FCMB INITIATES ACCELERATOR PROGRAM TO ENHANCE SKILLS OF ONE MILLION SMEs
FCMB has introduced a program to support the growth of more than one million small and medium-sized enterprises (SMEs) in Nigeria. In collaboration with SkillPaddy and various industry experts, the bank seeks to provide startups and existing businesses with the necessary skills and resources to innovate, create new markets, and accelerate their growth.
First City Monument Bank (FCMB) plans to enhance the skills of approximately one million SMEs through a Technical Assistance grant of N284.7 million from Proparco (the private-sector arm of the French Development Agency) and an additional N227 million from the African Development Bank (AfDB).
These funds will enable FCMB to facilitate the successful onboarding and empowerment of SMEs, including women entrepreneurs, particularly under its SheVentures proposition, and those operating in high-impact sectors such as agriculture, renewable energy, and digital.
To inaugurate the program, FCMB has granted N50 million to 200 SMEs who participated in the initial training session. This announcement was made during an event celebrating Global Entrepreneurship Week 2023.
George Ogbonnaya, FCMB’s group head of SME banking, stated, “The FCMB Accelerator Programme reaffirms our dedication to empowering businesses effectively. 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 especially committed to supporting women-led SMEs. Ogbonnaya added, “Through mentorship and access to finance, we will continue to empower these incredible entrepreneurs.”
Kunle Erinle, Founder and CEO of SkillPaddy, expressed the significance of the partnership, stating, “This partnership with First City Monument Bank will be a game-changer for SMEs. By accelerating productivity, we can unlock doors of opportunity for startups and existing businesses, ultimately boosting Nigeria’s economic growth.”
New Source: Techeconomy
