First City Monument Bank (FCMB) has taken a bold step towards revolutionizing the SME landscape in Nigeria by launching an ambitious accelerator program. Aiming to empower over one million small and medium-sized enterprises, this initiative promises to transform the country’s economic landscape.
Upskilling and Growth for the Future
In partnership with SkillPaddy and other industry experts, FCMB’s accelerator program is designed to equip startups and existing businesses with the essential skills and resources to thrive in today’s competitive market. Participants will gain invaluable knowledge in developing innovative products and services, creating new markets, and accelerating their growth trajectory.
Funding Support for High-Impact Sectors
To ensure the program’s success, FCMB has secured significant funding support from Proparco (the private-sector arm of the French Development Agency) and the African Development Bank (AfDB). These grants, totaling ₦511.7 million, will enable the bank to facilitate the onboarding and empowerment of SMEs, including women entrepreneurs under its SheVentures proposition and those operating in high-impact sectors such as agriculture, renewable energy, and digital.
Celebrating Entrepreneurship and Innovation
To mark the launch of this groundbreaking program, FCMB awarded ₦50 million in grants to 200 SMEs who participated in the inaugural training session. This announcement was made at a special event commemorating Global Entrepreneurship Week 2023, highlighting the bank’s commitment to fostering a vibrant entrepreneurial ecosystem in Nigeria.
Empowering Women-Led SMEs
Recognizing the crucial role women play in economic development, FCMB is dedicated to empowering women-led SMEs through mentorship, access to finance, and targeted support. By removing barriers and creating opportunities, the bank aims to unleash the full potential of these incredible entrepreneurs and contribute to a more inclusive and equitable economy.
Driving Economic Growth and Transformation
“The FCMB Accelerator Programme is a testament to our unwavering commitment to empowering businesses effectively,” said George Ogbonnaya, FCMB’s Group Head of SME banking. “We believe that by inspiring Nigerians to pursue their entrepreneurial dreams and building a portfolio of ready businesses, we can transform Nigeria’s economy and create a brighter future for all.”
Unlocking Doors of Opportunity for SMEs
Kunle Erinle, Founder and CEO of SkillPaddy, expressed his enthusiasm for the partnership with FCMB, stating, “This collaboration will be a game-changer for SMEs in Nigeria. By accelerating productivity and unlocking doors of opportunity, we can unleash the potential of these businesses and contribute to the overall economic growth of the country.”
With its ambitious goals and strategic partnerships, FCMB’s accelerator program is poised to make a significant impact on the SME sector in Nigeria. By empowering entrepreneurs, fostering innovation, and driving economic growth, the bank is playing a vital role in shaping the future of the country’s business landscape.