Business
FCMB Launches Accelerator Programme to Empower SMEs Across Nigeria
FCMB Launches Accelerator Programme to Empower SMEs Across Nigeria
First City Monument Bank (FCMB) has recently announced the launch of an accelerator programme aimed at upskilling and growing over one million small and medium-sized enterprises (SMEs) in Nigeria. This initiative, in partnership with SkillPaddy and other industry experts, seeks to equip startups and existing businesses with the necessary skills and resources to develop innovative products and services, create new markets, and accelerate their growth.
The initiative is backed by a technical assistance grant of ₦284.7 million from Proparco, the private-sector arm of the French Development Agency, and an additional ₦227 million from the African Development Bank (AfDB). These funds will enable FCMB to facilitate the successful 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 innovation.
To kick off the programme, FCMB has awarded ₦50 million in grants to 200 SMEs that participated in the first training session. This announcement was made at an event celebrating Global Entrepreneurship Week 2023. George Ogbonnaya, FCMB’s Group Head of SME Banking, emphasized the bank’s commitment to empowering businesses and inspiring Nigerians to pursue their entrepreneurial dreams, with the ultimate goal of transforming Nigeria’s economy.
Furthermore, FCMB is dedicated to supporting women-led SMEs through mentorship and access to finance. The partnership with FCMB has been lauded by Kunle Erinle, founder and CEO of SkillPaddy, who believes that by accelerating productivity, doors of opportunity for startups and existing businesses can be unlocked, ultimately boosting Nigeria’s economic growth.
Oladimeji Olanrewaju, CEO of Sweet Indulgence by Bakhita and a recipient of the training grant, expressed her gratitude to FCMB for the opportunity and expressed her anticipation of scaling up her business through the programme.
FCMB has a strong track record of supporting SMEs, having extended ₦1.343 trillion in credit to over 98,000 SMEs across diverse sectors since 2018. This support has enabled SMEs to thrive by addressing critical funding gaps, expanding operations, boosting productivity, creating jobs, and contributing to the nation’s economic growth.
As a leading supporter of SMEs in Nigeria, First City Monument Bank is part of FCMB Group Plc, a financial services holding company committed to fostering inclusive and sustainable growth in its communities by connecting people, capital, and markets.
In conclusion, the FCMB Accelerator Programme represents a significant step towards empowering SMEs in Nigeria and driving economic growth. By providing essential skills, resources, and financial support, FCMB is poised to make a substantial impact on the entrepreneurial landscape in Nigeria, contributing to the overall prosperity and development of the nation’s economy.
This initiative not only demonstrates FCMB’s commitment to empowering businesses but also signifies a pivotal moment in Nigeria’s entrepreneurial ecosystem, creating opportunities for growth, innovation, and economic advancement. As FCMB continues to champion the cause of SMEs, it is evident that the accelerator programme will play a crucial role in shaping the future of business and entrepreneurship in Nigeria.
The partnership between FCMB, SkillPaddy, and other industry experts underscores the collaborative efforts needed to drive sustainable economic development and create a conducive environment for SMEs to thrive. With a focus on inclusivity, innovation, and empowerment, FCMB’s accelerator programme is poised to make a lasting impact on the SME landscape in Nigeria, setting the stage for a more vibrant and prosperous entrepreneurial ecosystem.
In conclusion, the FCMB Accelerator Programme represents a significant step towards empowering SMEs in Nigeria and driving economic growth. By providing essential skills, resources, and financial support, FCMB is poised to make a substantial impact on the entrepreneurial landscape in Nigeria, contributing to the overall prosperity and development of the nation’s economy.