First City Monument Bank Limited says it has commenced an empowerment programme for Small and Medium Enterprises to enhance their financial, marketing and management skills.

The exercise is aimed at equipping SME operators with the necessary skills to grow their businesses and bottom-lines.

A statement by the lender said the programme, tagged, ‘FCMB Capacity Building Initiative: Empowering the Nigerian SMEs’’, was being done partnership with Shopping Internet Services Limited.

It involves a series of free training and radio programmes that cuts across various topical issues concerning SMEs.

According to the bank, the pilot phase of the exercise, which started in Lagos recently, will last for five months after which it will be extended to other parts of the country for another eighteen months.

The lender said other organisations like the Lagos Chamber of Commerce & Industry, Jobberman Limited, House of Tara and Metro FM would participate in the programme.

FCMB said it was one of the banks appointed by the Central Bank of Nigeria for the disbursement of the N220bn Micro, Small and Medium Enterprises fund provided by the Federal Government.

It said it would continue to provide support at various levels, including funding and advisory services, to customers operating in the SMEs segment to grow their businesses in a sustainable manner.

FCMB’s Executive Director, Lagos and South-West, Mr. Olufemi Bakre, said the training was meant to build the capacity of the SMEs by exposing them to modern and innovative skills that would help them to realise their objectives.

He said, ‘’FCMB realises that SMEs play pivotal roles in the growth of the nation’s economy. We also understand that a number of factors combine to determine the success or failure of SMEs. We are focused on being a strategic partner to such businesses, considering the huge opportunities they offer in the areas of job creation, poverty eradication and economic development.

The Group Head, Business Banking, FCMB, Mr. George Ogbonnaya, said the lender was committed to building a strong SME base in the country.

He added that apart from funding the SMEs, the bank had developed a product, known as FCMB Personal Business Account to offer protection to traders and other business owners against unexpected disasters, such as fire and flood incidents.

The Executive Director, Shopping Internet Services, Mr. Wole Lawani, said the training would have significant impact on operators of SMEs.

According to him, the challenges confronting SMEs is not all about funding, but rather that of skills acquisition and laying out of effective structures that would enable them to grow.

‘’We are excited to partner FCMB on this initiative because it will go a long way to opening more opportunities for the SMEs’’, he said.

A senior economist at the Lagos Chamber of Commerce and Industry, Mr. Sunny Michael, said, ‘’While it is very important to provide financial support to SMEs, we must also consider their ability to make judicious use of such funds to achieve the desired result. If SMEs are not effectively equipped with the right training and skills, it will be difficult for them to utilise the funds made available to them.”

The Divisional Head, Retail Banking, FCMB, Mr. Olu Akanmu, said the bank was committed to supporting initiatives that will fast-track the growth of SMEs, adding that, “we are not just a bank, but a partner that is always willing to offer solutions that will help individuals and businesses realise their objectives. We will continue to do this in line with our value as a helpful bank’’