FirstBank has partnered with the Ekiti State Government to launch the Innovation Enterprise Support Fund, an initiative aimed at supporting startups and driving technology-led economic growth in the state.

The programme is designed to provide funding, mentorship, and market access to high-potential businesses, with a focus on strengthening the local innovation ecosystem, creating jobs, and promoting inclusion among youth, women and underserved groups.

Under the initiative, at least 40 per cent of the fund has been set aside for female-led enterprises.

The scheme will be implemented in three phases which are ideation, pre-acceleration and acceleration, targeting about 60 startups.

Beneficiaries are expected to receive financial support ranging from ₦150,000 to ₦1.2 million to help develop market-ready products, expand operations and generate revenue.

Speaking on the partnership, the Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the initiative reflects the bank’s longstanding commitment to entrepreneurship and innovation.

He noted that small and medium-scale enterprises remain critical drivers of economic growth, adding that the bank has consistently supported businesses through access to finance and capacity-building initiatives.

Alebiosu also highlighted the role of the bank’s SME Connect platform as a digital hub providing entrepreneurs with resources to scale their ventures, expressing optimism that the partnership would help nurture future industry leaders and employers of labour.