Gov. Oyebanji Launches N1bn Loan For Women In Business

Governor Biodun Abayomi Oyebanji of Ekiti State has on Tuesday, in Ado-Ekiti launched a N1 billion naira loan for women in business in the State.

Ekiti News reports that the loan initiative is a partnership between Ekiti State Government and Access Bank Pls.

The Governor while speaking at the launching told the women business owners not to perceive the loan as a share of the ‘National cake’.

The Governor stated that the scheme was primarily designed to provide seamless and accessible loans for female business owners in the state.

Governor Oyebanji added that the initiative would expand women’s access to soft loans and unlock additional financing opportunities for women-led businesses, thereby bolstering micro, small, and medium-scale enterprises.

Represented by Deputy Governor Mrs. Monisade Afuye, the Governor stated that, rather than paying 35% interest on the loan, the state government would subsidize 25%, leaving beneficiaries to cover only 10%, making it easier for them to repay the loan.

The Governor said, “This is not a national cake, this is your working capital. Taking this loan and pay back will provide opportunity for other women, so don’t default. Don’t forget that you have guarantors and if you default, they are going to be the ones to be held liable.”

Mr. Roosevelt Ogbonna, the Managing Director of Access Bank, noted that the initiative is part of the bank’s roadmap to empower women, who are the foundation of society and a driving force for economic growth.

Represented by the Regional Director, South West, Mr. Bolaji Aboderin, Ogbonna highlighted that the collaboration will enhance access to funds, stimulate job creation, and support capacity building for women.

The Managing Director said: “We are honored to collaborate with the State Government to enhance access to finance, promote capacity building, and stimulate job creation for women MSMEs in Ekiti State.

“By empowering women entrepreneurs, we support businesses, uplift families, and foster an inclusive and prosperous society. We are confident that this initiative will inspire a new wave of entrepreneurial spirit, drive economic growth, and create lasting wealth for the people of Ekiti State.”