FirstBank has strengthened its commitment to supporting women entrepreneurs in Nigeria by awarding N10 million in grants to outstanding female business owners through the maiden edition of its Spark A Gem Challenge.
The initiative, launched under the bank’s Women-Preneur Pitch-a-Ton programme, is designed to help women-owned businesses overcome growth challenges by providing access to funding, business training, mentorship and strategic networking opportunities.
The competition attracted 356 entries from women entrepreneurs across the country, with participants drawn from various sectors, including agriculture, healthcare, education, food processing and hospitality.
Following a rigorous screening process, eight entrepreneurs emerged as finalists and participated in a four-day entrepreneurial development programme before presenting their business ideas to a panel of independent judges.
At the conclusion of the challenge, Onyinye Obayi, Managing Director of Honeypot Confections Ltd, emerged as the winner of the top prize of N5 million.
The second and third-place winners received N3 million and N2 million respectively, bringing the total value of grants awarded to N10 million.
FirstBank said the impact of the programme extends beyond the competition winners, noting that all applicants will become part of its expanding FirstGem ecosystem.
Through the platform, participating entrepreneurs will have access to future financing opportunities, business advisory services, financial education and other support initiatives tailored to women-owned businesses.
Speaking on the motivation behind the initiative, FirstBank’s Group Executive for e-Business and Retail Products, Chuma Ezirim, said supporting women-led enterprises remains a key part of the bank’s strategy for promoting inclusive economic growth.
“When women thrive, economies thrive. At FirstBank, we recognize that women entrepreneurs play a critical role in driving economic growth, job creation, and community development.”
Ezirim explained that the Spark A Gem Challenge was structured to identify promising women-led businesses, equip them with essential financial and business skills, and build lasting relationships through the FirstGem banking platform.
He noted that access to finance alone does not guarantee business success, adding that entrepreneurs require mentorship, knowledge and strong business networks to achieve sustainable growth.
“We have seen that access to finance alone is not enough. Women entrepreneurs perform better when capital is paired with the right capabilities, networks, and support.”
The bank stated that the programme was developed after recognising that women-owned businesses achieve stronger outcomes when credit access is combined with financial literacy, management skills and professional support systems.
FirstBank described Spark A Gem as a structured business acceleration programme aimed at improving the managerial capacity, investment readiness and growth potential of female entrepreneurs.
The initiative forms part of the bank’s broader commitment to expanding financial inclusion and creating opportunities for women to build resilient businesses that contribute to economic growth, employment generation and innovation.
FirstBank reaffirmed its commitment to continuing investments in programmes that support female entrepreneurs, describing women-owned businesses as an important driver of Nigeria’s sustainable economic development.
