Business
FCMB Launches Accelerator Program to Empower 1m SMEs
FCMB Launches Accelerator Program to Empower 1m SMEs
First City Monument Bank (FCMB) has recently unveiled an ambitious initiative aimed at bolstering the growth and capabilities of over 1 million small and medium-sized enterprises (SMEs) in Nigeria. This accelerator programme, developed in collaboration with SkillPaddy and other industry experts, seeks to provide startups and established businesses with the necessary skills and resources to foster innovation, penetrate new markets, and expedite their expansion.
In a strategic move to facilitate this monumental undertaking, FCMB has secured a technical assistance grant totaling N284.7 million from Proparco, the private-sector arm of the French Development Agency, as well as an additional N227 million from the African Development Bank (AfDB). These funds will play a pivotal role in enabling FCMB to effectively onboard and empower SMEs, with a specific focus on women entrepreneurs through its SheVentures proposition, as well as those operating within high-impact sectors such as agriculture, renewable energy, and digital innovation.
The inauguration of the programme was marked by the allocation of N50 million in grants to 200 SMEs that participated in the inaugural training session. This announcement was made during an event commemorating Global Entrepreneurship Week 2023.
George Ogbonnaya, FCMB’s Group Head of SME Banking, emphasized the bank’s unwavering commitment to fostering business empowerment, stating, “The FCMB Accelerator Programme reaffirms our dedication to empowering businesses effectively. We want to inspire Nigerians to pursue their entrepreneurial dreams and build a portfolio of ready businesses that can transform Nigeria’s economy.”
Furthermore, FCMB has pledged its dedicated support for women-led SMEs. Ogbonnaya highlighted the bank’s approach, stating, “Through mentorship and access to finance, we will continue to empower these incredible entrepreneurs.”
Kunle Erinle, Founder and CEO of SkillPaddy, expressed his optimism regarding the partnership, affirming, “This partnership with First City Monument Bank will be a game-changer for SMEs. By accelerating productivity, we can unlock doors of opportunity for startups and existing businesses, ultimately boosting Nigeria’s economic growth.”
The sentiment was echoed by Oladimeji Olanrewaju, CEO of Sweet Indulgence by Bakhita, who conveyed her gratitude to FCMB for the opportunity and expressed her anticipation of scaling up her business through the programme.
The launch of the FCMB Accelerator Programme signifies a significant stride in the realm of SME empowerment and economic growth in Nigeria. By leveraging strategic partnerships, financial support, and a tailored approach to skills development, FCMB is poised to catalyze a wave of innovation and sustainable expansion within the SME landscape, ultimately contributing to the broader economic prosperity of the nation.
This initiative not only underscores FCMB’s strong commitment to fostering entrepreneurship and business development but also highlights the bank’s proactive role in driving positive change and empowerment within the Nigerian business community. As the programme gains momentum, it is poised to serve as a catalyst for transformative growth, propelling a multitude of SMEs towards success and contributing to the overall economic vibrancy of Nigeria.
The FCMB Accelerator Program stands as a testament to the potential for collaboration, innovation, and targeted support to drive meaningful change within the SME ecosystem. As it unfolds, it is poised to unlock new opportunities, inspire entrepreneurial endeavors, and pave the way for a thriving landscape of empowered and resilient businesses in Nigeria.
In conclusion, the launch of the FCMB Accelerator Program marks a pivotal moment in the journey towards SME empowerment and economic advancement in Nigeria. With a steadfast commitment to equipping businesses with the tools and resources they need to thrive, FCMB is poised to make a lasting impact on the entrepreneurial landscape, paving the way for a future defined by innovation, growth, and sustainable prosperity.
As the programme unfolds and continues to empower SMEs across Nigeria, it is expected to serve as a beacon of opportunity, driving positive change and fostering a culture of entrepreneurship and resilience within the business community. FCMB’s unwavering dedication to this cause sets the stage for a transformative journey, one that holds the potential to shape the future of SMEs and contribute to the enduring economic vitality of Nigeria.
The FCMB Accelerator Program represents a significant milestone in the pursuit of economic empowerment and business development, and its impact is poised to resonate far beyond its initial launch, leaving a lasting legacy of growth, innovation, and opportunity for SMEs across Nigeria.
