₦airaland Forum

Asset Finance: FCMB Offers N100m to SMEs


Small and Medium Scale Enterprises (SMEs) can now quickly access from N5 million to N100 million to purchase equipment needed to grow and expand their businesses, courtesy of First City Monument Bank (FCMB) SME Asset Finance Facility. So far, over 25,800 SMEs have accessed this facility.

FCMB has provided about N45.9 billion loan guarantee support to SMEs with inadequate collateral coverage in the start-up stage and has disbursed over N637.08 billion in loans to entrepreneurs.

With a four years repayment option, this asset finance facility is open to early-phase businesses of less than five years and growing SMEs to help fund new equipment addition or replace depreciating assets to sustain growth trajectory.

Mr George Ogbonnaya, Group Head of Business Banking at FCMB, said that SMEs in Nigeria have what it takes to be more productive and contribute more to economic growth. However, they face a major challenge, the capacity to raise funds to acquire modern equipment and other assets.

He disclosed that "FCMB understands the challenges SMEs face in securing funding and is committed to providing them with the financial support they need to grow and succeed."

The FCMB Asset Finance facility is conveniently structured to provide a viable option for SMEs to acquire business assets at an affordable rate. So far, the uptake by SMEs has been impressive, and it is helping them to succeed.

In recognition of its support to SMEs in the country, FCMB was awarded "Best Bank with the Highest Impact on SMEs in Nigeria" for the second consecutive year by the Development Bank of Nigeria (DBN) at its annual awards ceremony. This prestigious award is a testament to FCMB's ongoing efforts to provide SMEs with the financing and support they need to grow and succeed.

In 2021, the Bank won nine national and international awards and recognitions across various SMEs segment, including the "Best SME Bank in Africa" and "Best SME Bank in Nigeria" at the Asian Banker Middle East and Africa Regional Awards for the second consecutive year.

A member of the FCMB Group Plc, First City Monument Bank is committed to fostering inclusive and sustainable growth in its communities, building a supportive ecosystem rooted in Africa that connects people, capital, and markets.

Relief as FCMB Eliminates Insufficient Airtime Constraints for Customers


First City Monument Bank (FCMB) has introduced a unique product, the FCMB Airtime Advance, to enable customers to borrow between N200 and N5,000 directly from their bank accounts to purchase airtime, regardless of their financial standing. The Airtime Advance solution aims to provide immediate relief to customers who may be in urgent need of airtime to make phone calls, send text messages or engage in other essential communication activities. With FCMB Airtime Advance, customers will no longer need to agonise over how to top up airtime on their phone lines.

FCMB Airtime Advance is an innovative proprietary product of the bank. The product will eliminate the discomfort of getting disconnected in the middle of telephone calls due to insufficient airtime by bridging the funding gap. Customers with or without existing FastCash loans can access the Airtime Advance based on eligibility by dialling FCMB's USSD code of *329# or via the loan string *329*11#. The loan has flexible repayment cycles, and the repayment is taken from funds in the customer's account.

The product also allows a qualified customer to purchase Airtime Advance for family, friends, and associates.

Speaking at the product launch in Lagos recently, Managing Director of FCMB, Mrs. Yemisi Edun, said the Bank is, "excited to take the lead as the first in the Nigerian banking industry to introduce an Airtime Advance product. We want to support as many people as we can. It gives a lot of joy to realise that we are helping individuals, households, and businesses across the nation meet critical needs". While urging Nigerians to take advantage of the FCMB Airtime Advance, Mrs. Edun reiterated the Bank's commitment to delivering value-added digital banking solutions and superior customer experience.

Also commenting, FCMB's Divisional Head, Personal Banking, Mr. Shamsideen Fashola, said, "The Airtime Advance is a product of necessity. The inability to purchase airtime, which limits communication or getting disconnected during a call due to insufficient airtime, can be embarrassing. Our Airtime Advance solution will eliminate this, enabling more Nigerians to connect by having access to money to top-up their lines."

Mr. Fashola noted that the Bank's array of retail banking products would continue to resonate with the market, lifestyle and needs of the people. He promised that the Bank would continue to leverage technology and innovation to offer a seamless customer experience at all its touchpoints.

