Business News
FCMB Launches HERccelerate To Empower Female Tech Founders in Nigeria
First City Monument Bank (FCMB) has introduced HERccelerate, a tech accelerator program designed to empower and support women-led tech startups in Nigeria. This initiative, spearheaded by FCMB’s SheVentures and Hub One innovation hub and implemented by 8thGear Hub and Venture Studio, aims to provide women entrepreneurs with the tools and networks necessary to secure funding and achieve sustainable growth.
Applications for HERccelerate are now open at www.fcmb.com/herccelerate/ and will close on September 30, 2024. The program targets women-led startups across various sectors, including Fintech, Agritech, Healthtech, Edtech, and E-commerce, offering funding opportunities and additional rewards.
Participants will receive intensive training, which includes office hours, field trips to successful local startups, and networking events with established founders. This program aims to provide comprehensive support by connecting women entrepreneurs with knowledge, resources, investors, and markets. The accelerator will conclude with a showcase day, where winners will receive grant funding and other benefits, including access to potential investors.
“This initiative underscores our commitment to nurturing innovation and empowering women-owned businesses, particularly SMEs in the tech sector, to pursue their ambitions and significantly contribute to both the tech ecosystem and Nigeria’s economic development,” said Yemisi Edun, Managing Director of FCMB. “We recognize the challenges women-led tech businesses face, from funding gaps to biases that limit their growth. HERccelerate is our platform to foster innovation and create more funding opportunities for female-led ventures. We urge women entrepreneurs to seize this opportunity to make a lasting impact.”
Nigeria’s tech landscape has seen impressive growth in recent years, with several female-led startups making significant strides. However, they still face obstacles such as limited access to funding. In 2023, less than 6% of venture capital investment went to female-led startups. Through HERccelerate, FCMB aims to support and accelerate over 200 women-founded tech startups over the next five years, contributing to a more inclusive and equitable tech ecosystem.
FCMB is a member of FCMB Group Plc and is committed to fostering inclusive and sustainable growth. The bank is focused on building a supportive ecosystem in Africa, primarily Nigeria, that connects people, capital, and markets.
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