FirstBank and Ekiti Launch Innovation Fund for Startups

FirstBank Nigeria Limited has announced a partnership with the Ekiti State Government to launch an Innovation Fund designed to support startups and small and medium enterprises (SMEs). This initiative aims to empower tech-driven businesses and stimulate economic growth in the state.

The program will offer funding, mentorship, and market access to high-potential enterprises, with a strong focus on strengthening Ekiti's innovation ecosystem and creating jobs, particularly for youth and women. At least 40% of the fund will be reserved for female-led businesses.

The initiative will be structured in three phases: ideation, pre-acceleration, and acceleration, supporting 60 startups. Participating enterprises will receive funding ranging from ₦150,000 to ₦1.2 million to drive product development, revenue growth, and market expansion.

Olusegun Alebiosu, the Managing Director and CEO of FirstBank Group, reaffirmed the bank's commitment to entrepreneurship and innovation, emphasizing the importance of supporting Nigerian businesses at various stages of development.