As part of efforts to boost the nation’s economy, Kolomoni Microfinance Bank (MFB) has supported female-owned businesses in the country with grants to help develop their businesses.
The Microfinance bank said its gesture was based on World Bank data which showed that 41 percent of the federation’s micro-businesses are controlled by women. It has also been discovered that female entrepreneurs are vital to Nigeria’s present and future economy, hence the need to empower them.
In an event organized for female entrepreneurs on International Women’s Day, Kolomoni invited female owners of businesses to share their experiences in the running of their businesses and present proposals for financial support from the microfinance bank.
Tagged: “Accelerate Her Growth,” the event saw five business owners receive grants after a competitive pitch among interested participants.
Kolomoni MFB’s IWD event was designed to celebrate women in business while addressing key needs in the local community due to the spotlight it placed on women entrepreneurs and the tangible support it provided for them.
The management of Micro Finance Bank assembled experts to give the female entrepreneurs tips that could enhance their efficiency and output in the running of their businesses.
One of the keynote speakers at the event, Ebun Akinwale, declared that running a business is no easy feat -it demands resilience, creativity, and most importantly, passion.
She captured the audience by sharing her personal journey and unpacking the vital role of passion in entrepreneurship, saying “passion is the fuel that keeps your engine running when everything else fails.”
Though Akinwale acknowledged that passion alone is not enough, she highlighted the inevitable roadblocks that entrepreneurs face, saying, “The odds may be against you, but resilience -the ability to pivot and persevere -can be your most powerful tool.”
A seasoned entrepreneur, Odunayo Oyebolu, Victoria Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert, shared invaluable insights.
Oyebolu, in her speech, said, “Your business exists to solve a problem. The better you understand that problem, the better your solutions will be.”
Ajiboye advocated the use of micro-influencers to reach targeted audiences more effectively. She said: “They may not have millions of followers, but their smaller, loyal audiences can drive real engagement.”
Ojumu, in her financial advice, reminded the attendees of the need to always keep their books in order. Like every other thing in life, opportunities can only be seized if there is adequate preparation.
Her words “Proper record keeping, budgeting and understanding the cost and revenue drivers of your industry are some of the key elements to sustainable growth in business.”
All panelists were unanimous on the need for business owners to treat success as a journey rather than a destination. They advocated that “Businesswomen must learn to set realistic targets, celebrate small wins, and continuously push forward.”
The attendees were not only inspired by success stories but also empowered with practical tools and connections based on the microfinance bank’s resolve to cater to the real-life challenges and barriers female entrepreneurs face.
One of the beneficiaries of the grants submitted that “this opportunity was more than just financial support, it was a validation of my hard work, a boost of confidence, and a stepping stone toward scaling my business. Thank you so much, Kolomoni.”
