the business accelerator programme has been to power the next generation of female entrepreneurs with the required business skills to scale up their business and compete effectively in the economy.

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