First City Monument Bank (FCMB)’s recently announced accelerator programme aims to reach one million small and medium-sized companies (SMEs).
The course, which is being run in collaboration with SkillPaddy and other industry professionals, seeks to provide startups and established businesses with the skills and resources they need to develop innovative goods and services, generate new markets, and accelerate their growth.
The bank intends to upskill around one million SMEs using a Technical Assistance grant of N284.7 million from Proparco (the private-sector arm of the French Development Agency) and another N227 million from the African Development Bank. These will allow FCMB to promote the effective onboarding and empowerment of SMEs, particularly women entrepreneurs, through its SheVentures initiative, as well as those working in high-impact sectors (agricultural, renewable energy, and digital).
To begin off the initiative, First City Monument Bank provided N50 million in grants to 200 SMEs that attended the first training session. This statement was delivered during an event commemorating Global Entrepreneurship Week 2023.
“The FCMB Accelerator Programme reaffirms our dedication to empowering businesses effectively,” said FCMB’s Group Head of SME banking, George Ogbonnaya. “We want to inspire Nigerians to pursue their entrepreneurial dreams and build a portfolio of ready businesses that can transform Nigeria’s economy.”
“FCMB is committed to supporting women-led SMEs. Through mentorship and access to finance, we will continue to empower these incredible entrepreneurs,” Ogbonnaya added.
“This partnership with First City Monument Bank will be a game-changer for SMEs,” said Founder and CEO of SkillPaddy, Kunle Erinle. “By accelerating productivity, we can unlock doors of opportunity for startups and existing businesses, ultimately boosting Nigeria’s economic growth.”
Oladimeji Olanrewaju, CEO of Sweet Indulgence by Bakhita and a training grant winner, expressed her delight, saying, “I am grateful to FCMB for this opportunity and look forward to scaling up my business through the programme.”
