First City Monument Bank (FCMB) has launched HERccelerate, a tech accelerator dedicated to driving innovation and empowering women-founded tech companies in Nigeria.
Commenting on the HERccelerate contest, FCMB’s Managing Director, Mrs. Yemisi Edun, stated that “this initiative underscores our commitment to nurturing innovation and empowering women-owned businesses, especially Small and Medium-scale Enterprises (SMEs) in the tech space, 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.”
It is powered by the bank’s SheVentures and Hub One innovation hub and implemented by 8thGear Hub and Venture Studio, this initiative aims to equip women-founded startups with the skills, knowledge, and networks needed to access funding and grow sustainably.
It said applications for the HERccelerate programme is now open and will culminate on September 30, 2024. It offers women-led startups in various sectors, including fintech, agritech, healthtech, edtech and e-commerce with funding opportunities, among other rewards.
Participants will undergo intensive training, including office hours and field trips to successful local startups and networking events with accomplished founders. This comprehensive support system provides access to knowledge, resources, investors, markets, and networks. The accelerator will culminate in a showcase day, where winners will receive grant funding and other exciting benefits, including access to potential investors.
Nigeria’s tech landscape has seen remarkable growth in recent years, with several female-led startups making significant strides across various sectors. However, they still face varying challenges hindering their growth such as limited access to funding. In 2023, less than 6% of venture capital investment went to female-led startups. Through the HERccelerate programme, FCMB aims to support and accelerate over 200 women-founded tech startups in the next five years, contributing to a more inclusive and equitable tech ecosystem.
First City Monument Bank (FCMB) is a member of FCMB Group Plc. Committed to fostering inclusive and sustainable growth, FCMB is building a supportive ecosystem rooted in Africa, primarily Nigeria, that connects people, capital, and markets.
