First City Monument Bank (FCMB) has announced the launch of HERccelerate, a tech accelerator programme designed to foster innovation and empower women-founded tech startups in Nigeria.
The initiative, spearheaded by FCMB’s SheVentures and Hub One innovation hub, and executed by 8thGear Hub and Venture Studio, is aimed at equipping women entrepreneurs with the tools, networks, and knowledge necessary for sustainable growth and access to funding.
Applications for the HERccelerate programme, now open at www.fcmb.com/herccelerate/, will close on September 30, 2024. The programme targets women-led startups across sectors such as Fintech, Agritech, Healthtech, Edtech, and E-commerce, offering funding opportunities alongside comprehensive rewards.
Participants will benefit from intensive training sessions, including office hours, field trips to successful local startups, and networking events with established entrepreneurs. The programme is designed to provide a robust support system that includes access to essential knowledge, resources, investors, markets, and professional networks. The accelerator will culminate in a showcase day, where participants will pitch their businesses, with winners receiving grant funding and additional benefits, including access to potential investors.
Commenting on the initiative, FCMB’s Managing Director, Mrs. Yemisi Edun, stated:
“This initiative reinforces our commitment to nurturing innovation and empowering women-owned businesses, particularly Small and Medium-Scale Enterprises (SMEs) in the tech sector. By providing a platform for women entrepreneurs, we aim to address the unique challenges they face, from funding gaps to biases that impede their growth. HERccelerate is our way of fostering innovation and creating more opportunities for female-led ventures to thrive. We encourage women entrepreneurs to seize this chance to make a lasting impact.”
Nigeria’s tech sector has witnessed substantial growth in recent years, with several female-led startups making significant strides. However, challenges remain, particularly in accessing funding. In 2023, less than 6% of venture capital investments went to female-led startups. Through HERccelerate, FCMB aims to support and accelerate over 200 women-founded tech startups within the next five years, contributing to a more inclusive and equitable tech ecosystem.
First City Monument Bank (FCMB) is part of FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth by building a supportive ecosystem rooted in Africa, with a primary focus on Nigeria, that is connecting people, capital, and markets.