FCMB introduces an accelerator initiative aiming to support one million SMEs

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First City Monument Bank has initiated an accelerator program aimed at enhancing the skills and fostering the growth of over one million small and medium-sized enterprises (SMEs) in Nigeria.

In collaboration with the e-learning platform SkillPaddy and industry experts, this program will provide intensive guidance and support over a three-month period. As part of the initiative, FCMB secured a Technical Assistance grant of N284.7m from Proparco and an additional N227m from the African Development Bank.

The funds will facilitate the onboarding and empowerment of SMEs, particularly those under the SheVentures proposition and operating in high-impact sectors such as agriculture, renewable energy, and digital innovation.

 

George Ogbonnaya, FCMB’s Group Head of SME Banking, expressed the bank’s commitment to empowering businesses, with a focus on supporting women-led SMEs through mentorship and access to finance.

The partnership with SkillPaddy is anticipated to be a game-changer for SMEs, accelerating productivity and unlocking opportunities for startups and existing businesses.

 

In a symbolic move, FCMB awarded N50m grants to 200 SMEs during the program’s inaugural training session, marking the beginning of this impactful initiative.

The bank’s dedication to fostering entrepreneurship and its substantial credit extension of N1.34tn to over 98,000 SMEs across diverse sectors since 2018 reflect its ongoing commitment to transforming Nigeria’s economic landscape.

 

 

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