FirstBank hands out N10 million grants to women entrepreneurs in Spark A Gem Challenge

FirstBank has awarded N10 million in grants to female business owners through its inaugural Spark A Gem Challenge, run under the Women-Preneur Pitch-a-Ton programme. The competition drew 356 applications from women entrepreneurs across agriculture, healthcare, education, food processing, and hospitality.

Eight finalists, four-day bootcamp

After a thorough screening exercise, eight finalists were selected and enrolled in a four-day entrepreneurial development programme before presenting their businesses to an independent panel of judges.

Onyinye Obayi, managing director of Honeypot Confections Ltd, won the top prize of N5 million as overall winner. The second and third-place finalists received N3 million and N2 million respectively, bringing the total grant package to N10 million.

All applicants get FirstGem access

Beyond the cash prizes, FirstBank said every applicant who entered the challenge will be enrolled into its FirstGem ecosystem, regardless of where they placed. Through the platform, participants can access financing, financial education, business advisory services, mentorship, and networking programmes built specifically for women entrepreneurs.

Chuma Ezirim, group executive for e-Business and Retail Products at FirstBank, said the bank's investment in women-owned businesses is central to its broader goal of driving inclusive economic growth. He noted that women entrepreneurs play a significant role in job creation, community development, and economic transformation, and that sustained, structured support enables their businesses to thrive.

Ezirim said: "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. With Spark A Gem, we are positioning FirstBank as a long-term partner in growth for women."

The bank said research shaped the design of the programme, with evidence showing that women-led businesses record better outcomes when funding comes alongside financial literacy training, management development, and mentorship. FirstBank described Spark A Gem as a business acceleration initiative aimed at improving the investment readiness and long-term growth potential of participating entrepreneurs.

What this means for Nigerian businesses

For Nigerian women entrepreneurs, this kind of structured support addresses a common gap where capital is available but skills and networks are missing. If the model delivers measurable results, it could pressure other lenders to pair financing with mentorship, improving survival rates for small businesses and, in turn, supporting job creation and economic activity.