FCMB’s Bold Move: Launching Accelerator Programme To Empower One Million SMEs

FCMB’s Bold Move: Launching Accelerator Programme To Empower One Million SMEs

First City Monument Bank (FCMB) has taken a significant step forward in Nigeria’s entrepreneurial landscape with the launch of its accelerator programme aimed at empowering over one million small and medium-sized enterprises (SMEs)….Read more related story Here Owo Dey Plenty : Nigerians Show Confidence In APC As Party Raises N190m In Less Than Two Minutes Of Launching Crowd Funding

Teaming up with SkillPaddy and industry experts, FCMB is poised to provide startups and existing businesses with the necessary skills and resources to innovate, create new markets, and accelerate their growth trajectory.

With a Technical Assistance grant of ₦284.7 million from Proparco and ₦227 million from the African Development Bank, FCMB plans to upskill SMEs, including women entrepreneurs, through its SheVentures proposition and those operating in high-impact sectors such as agriculture, renewable energy, and digital innovation.

The programme kicked off with a bang as FCMB awarded ₦50 million in grants to 200 SMEs who participated in the inaugural training session, marking the beginning of an exciting journey for these businesses. George Ogbonnaya, FCMB’s Group Head of SME banking, emphasized the bank’s commitment to empowering Nigerian entrepreneurs and fostering economic transformation.

Notably, FCMB is prioritizing support for women-led SMEs, recognizing their vital role in driving economic growth. Through mentorship and access to finance, the bank aims to uplift these entrepreneurs and pave the way for their success in the business world.

Kunle Erinle, Founder and CEO of SkillPaddy, hailed the partnership with FCMB as a game-changer for SMEs, highlighting the potential to accelerate productivity and unlock opportunities for growth.

One of the beneficiaries, Oladimeji Olanrewaju, CEO of Sweet Indulgence by Bakhita, expressed gratitude for the opportunity provided by FCMB and eagerly anticipates scaling up her business through the programme.

FCMB’s track record in supporting SMEs speaks volumes. With over ₦1.343 trillion in credit extended to more than 98,000 SMEs since 2018, the bank has played a pivotal role in bridging funding gaps, expanding operations, and driving economic development across various sectors.

As a leading advocate for SMEs in Nigeria, First City Monument Bank continues to demonstrate its commitment to fostering inclusive and sustainable growth, cementing its position as a catalyst for positive change in the nation’s entrepreneurial ecosystem.