MTN Foundation’s Y’ellopreneur Initiative To Train 1,000, Recount Progress Of Past Beneficiaries Women Nigeria
One hundred and fifty Nigerian female entrepreneurs will be selected for funding from 1000 entrepreneurs who will be trained in this year’s MTN Y’ellopreneur initiative. These women will have the opportunity to pitch their sustainable business ideas to receive an N3 million grant each from the MTN Foundation.
This marks the second phase of the initiative and will see 1,000 women from across Nigeria trained in entrepreneurship. During its first phase which kicked off in 2023, 500 female business owners were trained and 200 Y’ellopreneurs were selected to participate in the final pitch event.
In 2023, the National Bureau of Statistics (NBS) reported that a noteworthy 40% of micro, small, and medium enterprises (MSMEs) in the nation are owned by women. This finding represents a substantial advancement towards greater gender parity in the entrepreneurial sector. This is evidence that the efforts from initiatives like MTN’s Y’ellopreneur are yielding positive results.
Speaking at the event, the Executive Director, of MTN Foundation, Odunayo Sanya, stated, “While we are encouraged that more women are taking on entrepreneurship in the country, there is more to do as women are still largely disadvantaged in terms of capital and business skills. Through the Y’ellopreneur program, we can empower this critical demography in the country while supporting the government’s effort towards economic revitalization.”
The Y’ellopreneur program has proven to be a viable program aimed at empowering women, particularly Nigerian female entrepreneurs. While this second phase boasts of interesting events and opportunities for Nigerian women, the initiative, through MTN Foundation intervention might likely continue annually as it is designed to build the entrepreneurial skills of Nigerian women through capacity-building sessions and provision of equipment loans to the selected entrepreneurs.
Meanwhile, MTN Foundation’s Y’ellopreneur Initiative Recount Progress of Past Beneficiaries
MTN Foundation launched the second phase of its Y’ellopreneur initiative at MTN Plaza, Ikoyi, on the 5th of March 2024. During the event, some of the previous beneficiaries of the first phase of the initiative were in attendance and they recounted the impact of the initiative on their businesses.
The MTN Y’ellopreneur initiative was launched in 2022 and focuses on the advancement of women’s development in entrepreneurship through capacity building and access to capital, including loans, grants, and support for long-term business sustainability.
In this second phase, 1,000 women will be trained in entrepreneurship, covering topics such as the development and presentation of bankable plans, business advisory support services, and a seamless loan repayment process to ensure project sustainability, among others. After a pitching process, 150 of the women will receive equipment loans worth 3 million naira each for their businesses.
Victoria Kings, who was part of the 2023 cohort of Yellopreneurs, spoke about how the initiative helped her business to grow into what it is now. She stated that she had very little knowledge of business and management, but because of the training received from the initiative, she is now equipped with the needed skills to excel.
She said, “I am grateful to the MTN Foundation for this great initiative. I had little experience regarding my business, but when I applied for the Y’ellopreneur training, I was able to grasp a huge load of knowledge through the various stages of the training. The virtual opportunity also allowed me to learn at my own pace, and I am grateful for where my business is standing today.”
Oluwafunmilola Shelika spoke about how the initiative helped in the growth and development of her business. “We were taught to do business plans and prepare pitches for grants. The learnings from the training have been really helpful in formalizing my business,” she said.
She also spoke about how she made use of the loan to buy an industrial cutter, which helped speed up the process of cutting fish in her fish business, and a solar-powered freezer for storage, saving the cost of energy and preventing needless losses.
Mrs. Odunayo Sanya, the Executive Director of the MTN Foundation, was present at the event, alongside some directors of the Foundation. She reiterated the MTN Foundation’s commitment to continuous support for female entrepreneurs in Nigeria. While speaking at the event, she said, “The MTN Foundation’s Y’ellopreneur Initiative is a ray of hope for female entrepreneurs in Nigeria, providing them with training and financial support for their businesses. We are committed to supporting businesses, even as we support Nigeria’s drive for economic growth.”
The event was also graced by other notable individuals from the Nigerian business and public spaces, namely Bolaji Cecilia Dada, Commissioner for Women Affairs, Lagos state; Dr. Olawale Anifowose, Director, Programs and Internships, Enterprise Development Center, Pan-Atlantic University, amongst others.
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