FirstBank, a West Africa’s leading financial institution and a major driver of financial inclusion, has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund.
The initiative is aimed at empowering startups, supporting tech enabled businesses, and stimulating innovation-led economic development in the state.
The fund is designed to provide participating businesses with financial support, mentorship, and access to markets. It is also intended to strengthen Ekiti’s innovation ecosystem while creating employment opportunities and supporting youth, women, and underserved communities.
In a strong inclusion push, at least 40 percent of the funding has been earmarked for female-led enterprises.
The programme, which will run in three phases, ideation, pre-acceleration, and acceleration, is expected to support about 60 startups.
Each selected business will receive funding between ₦150,000 and ₦1,200,000, enabling them to develop products, scale operations and generate sustainable revenue streams.
Speaking on the partnership, the Managing Director/Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, emphasized the institution’s long-standing commitment to entrepreneurship and economic development. “Entrepreneurship and Innovation are two of our core values at FirstBank,” he said, noting that the bank has supported Nigerian businesses for over a century through various stages of growth and transformation.
Alebiosu further highlighted FirstBank’s continued efforts to improve access to finance and capacity building for MSMEs. He referenced the bank’s SME Connect Platform as a key digital initiative designed to help entrepreneurs access resources that enable business growth, scalability and long term sustainability.
He also expressed optimism about the broader impact of the initiative, stating, “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 Innovation Enterprise Support Fund aligns with FirstBank’s wider strategy of promoting financial inclusion, SME development, and youth empowerment across Nigeria.
The bank continues to invest in digital platforms and programmes that support entrepreneurs, with a strong emphasis on enabling women-led businesses and strengthening the country’s growing innovation ecosystem.
