First City Monument Bank (FCMB) has announced the launch of HERccelerate, a groundbreaking tech accelerator program aimed at fostering innovation and empowering women-led tech startups in Nigeria. This initiative, powered by FCMB’s SheVentures and Hub One innovation hub, and implemented in collaboration with 8thGear Hub and Venture Studio, seeks to equip women entrepreneurs with the essential skills, knowledge, and networks needed to secure funding and achieve sustainable growth.
Applications for the HERccelerate program are currently 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 them access to funding opportunities and a range of other benefits.
Comprehensive Support for Women Entrepreneurs Participants in the HERccelerate program will receive intensive training, including office hours with industry experts, field trips to successful local startups, and networking events with accomplished founders. This comprehensive support system is designed to provide participants with access to critical resources, investors, markets, and networks, all essential for scaling their businesses. The accelerator will culminate in a showcase day, where top-performing startups will be awarded grant funding and other exciting benefits, including potential access to investors.
Leadership Commitment to Female Empowerment Speaking on the launch of the HERccelerate initiative, FCMB’s Managing Director, Mrs. Yemisi Edun, emphasized the bank’s dedication to empowering women entrepreneurs in the tech space. “This initiative underscores our commitment to nurturing innovation and empowering women-owned businesses, especially Small and Medium-Scale Enterprises (SMEs) in the tech sector, to pursue their dreams and contribute significantly to the tech ecosystem and the country’s economic development. We recognize the challenges women-owned tech businesses face, from funding gaps to biases that limit their growth. The HERccelerate contest is our platform to foster innovation and create more funding opportunities for female-owned and led ventures. We encourage women entrepreneurs to seize this opportunity to make a lasting impact.”
Tackling Funding Gaps in Nigeria’s Tech Ecosystem Nigeria’s tech landscape has witnessed remarkable growth in recent years, with numerous female-led startups making significant strides across various sectors. However, despite their achievements, these businesses continue to face challenges, particularly in accessing funding. In 2023, less than 6% of venture capital investment in Nigeria was directed toward female-led startups. Through HERccelerate, FCMB aims to bridge this gap by supporting and accelerating the growth of over 200 women-founded tech startups over the next five years, thereby contributing to a more inclusive and equitable tech ecosystem.
FCMB’s Commitment to Inclusive Growth As a member of FCMB Group Plc, First City Monument Bank remains committed to fostering inclusive and sustainable growth across Africa, with a particular focus on Nigeria. Through initiatives like HERccelerate, FCMB is building a supportive ecosystem that connects people, capital, and markets, ensuring that more women entrepreneurs have the opportunity to thrive in the tech industry.
