FCMB targets one million SMEs in accelerator programme

First City Monument Bank (FCMB) is targeting one million small and medium-sized enterprises (SMEs) in its recently launched accelerator programme.

The programme which is being executed in partnership with SkillPaddy and other industry experts aims to equip startups and existing businesses with the skills and resources to develop innovative products and services, create new markets and fast-track their growth.

The bank aims to upskill about one million SMEs through 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 (AfDB). These 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 (agriculture, renewable energy, digital).

To kick off the programme, First City Monument Bank awarded N50 million in grants to 200 SMEs who participated in the first training session. This announcement was made at an event celebrating 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.”

CEO of Sweet Indulgence by Bakhita and a training grant recipient, Oladimeji Olanrewaju, expressed her excitement, “I am grateful to FCMB for this opportunity and look forward to scaling up my business through the programme.”

FCMB has a strong track record of supporting SMEs. Since 2018, the bank has extended N1.343 trillion in credit to over 98,000 SMEs across diverse sectors. This enabled SMEs to thrive by addressing critical funding gaps, expanding operations, boosting productivity and job creation, and contributing to the nation’s economic growth.

A leading supporter of SMEs in Nigeria, First City Monument Bank is part of FCMB Group Plc, a financial services holding company fostering inclusive and sustainable growth in its communities by connecting people, capital, and markets.