First City Monument Bank (FCMB), a leading financial services provider, in collaboration with SystemSpecs Limited, has launched a solution that is focused on aiding different aspects of business operation.

In a Memorandum of Understanding (MoU) signing ceremony held in Lagos on October 24, 2019, the Bank said the product is a payroll solution, designed to meet the yearnings of thousands of its SME customers seeking more efficient, easy-to-use and affordable business tools to seamlessly operate their businesses. This, it was disclosed, will be very useful to individuals in business, small and medium enterprises as well as corporate organisations.

Tagged “FCMB Payroll”, the solution comes with exciting features that enable SME owners to easily process payroll; pay employees’ salaries into commercial/micro-finance bank accounts or wallets and issue them regular pay slips. To all staff of any customer or registered SME, the solution also over-rides collateral requirements, even without the traditional documentation to access loans from FCMB. The product enables these customers easily maintain historical personal and payment records of all employees, including items such as their taxes, pensions and other possible transactions. 

Besides other benefits, staff who are on the payroll solution will have access to payday loans after 3-6 months of enrolment. This is on the premise that salary payments are consistently done through the portal. The lender also declared the solution is open to both FCMB and non-FCMB account holders. Meanwhile, salaries can be paid from any bank account in Nigeria to any individual salary account in any other bank.

Commenting on the initiative, the Managing Director, First City Monument Bank (FCMB), Mr. Adam Nuru, said the introduction of the FCMB Payroll initiative is in line with the commitment of the Bank to grow the nation’s economy by providing SMEs with cutting-edge business tools to support their operations and help them build scale. Mr. Nuru further stated that, “we are excited to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address some of the challenges confronting SMEs.
The FCMB Payroll platform has been designed to provide a more convenient and modern business tool for business owners and their employees. As a Bank that is consistently innovating to meet our increasingly dynamic customer base, we are confident that the FCMB Payroll initiative will go a long way to boost the operations of SMEs and improve their productivity’’.

Also speaking, the Managing Director of SystemSpecs, Mr. John Obaro, said, “as an organisation, our aim is to continue to provide individuals and organisations with innovative tools to help them become more productive and take full charge of their operations. We are delighted at the opportunity to partner FCMB to extend our experience and expertise in payroll solutions to the Bank’s customers. We are convinced that FCMB Payroll would help SME customers improve their processes, maintain a satisfied workforce, boost margins and increase scale speedily.”

FCMB Payroll has offerings for SMEs at different phases of growth and these are available to all FCMB SME business account holders and a select SMEs segment that maintains business accounts with other banks.  The base option is FREE to use for all SMEs. Signing up to use FCMB Payroll is easy and fast and can be achieved from the Bank’s website. 

For more information about FCMB, please visit www.fcmb.com.

Great

They usually tag it

"to help SME and the poor and small business etc"
...

While they are the ones buying Rolls Royce PHANTOMS and all sorts of Benz.


Every business plan by corporate bodies in this contraption is designed to milk the poor.
(Check if they said anything about charges there)

That woman selling orange across the street will still be selling orange in another 7 years while she banks with FCMB.

Obaro is trying

Not bad at all since it will cater for salaries, taxes, pensions etc. What will the charges be like? Cos FCMB will take theirs SystemSpecs will take theirs too. If it's affordable and flexible then it's not a bad idea but I don't trust banks cos of their excessive hidden charges

Good one. Although, not an entirely 'new' product..


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ZUBY77:
They usually tag it

"to help SME and the poor and small business etc"
...

While they are the ones buying Rolls Royce PHANTOMS and all sorts of Benz.


Every business plan by corporate bodies in this contraption is designed to milk the poor.
(Check if they said anything about charges there)

That woman selling orange across the street will still be selling orange in another 7 years while she banks with FCMB.

Firstly, I do not understand Nigerian's fixation with poverty.

Secondly, the first thing you should ask is, is there value derived from this service? If yes, will the users of this service want to pay for such service?

I know that Systemspecs has a payroll solution for corporates and these corporates derive value and pay for such. Definitely, the charges for SMEs will be lesser than that of the corporates.
BTW, an orange seller is not an example of an SME

Las las, that's the reality of life, some people go buy Rolls Royce (off their ingenuity), others go dey hustle to enter okada...You had better come to that reality

Nice one

Nice

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FCMB HISSES

.

Till they are ready to come up with the real banking functions (taking money from saved excesses loaned to needing parties) they are just fooling on SMEs with payroll *#s

Okay

I have seen it all