First Bank of Nigeria has reinforced its commitment to women entrepreneurship with the inauguration of ‘Spark A Gem Challenge’, awarding N10 million in grants to outstanding women-owned businesses.

A statement by the bank on Sunday said the initiative was a flagship program under its ‘Women Preneur Pitch-A-Ton’ programme and ‘FirstGem’ proposition.

It said the initiative was designed to provide women entrepreneurs with business training, mentorship, networking opportunities and funding support.

According to the bank, the programme attracted 356 applications from women-owned businesses operating in agriculture, education, healthcare, food services and other sectors of the economy.

It added that after a rigorous selection process, eight finalists underwent a four-day capacity-building programme before pitching their business ideas to an independent panel of judges.

Onyinye Obayi, founder of Honeypot Confections, emerged as the overall winner, receiving a N5 million grant.

The first and second runners-up received N3 million and N2 million, respectively, bringing the total grant disbursement to N10 million.

The bank further said that all applicants had been integrated into its FirstGem ecosystem, giving them access to banking services, advisory support and future credit opportunities.

Chuma Ezirim, group executive of e-business and retail products at FirstBank, said the initiative reflected the bank’s commitment to supporting women beyond providing 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.

Mr Ezirim noted that access to finance alone was insufficient for business success, stressing that women entrepreneurs achieved better outcomes when funding was combined with mentorship, financial literacy and strong business networks.

He said the challenge was developed to improve business readiness, strengthen enterprise growth and promote sustainable businesses.

According to him, the initiative aligns with FirstBank’s vision of advancing women’s economic empowerment, deepening financial inclusion and promoting inclusive economic growth across Nigeria.

(NAN)