First Bank of Nigeria Ltd. has strengthened its support for women-led enterprises with the launch of the Spark A Gem Challenge, a flagship initiative that awarded a total of N10 million in grants to outstanding women entrepreneurs across Nigeria.

In a statement issued on Sunday in Lagos, the bank said the challenge forms part of its Women Preneur Pitch-A-Ton programme and FirstGem proposition, both of which are aimed at empowering women through funding, business development and capacity-building initiatives.

According to the bank, the programme was created to equip women entrepreneurs with business training, mentorship, networking opportunities and financial support to help scale their enterprises.

The initiative attracted 356 applications from women-owned businesses operating in sectors including agriculture, education, healthcare, food services and other areas of the Nigerian economy.

Following a rigorous screening process, eight finalists were selected to participate in a four-day capacity-building programme before presenting their business ideas to an independent panel of judges.

At the conclusion of the competition, Mrs Onyinye Obayi, founder of Honeypot Confections Ltd., emerged as the overall winner and received a N5 million grant.

The bank also awarded the first runner-up N3 million, while the second runner-up received N2 million, bringing the total grant funding disbursed under the initiative to N10 million.

Beyond the financial awards, FirstBank disclosed that every applicant has been integrated into its FirstGem ecosystem, enabling them to access banking services, advisory support and future credit opportunities.

Speaking on the initiative, Mr Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said the programme reflects the bank’s broader commitment to empowering women entrepreneurs beyond access to finance.

“When women thrive, economies thrive. Women entrepreneurs play a critical role in driving economic growth, job creation and community development.

“Spark A Gem was deliberately designed to identify promising women-led businesses, strengthen their financial and business capabilities and support their long-term growth,” he said.

Ezirim noted that funding alone does not guarantee business success, adding that women entrepreneurs achieve stronger outcomes when financial support is complemented by mentorship, financial literacy and robust business networks.

He explained that the Spark A Gem Challenge was established to improve business readiness, strengthen enterprise growth and encourage the development of sustainable businesses.

According to him, the initiative is aligned with FirstBank’s vision of advancing women’s economic empowerment, expanding financial inclusion and fostering inclusive economic growth across Nigeria.

Source: Punch