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FirstBank, West Africa’s leading financial institution and a major driver of financial inclusion, has announced a strategic partnership with the Ekiti State Government to launch the Innovation Enterprise Support Fund—an initiative aimed at empowering startups, scaling tech-driven businesses, and boosting innovation-led economic growth across the state.
The programme offers funding, mentorship, and market access to high-potential enterprises, with a strong focus on strengthening Ekiti’s innovation ecosystem, creating employment opportunities, and supporting youth, women, and underserved groups. Notably, a minimum of 40 percent of the fund is allocated to female-led businesses.
Structured as a three-phase programme—covering ideation, pre-acceleration, and acceleration—the initiative is set to support about 60 startups. Each participating enterprise will receive funding ranging from ₦150,000 to ₦1,200,000, enabling job creation, revenue growth, and the development of market-ready products.
Speaking on the collaboration, the Managing Director/Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, stated that entrepreneurship and innovation remain central to the Bank’s values. He noted that MSMEs are critical drivers of economic growth, adding that for over a century, the Bank has consistently supported Nigerian businesses through various stages of development, transition, and transformation. He highlighted FirstBank’s commitment to strengthening businesses through improved access to finance and capacity building, including the creation of its SME Connect Platform—a digital hub designed to help entrepreneurs turn ideas into viable enterprises. He expressed optimism about the partnership, emphasizing that the initiative is not only about supporting startups but also about nurturing future industry leaders, job creators, and long-term partners.
The collaboration further reinforces FirstBank’s enduring commitment to financial inclusion, SME development, and youth empowerment, with a strong focus on supporting women entrepreneurs, who account for about 35 percent of Nigeria’s startup ecosystem.
Over the years, FirstBank has remained a key supporter of Nigeria’s innovation ecosystem and SMEs, introducing several impactful initiatives to help businesses scale. The Bank has also developed a range of digital platforms tailored to enable its SME customers drive growth and expand their operations.
