Bank Programme Seeks To Empower SMEs

By Clement Alphonsus
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First City Monument Bank (FCMB) has disclosed the launch of an accelerator programme target to upskill and grow over one million small and medium-sized enterprises (SMEs) in Nigeria.

The bank noted that it would 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 ₦227 million from the African Development Bank (AfDB).

It said, 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).

To kick off the programme, the lender awarded ₦50 million in grants to 200 SMEs who participated in the first training. This was disclosed at an event celebrating Global Entrepreneurship Week 2023.

The 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.”