FIRSTBANK PARTNERS EKITI STATE TO LAUNCH INNOVATION ENTERPRISE SUPPORT FUND FOR STARTUPS AND TECH FIRMS

FIRSTBANK PARTNERS EKITI STATE TO LAUNCH INNOVATION ENTERPRISE SUPPORT FUND FOR STARTUPS AND TECH FIRMS
By prince Benson Davies
FirstBank has announced a partnership with the Ekiti State Government to launch the Innovation Enterprise Support Fund, an initiative set up to empower startups, scale technology enabled businesses and drive innovation led economic growth across the state.

The programme will provide funding, mentorship and market access to high potential enterprises, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs and supporting youth, women and underserved communities. At least 40 percent of the fund has been set aside for female led enterprises.

Structured in three phases, the Innovation Enterprise Support Fund will cover ideation, pre acceleration and acceleration for about 60 startups. Participating enterprises will receive financial support ranging from 150,000 naira to 1,200,000 naira to enable job creation, revenue generation and market ready product launches.

Speaking on the partnership, the Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said entrepreneurship and innovation are two of the bank’s core values. He noted that FirstBank has stood beside Nigerian businesses for 132 years through every phase of growth, transition and transformation. He added that the bank remains committed to building stronger businesses through improved access to finance and capacity building, citing the SME Connect Platform created by the bank as a digital hub where Nigerian entrepreneurs find resources to move from vision to value. He said the bank sees more than startups in the programme. It sees future industry leaders, employers of labour and potential major partners.

The partnership aligns with FirstBank’s longstanding focus on financial inclusion, SME development and youth empowerment, with emphasis on supporting women entrepreneurs who represent 35 percent of Nigeria’s startup cohort.

FirstBank has consistently supported the innovation ecosystem and SMEs in Nigeria through interventions designed to help them scale their platforms and businesses. The bank has also designed multiple digital platforms for its SME customers to leverage for business growth and expansion.