First City Monument Bank (FCMB) has introduced an accelerator program aimed at enhancing the skills and growth of over one million small and medium-sized enterprises (SMEs) in Nigeria. Teaming up with SkillPaddy and other industry experts, the bank is committed to providing startups and existing businesses with the necessary skills and resources to foster innovation, create new markets, and accelerate their development.

The bank plans to upskill approximately one million SMEs with the support of a Technical Assistance grant totalling ₦284.7 million from Proparco (the private-sector arm of the French Development Agency) and an additional ₦227 million from the African Development Bank (AfDB). These funds will enable FCMB to facilitate the effective onboarding and empowerment of SMEs, including women entrepreneurs, through its SheVentures initiative and those operating in high-impact sectors such as agriculture, renewable energy, and digital.

Inaugurating the program, First City Monument Bank disbursed ₦50 million in grants to 200 SMEs who participated in the initial training session. This announcement was made during an event commemorating Global Entrepreneurship Week 2023.

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“The FCMB Accelerator Program underscores our commitment to empowering businesses effectively,” remarked George Ogbonnaya, FCMB’s Group Head of SME Banking. “Our goal is to inspire Nigerians to pursue their entrepreneurial aspirations and cultivate a portfolio of prepared businesses capable of transforming Nigeria’s economy.”

FCMB remains dedicated to supporting women-led SMEs. “Through mentorship and access to finance, we will continue empowering these remarkable entrepreneurs,” Ogbonnaya affirmed.

“This collaboration with First City Monument Bank is poised to revolutionize SMEs,” remarked Kunle Erinle, Founder and CEO of SkillPaddy. “By enhancing productivity, we can open doors of opportunity for startups and existing businesses, thereby bolstering Nigeria’s economic growth.”

Expressing gratitude for the opportunity, Oladimeji Olanrewaju, CEO of Sweet Indulgence by Bakhita and a recipient of the training grant, stated, “I am thankful to FCMB for this opportunity and eagerly anticipate scaling up my business through the program.”

FCMB boasts a strong track record of supporting SMEs. Since 2018, the bank has disbursed ₦1.343 trillion in credit to over 98,000 SMEs across various sectors. This support has enabled SMEs to thrive by bridging critical funding gaps, expanding operations, enhancing productivity and job creation, and contributing to the nation’s economic development.

As a leading advocate for SMEs in Nigeria, First City Monument Bank is a key subsidiary of FCMB Group Plc, a financial services holding company committed to fostering inclusive and sustainable growth in its communities by facilitating connections among people, capital, and markets.