FCMB Group Records 25% Growth in Digital Revenues as Customer base hits 11.4 million




FCMB Group Plc has announced its financial results for the first quarter of 2023, demonstrating the continued success of its digital banking initiatives across various business segments.

Digital banking initiatives have gained significant traction within FCMB Group, contributing to its overall performance. In the first quarter, digital revenues accounted for 12.0% of gross earnings, equivalent to N10.0 billion. This substantial growth highlights the Group's commitment to leveraging digital solutions to enhance customer experiences and drive financial inclusion.

The impact of digitalisation was evident across FCMB Group's various business lines. In terms of interest income, digital revenues accounted for 8.0% (₦5.2 billion), reflecting customers' increasing adoption of digital banking services. Furthermore, digital initiatives contributed 6.4% (₦76.3 billion) of the loan book, showcasing the Group's focus on digital lending solutions.

In addition, digital channels accounted for 7.0% (₦10.0 billion) of the Assets Under Management (AUM) in the Group's Asset Management business, reflecting the strength of its digital investment platforms.

Commenting on the results, the Group Chief Executive, Mr Ladi Balogun, said: "We continue to leverage our unique group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve. This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation."

Remarkably, during the period under review, FCMB Group achieved a significant 50% increase in gross revenue. Gross revenue rose to N87.4 billion, compared to N58.3 billion in the corresponding period of the previous year. This growth was driven by a substantial 41.4% increase in interest income and an impressive 84.2% rise in non-interest income. These results highlight FCMB Group's ability to generate significant revenue across its diverse business lines.

Furthermore, FCMB Group witnessed a substantial 25.1% year-on-year increase in total assets, reaching an impressive N3.1 trillion at the end of the first quarter of 2023. This growth underscores the Group's ability to effectively manage and expand its asset base, positioning it for further success in the fast-evolving financial services landscape.

The Group also acquired 500,000 new customers pushing its customer base to 11.4 million. This growth reflects the Group's commitment to delivering exceptional financial services and its ability to attract and retain a large and loyal customer base.

It also recorded an impressive 78 per cent increase in profit before tax, with N10.7 billion as against N6 billion in the corresponding period of 2022. The banking group, consumer finance, investment management and investment banking segments also recorded notable growth of 108.8 per cent, 6.1 per cent, 47.0 per cent and 18.2 per cent, respectively.

The Group's Investment Management businesses also achieved notable growth, with a 16.5% year-on-year increase in Assets Under Management (AUM). FCMB Group's AUM reached an impressive N830 billion by the end of the first quarter of 2023, highlighting the Group's expertise in managing investments and generating value for its clients.

FCMB Group is listed on the Nigerian Exchange Group (NGX) and serves over 11 million customers across four platforms: banking, consumer finance, investment management, and investment banking.

Purpose, Culture and Technology will Boost our Performance – says FCMB Group CEO, Ladi Balogun


During the 10th Annual General Meeting of the FCMB Group Plc, held in Lagos on April 28, Mr Ladi Balogun, the Group Chief Executive, discussed the company's plans to achieve a robust performance in the 2023 financial year.

He told shareholders at the AGM that the company aims to prioritise purpose, culture and technology to achieve this goal.

Balogun said, "Our purpose is to foster inclusive and sustainable growth in the communities we serve. We plan to build a supportive ecosystem that connects people, capital and markets in Nigeria and the rest of Africa.
He added that the company adopted this approach because it believes it will create value for all stakeholders while enhancing the tangible difference it makes to lives and communities.

"We also intend to deepen our use of technology and accelerate our digital transformation to ensure convenience, speed and safety of transactions for our customers," he said, adding that the company aims to provide greater convenience to customers and better economics for each business while innovating faster and more effectively.

He stressed the importance of building an innovative performance culture reinforced by the company's purpose and core values of Execution, Professionalism, Innovation and Customer focus. According to him, the FCMB Group believes that a consistent, group-wide performance culture will create agents of change and progress for its businesses and the communities it serves.

