Telecommunication giants, MTN Nigeria is currently inviting women entrepreneurs to apply for its YellowPreneur programme.
A loan of up to N2 million can be secured by any applicant. MTN Yellowpreneur’s aims to reduce the unemployment rate of women and to encourage their advancement in entrepreneurship.
MTN Yellopreneur loan requirements in Nigeria
Any female entrepreneur who can demonstrate enthusiasm and commitment to running a successful business is eligible to apply.
The applicant must have two years’ worth of experience in industries such as manufacturing, processing, ICT, agricultural, digital services, financial services, etc.
The application focuses on businesses that buy raw materials locally.
A senior secondary school certificate, such as the WAEC, NECO, or NATEB, or its equivalent, is the prerequisite for the MTN Yellowpreneur loan.
The Bank of Industry (BOI) is the project’s disbursement bank or implementing partner, alongside the MTN Foundation.
A virtual training course including self-paced and instructor-led sessions will be offered. Throughout the training session, MTN will offer data.
The four-week MTN Yellopreneur virtual course is slated to start in August 2022.
MTN Nigeria loan equipment value
Subject to an evaluation of their business plans, each female entrepreneur will be eligible for an equipment loan of up to N2 million.
The MTN Yellopreneur loan has a six-month moratorium and a 36-month payback schedule.
The terms and conditions made by the female entrepreneur beneficiary with BOI will govern how this loan will be repaid.
How to Apply
Applicants may submit an application for an MTN Yellopreneur loan.
Apply here, interested female entrepreneurs can click on this website.
Why is MTN giving loans and not grants?
The international mobile telecommunications firm, The MTN Group is one of Nigeria’s telecommunications providers. The giant could just as easily awarded a grant rather than a loan.
MTN Nigeria saw nearly N516 billion from data services alone in 2021 – a 55% increase for the entire year.
A corporation with yearly revenue of N1.65 trillion and a market capitalisation of N5.068 trillion could probably issue grants which carries less financial burden.