FirstBank Awards N10 Million to Women Entrepreneurs Through Spark A Gem Challenge
FirstBank Awards N10 Million to Women Entrepreneurs Through Spark A Gem Challenge
FirstBank awards N10 million to women entrepreneurs through its Spark A Gem Challenge, with Onyinye Obayi winning N5 million.
FirstBank of Nigeria Ltd. has reinforced its commitment to women’s economic empowerment by awarding N10 million in grants to outstanding women-owned businesses through its Spark A Gem Challenge.
The initiative, launched under the bank’s Women Preneur Pitch-A-Ton programme and FirstGem proposition, is designed to help women entrepreneurs build stronger businesses through a combination of funding, training, mentorship, networking and financial support.
The latest initiative comes at a time when women-led businesses continue to play an important role in Nigeria’s economy. From agriculture and food services to education, healthcare and other sectors, women entrepreneurs are creating businesses, supporting households and contributing to employment and economic activity.
Rather than focusing only on financial assistance, FirstBank said the Spark A Gem Challenge was structured to provide participants with a broader support system aimed at improving business readiness, strengthening enterprise growth and promoting sustainability.
FirstBank Spark A Gem Challenge Attracts 356 Applications
The Spark A Gem Challenge attracted 356 applications from women-owned businesses operating across different sectors of Nigeria’s economy.
According to FirstBank, the applicants represented businesses in areas including agriculture, education, healthcare, food services and other sectors.
The high level of participation highlights the growing interest among women entrepreneurs in opportunities that combine business education with access to funding and professional networks.
Following a rigorous selection process, eight finalists emerged from the pool of applicants.
The finalists were subsequently given the opportunity to participate in a four-day capacity-building programme before presenting their business ideas to an independent panel of judges.
The training component was designed to help the entrepreneurs strengthen their business knowledge and prepare for the final pitching stage.
Onyinye Obayi Wins N5 Million FirstBank Grant
The overall winner of the Spark A Gem Challenge was Mrs Onyinye Obayi, founder of Honeypot Confections Ltd.
Obayi received a N5 million grant as the top prize following the final assessment of the participating businesses.
The first runner-up received N3 million, while the second runner-up received N2 million.
Together, the three grants brought the total financial award under the challenge to N10 million.
The funding is expected to provide the beneficiaries with additional resources to strengthen their businesses and pursue growth opportunities.
For entrepreneurs operating small and growing businesses, access to additional capital can support areas such as working capital, equipment, inventory, marketing and expansion.
However, FirstBank's approach goes beyond simply providing funds.
The bank has emphasised the importance of equipping entrepreneurs with the knowledge and networks needed to manage their businesses effectively.
FirstBank Combines Funding With Mentorship and Training
A major feature of the Spark A Gem Challenge is the combination of financial support and capacity development.
FirstBank said the programme was created to provide women entrepreneurs with business training, mentorship, networking opportunities and funding support.
This approach recognises that access to capital is only one part of building a successful business.
An entrepreneur may receive funding but still face difficulties if the business lacks proper financial management, strategic planning, market knowledge or access to experienced advisers.
By providing training and mentorship alongside funding, programmes such as Spark A Gem can help entrepreneurs make better-informed decisions and improve their ability to manage growth.
The four-day capacity-building programme for the eight finalists was therefore an important part of the challenge.
The participants were given the opportunity to improve their business capabilities before presenting their ideas to the independent judging panel.
FirstBank Says Women Entrepreneurs Need More Than Finance
Speaking about the initiative, Mr Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said the bank's commitment to women entrepreneurs goes beyond providing financial assistance.
Ezirim stressed the importance of supporting women with the resources and knowledge required to develop sustainable businesses.
He noted that women entrepreneurs contribute significantly to economic growth, job creation and community development.
According to him, the Spark A Gem Challenge was deliberately designed to identify promising women-led businesses while strengthening their financial and business capabilities.
The initiative is also intended to support entrepreneurs in developing enterprises capable of achieving long-term growth.
Ezirim further noted that funding alone was not enough to guarantee business success.
In his view, entrepreneurs can achieve better outcomes when financial support is combined with mentorship, financial literacy and strong business networks.
That philosophy is central to the Spark A Gem model.
Why Women-Owned Businesses Matter in Nigeria
Women entrepreneurs are important contributors to Nigeria’s business environment.
Across the country, women operate businesses ranging from small family enterprises to growing companies serving wider markets.
Their activities span agriculture, food production, education, healthcare, retail, manufacturing and professional services.
These businesses can contribute to job creation, household income and local economic activity.
When a women-owned business grows, the benefits can extend beyond the business owner.
Expansion can create employment opportunities, increase demand for suppliers, improve access to products and services and generate additional economic activity within communities.
This makes programmes supporting women entrepreneurs relevant not only to individual business owners but also to broader economic development.
FirstGem Ecosystem to Provide Continued Support
FirstBank also disclosed that all applicants have been integrated into its FirstGem ecosystem.
Through the ecosystem, participating entrepreneurs can access banking services, advisory support and potential future credit opportunities.
