FCMB's HERccelerate opens doors for Nigeria's female tech entrepreneurs

Nigerian women in tech have a new opportunity to accelerate their startups' growth. FCMB's HERccelerate program now accepts applications and offers funding, mentorship, and training to help female founders succeed.

The initiative, driven by the Bank's SheVentures and Hub One innovation hub and executed in collaboration with 8thGear Hub and Venture Studio, seeks to equip female founders with the necessary skills, knowledge, and networks to secure funding and ensure sustainable growth.

Applications for the program, which targets women-led startups across various sectors, including Fintech, Agritech, Healthtech, Edtech, and E-commerce, and offers them the chance to compete for funding and other strategic benefits, will close on September 30, 2024.

Participants will undergo rigorous training, including office hours, site visits to successful local startups, and networking events with seasoned entrepreneurs. This robust support structure is designed to provide participants with access to knowledge, resources, investors, markets, and networks. The program will culminate in a showcase event where winners will receive grant funding and gain exposure to potential investors.

Commenting on the launch of HERccelerate, FCMB's Managing Director, Yemisi Edun, emphasised the bank's commitment to fostering innovation and supporting women-led businesses, particularly SMEs in the tech sector. "This initiative reaffirms our dedication to empowering women entrepreneurs to pursue their ambitions and make significant contributions to the tech ecosystem and Nigeria's economic development. We understand the unique challenges faced by female-led tech ventures, from funding constraints to biases that hinder growth. HERccelerate is our platform to drive innovation and open more funding avenues for these businesses. We urge women entrepreneurs to take advantage of this opportunity to leave a lasting impact."

Nigeria's tech sector has experienced notable growth in recent years, with women-led startups making significant inroads across various industries. However, challenges remain, particularly in securing funding—only 6% of venture capital in 2023 was allocated 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 landscape.

First City Monument Bank (FCMB), a member of FCMB Group Plc, is dedicated to fostering inclusive and sustainable growth. With a strong foundation in Africa, particularly Nigeria, FCMB is creating a supportive ecosystem that connects people, capital, and markets.

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