FCMB Launches The FCMB Accelerator Programme to Empower One Million SMEs
FCMB has launched the FCMB accelerator program with the aim of enhancing the skills and growth of over one million SMEs in Nigeria. In collaboration with SkillPaddy and other industry experts, the bank’s objective is to equip startups and existing businesses with the necessary skills and resources to develop innovative products and services, explore new markets, and expedite their growth.
FCMB accelerator program partners
To achieve this, FCMB plans to upskill approximately one million SMEs through a Technical Assistance grant of N284.7 million from Proparco and an additional N227 million from the African Development Bank. These funds will enable FCMB to facilitate the successful onboarding and empowerment of SMEs, including women entrepreneurs, under its SheVentures proposition, as well as those operating in high-impact sectors such as agriculture, renewable energy, and digital.
FCMB accelerator program partners
To kickstart the program, FCMB has already awarded N50 million in grants to 200 SMEs who actively participated in the initial training session. This announcement was made during an event commemorating Global Entrepreneurship Week 2023.
George Ogbonnaya, FCMB’s Group Head of SME banking, expressed the bank’s commitment to empowering businesses, stating, “The FCMB Accelerator Programme reaffirms our dedication to effectively empower businesses. We aim to inspire Nigerians to pursue their entrepreneurial dreams and cultivate a portfolio of prepared businesses that can contribute to the transformation of Nigeria’s economy.”
FCMB is also devoted to supporting women-led SMEs. Ogbonnaya further added, “Through mentorship and access to finance, we will continue to empower these remarkable entrepreneurs.”
Kunle Erinle, the Founder and CEO of SkillPaddy, highlighted the importance of the alliance with First City Monument Bank, affirming that this collaboration has the potential to revolutionize the landscape for SMEs. Through enhancing productivity, we can open up avenues of opportunity for both startups and established businesses, ultimately contributing to the growth of Nigeria’s economy.
Oladimeji Olanrewaju, the CEO of Sweet Indulgence by Bakhita and a beneficiary of the training grant, conveyed her enthusiasm regarding the program and the potential influence it could have on her business.
I am grateful to FCMB for providing me with this opportunity and I am eagerly looking forward to expanding my business through this program.
FCMB has consistently shown its dedication to supporting SMEs, providing a remarkable N1.343 trillion in credit to over 98,000 SMEs since 2018. This financial support has been instrumental in helping these businesses overcome funding challenges, expand their operations, increase productivity, create job opportunities, and contribute to the overall economic development of the country.
As a prominent advocate for SMEs in Nigeria, FCMB is a key subsidiary of FCMB Group Plc, a financial services holding company that actively promotes inclusive and sustainable growth within its communities. By facilitating connections between individuals, capital, and markets, FCMB Group Plc aims to create an environment where businesses can thrive and contribute to the long-term prosperity of the nation.
