First City Monument Bank (FCMB) has launched an accelerator programme to upskill and grow over one million small and medium-sized enterprises (SMEs) in Nigeria. Partnering with SkillPaddy and other industry experts, the bank seeks 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.
FCMB aims to upskill about one million SMEs through a Technical Assistance grant of ₦284.7 million from Proparco (the private-sector arm of the French Development Agency) and another ₦227 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).
Speaking on the programme, FCMB's Group Head of SME banking, George Ogbonnaya, said, "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."
Since 2018, FCMB has extended ₦1.343 trillion in credit to over 98,000 SMEs across diverse sectors, showing a solid track record of supporting SMEs. 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.
