First City Monument Bank (FCMB) has launched HERccelerate, a technology accelerator that aims to support women-led innovation entrepreneurs across Nigeria. This initiative, led by FCMB’s SheVentures and center One innovation center, and carried out by 8thGear Hub and Venture Studio, aims to give women entrepreneurs with the tools, skills, and networks they need for long-term success and access to capital.
Applications for HERccelerate are currently open and will close on September 30, 2024. The programme is targeted at women-led startups in sectors like Fintech, Agritech, Healthtech, Edtech, and E-commerce, offering them opportunities for funding and other rewards.
Participants will receive complete training, including office hours, field trips to successful area firms, and networking opportunities with existing founders. The program will end in a showcase event where winners will be awarded grant funds, access to possible investors, and other exciting benefits.
Mrs Yemisi Edun, Managing Director of FCMB, commented on the project, saying, “HERcelerate reflects our commitment to nurturing innovation and supporting women-owned businesses, particularly SMEs in the tech industry.” We acknowledge the problems these businesses confront, ranging from finance issues to structural biases. Through HERccelerate, we hope to provide additional opportunities for female-led businesses to prosper. We encourage women entrepreneurs to use this platform to create long-term impact.”
Nigeria’s tech sector has expanded dramatically, with some female-led firms making remarkable progress. However, these businesses frequently have challenges, notably in obtaining capital. In 2023, female-led firms received fewer than 6% of venture capital financing. FCMB’s HERccelerate program aims to close this gap by supporting and accelerating over 200 women-founded digital firms over the next five years, resulting in a more inclusive and equitable tech ecosystem.
