By Stanley Onyeka, Lagos
West Africa’s premier financial institution, FirstBank, has announced its partnership with the Ekiti State Government to launch the Innovation Enterprise Support Fund.
The financial inclusion service provider described the Fund as a groundbreaking initiative designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth across the state.
The lender explained in a statement that the programme provides 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.
It added that at least 40% of the Fund is reserved for female-led enterprises.
The Innovation Enterprise Support Fund Initiative is structured as a three-phase programme covering ideation, pre-acceleration, and acceleration for about 60 startups.
Each enterprise will receive financial support ranging from ₦150,000 to ₦1,200,000, enabling job creation, revenue generation, and market-ready product launches.
The Fund is designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth across the state.
Speaking on the partnership, the Managing Director/Chief Executive Officer, FirstBank Group, Olusegun Alebiosu, was quoted as saying: “Entrepreneurship and Innovation are two of our core values at FirstBank.
“We believe MSMEs are enablers of economic growth and for 132 years, we have stood beside Nigerian businesses through every phase of growth, transition and transformation.
“We have remained committed to building stronger business through improved access to finance and capacity building; we created the SME Connect Platform to serve as a digital hub where Nigerian entrepreneurs find the resources to move from vision to value.
“We are excited about this partnership, and we see more than startups. We see future industry leaders, employers of labour, and perhaps our next big partners.”
The partnership is said to align with FirstBank’s longstanding commitment to financial inclusion, SME development, and youth empowerment, with an emphasis on supporting women entrepreneurs, who represent 35% of Nigeria’s startup cohort.
FirstBank has been a consistent promoter and supporter of the innovation ecosystem and SMEs in Nigeria, providing notable interventions to help them scale their platforms and businesses.
The Bank has designed multiple digital platforms for its SME customers to leverage on for business growth and expansion.