This is significant because the needs of a growing business often change over time.
An entrepreneur may initially require training and a small grant but later need additional financial services, professional advice or credit to expand.
By maintaining a connection with participants beyond the competition, the FirstGem ecosystem can provide a broader platform for business development.
The bank said the initiative aligns with its wider vision of advancing women’s economic empowerment, deepening financial inclusion and promoting inclusive economic growth across Nigeria.
What the Spark A Gem Challenge Means for Women Entrepreneurs
The Spark A Gem Challenge sends an important message to women-owned businesses across Nigeria: business development can involve much more than obtaining capital.
The initiative highlights the importance of building strong business foundations.
For entrepreneurs seeking to expand, financial records, customer relationships, business planning, marketing and operational efficiency can all influence long-term performance.
Training and mentorship can help business owners identify areas that need improvement before they commit additional resources to expansion.
Networking is also important.
Business owners can gain new ideas and opportunities by connecting with other entrepreneurs, financial institutions, industry professionals and potential partners.
For this reason, the Spark A Gem Challenge's combination of funding, training and networking could provide participants with multiple tools for business development.
Lessons for Small Business Owners
There are several lessons entrepreneurs can take from the initiative.
1. Build a Strong Business Plan
A clear business plan can help entrepreneurs define their goals, understand their target market and identify the resources required for growth.
A well-prepared business plan can also make it easier to communicate a business idea to potential investors, partners and financial institutions.
2. Keep Proper Financial Records
Financial records are important for understanding whether a business is making or losing money.
Entrepreneurs should develop good habits around recording sales, expenses, debts, inventory and other relevant transactions.
Strong financial records can also improve business readiness when opportunities for financing arise.
3. Invest in Business Skills
Entrepreneurs should continue learning even after launching a business.
Training in areas such as marketing, financial management, customer service, digital tools and business strategy can help business owners respond to changing market conditions.
4. Develop Professional Networks
Networking can connect entrepreneurs with potential customers, mentors, suppliers, investors and business partners.
A strong professional network can become particularly valuable when a business is preparing for expansion.
5. Use Funding Strategically
Access to funding can create opportunities for growth, but entrepreneurs need to deploy funds carefully.
Business owners should have clear priorities and consider how each investment can contribute to revenue generation, operational efficiency or long-term sustainability.
FirstBank's Wider Women Empowerment Focus
The Spark A Gem Challenge forms part of FirstBank's broader focus on women's economic empowerment through the FirstGem proposition.
The programme demonstrates an approach in which financial services are combined with business support.
This is particularly relevant for entrepreneurs who may require assistance at different stages of their business journey.
For an early-stage business, training and mentorship may be critical.
For a growing enterprise, access to credit, advisory support and financial services may become increasingly important.
By connecting entrepreneurs to a wider ecosystem, FirstBank is positioning the initiative as more than a one-time grant competition.
N10 Million Grant Could Encourage More Women Entrepreneurs
The N10 million awarded through the Spark A Gem Challenge could also encourage more women to pursue entrepreneurship and participate in future business-support initiatives.
The success of the programme demonstrates that women-owned businesses are actively seeking opportunities to develop their skills and access funding.
The 356 applications received by FirstBank provide an indication of the level of interest among women entrepreneurs.
The selection of eight finalists and the subsequent capacity-building programme also show the competitive nature of the initiative.
For aspiring entrepreneurs, such programmes can provide valuable opportunities to test business ideas, gain exposure and receive professional feedback.
The Road Ahead for the Beneficiaries
For the winners and other participants, the next stage will be critical.
The long-term value of the Spark A Gem Challenge will ultimately depend on how the beneficiaries use the knowledge, networks and financial support they have received.
The N5 million grant awarded to Onyinye Obayi and the N3 million and N2 million grants awarded to the runners-up could help the businesses pursue new opportunities.
Meanwhile, the continued connection to the FirstGem ecosystem could provide additional support as the businesses develop.
The broader objective is to help women-led enterprises move from promising ideas and early-stage operations toward stronger and more sustainable businesses.
FirstBank’s Spark A Gem Challenge has provided a major boost to women entrepreneurship in Nigeria, with N10 million in grants awarded to outstanding women-owned businesses.
The initiative's overall winner, Mrs Onyinye Obayi, founder of Honeypot Confections Ltd., received N5 million, while the first and second runners-up received N3 million and N2 million respectively.
However, the programme extends beyond the grant awards.
With 356 applications received, eight finalists selected and a four-day capacity-building programme delivered, FirstBank has placed significant emphasis on training, mentorship, networking and business development.
The integration of applicants into the FirstGem ecosystem also gives participants access to banking services, advisory support and potential future credit opportunities.
As women continue to build businesses across agriculture, healthcare, education, food services and other sectors, initiatives that combine finance with knowledge and mentorship could play an important role in strengthening Nigeria’s entrepreneurial ecosystem.
The Spark A Gem Challenge therefore represents not just a grant programme, but an effort to create stronger pathways for women entrepreneurs to develop sustainable businesses and contribute to inclusive economic growth.
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