Union Bank targets women’s economic empowerment, supports 98 entrepreneurs

L-R: Head alpher, Union Bank of Nigeria, Mrs. Aderonke Chukwudeme; Founder, Bequeenz Beauty, Ms. Esther Harmony Elois; Founder, Atas Nutraboom Nutrition, Ms Oluwakemi Olaniyan; Founder, Gadesh & Co Nigeria Limited; Ms. Abojukoro Ganiyat Adeshola; Head SME Banking, Union Bank of Nigeria, Mrs. Gloria Omereonye, and Founder, Zuri Circle Network, Ms. Linda Obi during the Bank’s presentation of grants to business pitch winners at the Fearless Female Founders (FFF) 2.0 programme at Vibranium Valley, Local Airport Road, Ikeja, Lagos recently

Fasesin Emmanuel

Union Bank of Nigeria, through its dedicated women-focused proposition, alpher, has empowered 98 women entrepreneurs with business development skills, mentorship and funding opportunities under the Fearless Female Founders (FFF) 2.0 Accelerator Programme.

The initiative, implemented in partnership with Zuri Circle Network (ZCN), was designed to address some of the major challenges confronting women-led businesses in Nigeria, particularly limited access to capital, business knowledge, mentorship, strategic networks and opportunities for sustainable expansion.

The programme attracted a total of 2,810 applications from women entrepreneurs across Nigeria, highlighting the growing interest among female business owners in structured support programmes that can help them strengthen their enterprises and unlock new opportunities.

Following a rigorous selection process involving business verification and compliance checks, 98 women founders were selected to participate in the accelerator programme.

The selected entrepreneurs represented different sectors of Nigeria’s expanding entrepreneurial ecosystem, with businesses spanning agriculture, fashion, food production, technology, manufacturing, retail and professional services.

As part of Union Bank’s support for the initiative, five women-led businesses that emerged as winners during the final pitch presentation were awarded grants to further develop and expand their enterprises.

The Fearless Female Founders 2.0 Accelerator was established to identify promising women-led businesses and provide them with the tools and support required to move from business survival to sustainable growth.

Throughout the programme, participants underwent structured capacity-building sessions designed to improve their entrepreneurial and managerial capabilities.

The programme focused on practical areas including business development, financial management, operational efficiency, competitiveness, investment readiness and business expansion.

Participants also benefited from mentorship and accountability structures intended to help them apply the knowledge acquired during the programme to the day-to-day management and strategic development of their businesses.

Rigorous selection process

The organisers subjected applicants to a detailed screening process before the final cohort was selected.

The assessment considered areas such as business registration, operational viability and financial record keeping, among other factors.

The screening process was aimed at ensuring that participating businesses had demonstrated potential for sustainable growth and possessed the level of structure and readiness required to benefit from the accelerator programme and potential investment opportunities.

The diversity of the final cohort also demonstrated the broad range of economic activities being driven by women entrepreneurs across Nigeria.

From agricultural enterprises and food businesses to fashion, technology, manufacturing and professional services, the participating businesses reflected the increasing role of women in Nigeria’s entrepreneurial and economic landscape.

Beyond providing business knowledge, the programme sought to equip participants with the confidence and networks needed to scale their enterprises and compete more effectively in their respective markets.

Union Bank reaffirms commitment

Speaking on the partnership, Head of Retail Banking at Union Bank of Nigeria, Vivian Imoh-Itah, reaffirmed the bank’s commitment to creating opportunities for women to achieve greater personal, professional and financial success.

Imoh-Itah said the partnership with Zuri Circle Network reflected the bank’s deliberate effort to provide women entrepreneurs with the tools and resources required to establish stronger and more sustainable businesses.
She said:

“Through alpher, Union Bank remains committed to creating meaningful opportunities for women to thrive personally, professionally, and financially. Our partnership with Zuri Circle Network on the Fearless Female Founders 2.0 Accelerator reflects our deliberate focus on supporting women entrepreneurs with the tools, networks, knowledge, and financial access they require to build sustainable businesses.”

According to her, investment in women-owned businesses goes beyond empowering individual entrepreneurs, as it also contributes to broader economic development.

“By investing in enterprises owned by women, we are not only empowering individual founders but also contributing to economic growth, job creation, and greater financial inclusion across Nigeria,” she added.

Tackling financing gaps

The initiative comes against the backdrop of persistent challenges faced by women entrepreneurs seeking to establish, sustain and expand their businesses.

Although women play a significant role in Nigeria’s entrepreneurial ecosystem, many female business owners continue to encounter barriers to accessing formal finance, business networks, mentorship and other resources necessary for enterprise growth.

Limited access to capital can restrict the ability of businesses to purchase equipment, increase production, employ additional workers, enter new markets or adopt technologies that could improve productivity.

The Fearless Female Founders 2.0 Accelerator, therefore, provides a platform for addressing some of these challenges by combining capacity building with mentorship, networking and access to funding opportunities.

By helping women-led businesses become more structured and investment-ready, the programme is expected to improve their prospects of attracting financing and achieving sustainable growth.

The partnership between alpher and Zuri Circle Network also underscores the importance of collaboration between financial institutions and organisations focused on entrepreneurship development in addressing gaps within Nigeria’s business ecosystem.

Supporting women beyond finance

Union Bank said its support for women entrepreneurs extends beyond conventional financial services.

Through alpher, the bank continues to champion initiatives designed to support women at different stages of their personal, professional and entrepreneurial journeys.

The proposition seeks to promote greater financial independence by connecting women with innovative financial solutions, capacity-building initiatives, strategic partnerships and opportunities to improve their financial capabilities.

The Fearless Female Founders Accelerator represents another dimension of this approach, combining financial support with knowledge, mentorship and business networks.

For the 98 participating entrepreneurs, the programme provided an opportunity to strengthen their businesses, learn from experienced professionals, build valuable connections and gain greater insight into what is required to position their enterprises for expansion.

The five businesses that emerged as winners of the final pitch presentation also received grants, providing additional financial support to enable them to pursue their respective growth plans.

The organisers believe that strengthening women-owned businesses can generate wider economic benefits through employment creation, increased production, innovation and improved household incomes.

With thousands of women entrepreneurs expressing interest in the programme, the strong number of applications also points to the growing demand for structured entrepreneurship support among women across Nigeria.

Union Bank’s continued investment in women-focused initiatives, through alpher and other programmes, reinforces its commitment to promoting financial inclusion and supporting entrepreneurs who contribute to the country’s economic development.

Through strategic partnerships, capacity building, mentorship and improved access to finance, the bank continues to position women entrepreneurs to build stronger, more competitive and sustainable businesses capable of contributing significantly to Nigeria’s economic growth.