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.
Union Bank of Nigeria’s women-focused proposition, alpher, has supported 98 female entrepreneurs under the second edition of its Fearless Female Founders Accelerator Programme, with five businesses emerging with grants after the final pitch.
The programme, organised in partnership with Zuri Circle Network, was designed to tackle some of the challenges confronting women-led businesses in Nigeria, particularly limited access to finance, business knowledge, mentorship and networks capable of opening doors to new opportunities.
The scale of interest was significant.
A total of 2,810 women entrepreneurs applied for the programme, but only 98 founders made it through the selection process after business verification and compliance checks.
For those selected, the accelerator was not simply about receiving funding. The programme focused on helping participants build businesses that could survive, scale and become more attractive to investors and other sources of capital.
From business ideas to investment readiness
The selected entrepreneurs came from different parts of Nigeria’s expanding business ecosystem, with ventures spanning agriculture, fashion, food production, technology, manufacturing, retail and professional services.
Before joining the cohort, applicants underwent a screening process that examined areas including business registration, operational viability and financial record keeping.
The exercise was intended to identify entrepreneurs with viable businesses and the potential to achieve sustainable growth.
During the accelerator, participants received practical support aimed at strengthening their operations, improving financial management, sharpening their competitiveness and preparing their businesses for expansion.
The programme culminated in a final pitch presentation, where five women-led businesses emerged as winners and received grants from Union Bank.
Why access to capital remains a challenge
For many women running businesses in Nigeria, having a viable product or service is only one part of the battle.
Access to affordable finance, reliable business networks, mentorship and the knowledge required to manage growth can determine whether a small enterprise remains small or becomes a sustainable company capable of creating jobs.
This is the gap that alpher and Zuri Circle Network sought to address through the Fearless Female Founders 2.0 Accelerator.
The initiative combines business education and mentorship with opportunities for funding, giving participants tools intended to move their enterprises beyond survival and towards structured growth.
Speaking on the partnership, Union Bank’s Head of Retail Banking, Vivian Imoh-Itah, said the bank’s support for women entrepreneurs was driven by the need to create opportunities for greater economic and financial independence.
“Through alpher, Union Bank remains committed to creating meaningful opportunities for women to thrive personally, professionally, and financially.”
Imoh-Itah said the partnership with Zuri Circle Network reflected the bank’s focus on providing women entrepreneurs with the knowledge, networks and financial access required to build sustainable businesses.
She added that supporting women-owned businesses could have an impact beyond the individual entrepreneurs.
“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.”
More than funding
One of the notable features of the programme is its emphasis on capacity building alongside financial support.
While grants can provide an immediate boost to a growing business, the organisers are positioning the accelerator around a broader model in which entrepreneurs develop the skills and systems needed to manage that funding effectively.
Participants were therefore exposed to business development support covering areas such as financial management, operations, competitiveness and expansion.
For the 98 founders who completed the programme, the value could extend beyond the direct support received during the accelerator.
Access to mentors, fellow entrepreneurs and wider business networks can provide opportunities for collaboration, partnerships and market connections long after a structured programme ends.
Building a stronger pipeline of women-led businesses
The partnership comes as women continue to play a significant role in Nigeria’s entrepreneurial landscape, even as many women-owned businesses face barriers to formal financing and expansion.
For Union Bank, the Fearless Female Founders programme forms part of alpher’s broader focus on supporting women at different stages of their personal and entrepreneurial journeys.
The bank says its interventions are aimed at helping women achieve greater financial independence while building businesses that can contribute to employment and economic activity.
With 98 entrepreneurs selected from more than 2,800 applications, the latest accelerator also offers an indication of the level of demand for structured support among Nigerian women in business.
The five grant recipients may have emerged as the final winners, but the larger objective of the programme is to build a stronger pipeline of women-led businesses equipped with the knowledge, networks and financial opportunities needed to grow.
For the founders involved, the real test now begins: turning the skills, connections and funding opportunities gained through the accelerator into businesses capable of lasting beyond the programme.