First City Monument Bank (FCMB) has introduced HERccelerate, a technology accelerator focused on fostering innovation and supporting women-led tech startups in Nigeria.

This initiative, powered by the Bank’s SheVentures and Hub One innovation hub and executed in collaboration with 8thGear Hub and Venture Studio, seeks to provide women-founded startups with essential skills, knowledge, and connections 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 offers funding opportunities and additional rewards for women-led startups across various sectors, including Fintech, Agritech, Healthtech, Edtech, and E-commerce.

Participants will engage in rigorous training, which includes office hours, field visits to successful local startups, and networking events with experienced founders. This all-encompassing support framework grants access to vital knowledge, resources, investors, markets, and networks. The accelerator will conclude with a showcase day, where winners will be awarded grant funding and other valuable benefits, including opportunities to connect with potential investors.

In her remarks regarding the HERccelerate contest, FCMB’s Managing Director, Mrs. Yemisi Edun, emphasized:

“This initiative highlights our dedication to fostering innovation and empowering women-led businesses, particularly Small and Medium-Scale Enterprises (SMEs) within the technology sector.

Our goal is to enable these entrepreneurs to realize their aspirations and make meaningful contributions to both the tech ecosystem and the nation’s economic growth.

We are aware of the obstacles that women-owned tech enterprises encounter, including funding disparities and biases that hinder their advancement.

The HERccelerate contest serves as our platform to promote innovation and enhance funding opportunities for ventures led by women. We urge female entrepreneurs to take advantage of this opportunity to create a lasting influence.”

The technology sector In Nigeria has experienced significant expansion in recent years, with numerous female-led startups achieving notable success across diverse industries.

Nevertheless, they continue to confront various challenges that impede their progress, such as restricted access to funding. In 2023, female-led startups received less than 6% of total venture capital investments.

Through the HERccelerate program, FCMB intends to support and accelerate over 200 women-founded tech startups over the next five years, thereby contributing to a more inclusive and equitable technology ecosystem.

First City Monument Bank (FCMB) is part of FCMB Group Plc. Dedicated to promoting inclusive and sustainable development, FCMB is creating a nurturing ecosystem based in Africa, with a focus on Nigeria, that links individuals, financial resources, and markets.