First City Monument Bank (FCMB) has started an accelerator programme aimed at helping over a million small and medium-sized businesses (SMEs) in Nigeria expand and improve their skills.
The bank seeks to provide startups and established companies with the tools and resources necessary to produce cutting-edge goods and services, open up new markets, and accelerate growth through partnerships with SkillPaddy and other industry professionals.
Through a technical assistance grant of ₦284.7 million from Proparco (the private sector arm of the French Development Agency) and ₦227 million from the African Development Bank (AfDB), the bank announced it will upskill around one million SMEs.
According to the statement, they will allow FCMB to successfully integrate and support SMEs, especially female entrepreneurs, under its SheVentures offering and those working in high-impact industries including digital, renewable energy, and agricultural.
The lender gave grants totaling ₦50 million to 200 SMEs that took part in the initial training session to kick off the project. At a gathering honoring Global Entrepreneurship Week 2023, the news was made.
“The FCMB Accelerator Programme effectively demonstrates our commitment to empowering businesses,” stated George Ogbonnaya, Group Head of SME Banking at FCMB.
He continued, saying: “We hope to encourage Nigerians to follow their entrepreneurial aspirations and develop a network of ready companies that have the potential to completely change Nigeria’s economy.”
