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VENO NEWS: FIRSTBANK LAUNCHES SINGLE-DIGIT LOAN FOR WOMEN-OWNED BUSINESSES, REINFORCES ITS ROLE IN STRENGTHENING GENDER INCLUSION IN NIGERIA
Date: 01-07-22

The FirstGem fund (FirstGem loan) is a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.
The loan scheme covers female-owned or partnered SMEs in various sectors of the economy
Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women's empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio.

In furtherance of its role in promoting female entrepreneurship across the country, Nigeriaâ€™s premier banking institution and leading financial inclusion services provider, First Bank of Nigeria Limited, has announced the launch of the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.

The FirstGem loan scheme is designed for female-owned or partnered SMEs in the following sectors Food/Beverage processing & Packaging, Beauty and cosmetics, Confectionery, Catering & Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain). With an interest rate of 9% per annum, FirstGem loan is a collateral-free loan that is available to the bankâ€™s existing and prospective female customers. Based on eligibility, customers can access loans from N500,000.00 to N3,000,000.00.

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