Bank of Industry (BoI) and the MTN Foundation have signed a memorandum of understanding to establish a N1bn Matching Fund to expand access to finance and capacity building for women-led micro enterprises across the country.

The institutions said the fund, under the Y’ellopreneur 3.0 programme, would operate as a pilot to reach women running viable businesses who remain excluded from formal credit due to collateral and documentation requirements.

Speaking at the signing ceremony held recently in Lagos, Dr Olasupo Olusi, managing director and chief executive officer of BOI, said the initiative goes beyond the continuation of an existing collaboration and targets women at the base of the economic pyramid.

Olusi said the intervention focuses on women who operate viable businesses but remain excluded from structured finance.

He said, “Across Nigeria, women sustain a large share of micro-businesses in the markets and communities, while processing and providing services that support household income and local economic activity.”

Olusi added that despite their contributions, many women cannot access affordable capital because traditional lending models demand documentation, collateral, and financial histories that do not reflect how their businesses operate.

The BoI CEO noted that the partnership aims to bridge that financing gap through a model tailored to women entrepreneurs who need funding the most.

He said, “This partnership is designed to specifically bridge that gap. The programme is structured as a pilot to test, learn and refine the model that works for women entrepreneurs who need financing the most, while building a framework that can be sustainably expanded over time.”

Olusi explained that beyond credit provision, the programme embeds capacity building, business development support, and mentorship. He disclosed that the partners plan to train about 1,000 women entrepreneurs in record-keeping, growth management, and competitiveness.

He stressed that an expanding opportunity at the microenterprise level strengthens productivity, stabilises income, and contributes to broader economic resilience.

“BOI remains committed to working closely with MTN Foundation and all stakeholders to ensure the effective implementation of this programme,” he explained. “Our focus will be on transparency, on sustainability and measuring outcomes so the programme delivers real value and provides a model that can be replicated under other programmes.”

On her part, Odunayo Sanya, executive director of MTN Foundation,  said the renewed partnership builds on earlier pilot phases that helped both institutions refine their approach and scale impact in women-led businesses.

Sanya said the new phase seeks to deliver faster and more measurable outcomes for women-owned enterprises. She explained that the foundation aims to build capacity for 30,000 female-led businesses by 2030, up from nearly 6,000 reached so far, while unlocking access to capital for 10,000 women-owned enterprises through the renewed partnership with BOI.

Sanya stated, “This partnership will deepen support for women entrepreneurs, improve business survival rates, and attract additional partners to scale funding for the segment.”

She added that the initiative would combine training, mentorship, and financing and serve as a blueprint for broader public–private cooperation in unlocking new pools of capital for enterprise development and inclusive growth in Nigeria.

Pan-African e-commerce giant Jumia says it has moved decisively beyond survival mode after posting robust fourth-quarter 2025 earnings, with CEO Francis Dufay declaring the company is now entering a phase of high growth after years of restructuring.

The firm, founded in Lagos, Nigeria, in 2012, reported a sharp acceleration in core marketplace activity, reinforcing what management describes as a successful turnaround built on tighter execution, cost discipline and smarter geographic focus.

Gross Merchandise Value (GMV) jumped 36% year-on-year to $279.5 million in Q4, while adjusted EBITDA losses nearly halved to $7.3 million. Revenue rose 34% to $61.4 million, and cash burn narrowed significantly, a signal that Jumia’s operating engine is strengthening.

“The growth rate of the company has been accelerating. We are really scaling. Demand has always been there in our markets. What’s changing is our execution,” Dufay said.

Nigeria led the charge with 50% GMV growth, while Ghana recorded triple-digit expansion in physical goods. Egypt stabilised after currency and corporate sales headwinds, reinforcing what Dufay called a “confirmation” of recovery.

Often dubbed the “Amazon of Africa,” Jumia operates a marketplace platform, a logistics network, and a digital payments arm across key African economies. After years of heavy losses, the company streamlined operations, exiting South Africa, Tunisia and now Algeria, while cutting non-core services, reducing headcount and deploying AI tools to improve efficiency.

Competition from Chinese fast-commerce players Temu and Shein has further intensified pricing pressure. Yet, Dufay argues that the Africa-focused e-commerce retailer’s logistics footprint, payment-on-delivery model and expanded sourcing operations in China have helped level the playing field.

“People thought they would eat our lunch. But we can fight against those platforms in our markets,” he said.

The Jumia CEO stressed that operational upgrades, including rural pickup networks and Buy Now, Pay Later partnerships, are driving customer retention and higher order volumes. First-party international partnerships have also boosted the revenue mix.

Looking ahead, Jumia expects GMV growth of up to 32% in 2026 and targets adjusted EBITDA breakeven by the fourth quarter.

“This business has changed. It’s clear in the numbers that profitability is within reach, and now the focus is scaling what works,” stated Dufay.

He believes Jumia’s pivot is a sign of a maturing African e-commerce sector where disciplined growth, localisation and logistics excellence may define the next competitive frontier.

Nigeria’s banking sector is in the final stretch of its recapitalisation drive, with lenders intensifying capital actions ahead of the Central Bank of Nigeria’s (CBN) March 31 deadline.

Proshare analysts reported subdued industry activity in the week ended February 12, as focus shifted from fundraising announcements to regulatory validation and capital confirmation.

FCMB Group Nears International Licence Confirmation

FCMB Group is undergoing CBN verification to confirm compliance with the N500 billion minimum capital threshold for international banks, Proshare said.

The group secured a national banking licence in 2024 via an oversubscribed public offer and raised another ₦160 billion last year to retain its international status.

Analysts view the ongoing process as the final regulatory checkpoint, with success likely triggering a formal announcement of continued international operations amid tighter capital standards.

Other Major Banks Advance Plans

Sterling Bank is yet to unveil its recapitalisation strategy but faces a gap between its current ₦167 billion capital and the N200 billion requirement, with a rights issue or private placement expected.

GTCO Plc recently completed a ₦10 billion private placement, issuing 125 million shares at ₦80 apiece to a single investor. Proshare described it as a proactive buffer boost for growth, reflecting investor confidence.

First HoldCo Plc’s unaudited 2025 results revealed a heavy impairment charge that eroded earnings, underscoring asset-quality risks and the need for early planning and governance amid rising regulations.

Consolidation Speculation Grows

Market talk highlighted potential tier-1 mergers and bank investments in refineries and energy infrastructure, though unconfirmed.

Mid-tier lenders eye foreign capital and deals:

• Union Bank attracts UAE interest pending a legal dispute resolution.

• Keystone Bank draws local and foreign bids for joint acquisition.

• Polaris Bank may pursue investor recap or tier-2 merger.

Proshare’s Economic and Market Intelligence Unit noted CBN openness to M&As for resilient banks, with foreign partnerships vital for unencumbered capital despite domestic interest in distressed assets.

Fintech Race Adds Urgency

The CBN’s latest fintech report spotlights digital finance growth, urging banks to partner with fintechs for efficiency while managing competition.

Most tier-1 and tier-2 banks have met buffers, but tier-3 lenders scramble for funds or mergers. Eyes remain on confirmations like FCMB’s as the sector braces for a major reset.