Commenting on the financial results for the year ended December 31, 2022, the Group CEO said the company delivered impressive results and achieved a Profit Before Tax (PBT) of N36.6 billion, representing a 61 per cent Year-on-Year growth and a 33.5 per cent growth in gross revenue to N283 billion from N212 billion the previous year.

He disclosed that the company also recorded double-digit growth across all business segments, with the banking group growing by 71.7 per cent, while the consumer finance, investment management and investment banking segments grew by 25.6 per cent, 45.7 per cent and 26.7 per cent, respectively.

Besides financial growth, the FCMB Group also achieved positive environmental, social and governance results, Balogun said. He added that the company switched 12 additional branches to solar power in 2022, removed 75 per cent of its branch network from grid/diesel generators and provided micro-loans totalling N13 billion to 120,000 MSMEs.


Balogun told shareholders at the AGM that the FCMB Group also extended its partnership with the agency banking arm to 100,000, acquiring over 211,000 customers. He said the company also partnered with operators in the agricultural value chain to support 280,000 smallholder farmers, create over 600,000 jobs and helped deliver Africa's first cassava-based Sorbitol factory.

Headquartered in Lagos, the FCMB Group is listed on the Nigerian Exchange Group (NGX). Its subsidiaries have strategic interests in companies serving over 10 million customers across five platforms: banking, consumer finance, investment management, investment banking and financial technology.

Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December, some deposit money banks have started paying out the old notes.

Daily Trust checks showed that some commercial banks in the City of Kano and Abuja have commenced paying out the old N500 and N1000 notes.

While some branches of Guarantee Trust Bank (GTB) issued out old notes, some others like Polaris bank in Abuja had not commenced as of the time this report was filed.

A member of staff confided in our reporter that only the old N200 notes were still being issued, “as we do not have any new directive on what to do yet.”

Sources at GTB said they received a directive from their management to begin paying old notes in their vault.

Asset Finance: FCMB offers 100m to early-stage SMEs




Small and Medium Scale Enterprises (SMEs) can now quickly access from N5 million to N100 million to purchase equipment needed to grow and expand their businesses, courtesy of First City Monument Bank (FCMB) SME Asset Finance Facility. So far, over 25,800 SMEs have accessed this facility.

FCMB has provided N42.4 billion loan guarantee support to SMEs with inadequate collateral coverage in the start-up stage and has disbursed over N637.08 billion in loans to entrepreneurs.

With a four years repayment option, this asset finance facility is open to early-phase businesses of less than five years and growing SMEs to help fund new equipment addition or replace depreciating assets to sustain growth trajectory.

Mr George Ogbonnaya, Group Head of Business Banking at FCMB, said that SMEs in Nigeria have what it takes to be more productive and contribute more to economic growth. However, they face a major challenge, the capacity to raise funds to acquire modern equipment and other assets.

He disclosed that "FCMB understands the challenges SMEs face in securing funding and is committed to providing them with the financial support they need to grow and succeed."

The FCMB Asset Finance facility is conveniently structured to provide a viable option for SMEs to acquire business assets at an affordable rate. So far, the uptake by SMEs has been impressive, and it is helping them to succeed.

In recognition of its support to SMEs in the country, FCMB was awarded "Best Bank with the Highest Impact on SMEs in Nigeria" for the second consecutive year by the Development Bank of Nigeria (DBN) at its annual awards ceremony. This prestigious award is a testament to FCMB's ongoing efforts to provide SMEs with the financing and support they need to grow and succeed.

In 2021, the Bank won nine national and international awards and recognitions across various SMEs segment, including the "Best SME Bank in Africa" and "Best SME Bank in Nigeria" at the Asian Banker Middle East and Africa Regional Awards for the second consecutive year.

First City Monument Bank is a member of FCMB Group Plc, a purpose-beyond-profit corporation led by Ladi Balogun. The Bank is committed to fostering inclusive and sustainable growth in the communities we serve. We do this by building a supportive ecosystem rooted in Africa that connects people, capital and markets.

UK Based Group Declares Support For Folarin As Oyo State Governor


A UK based coalition of international advocates for good governance in Nigeria has thrown its full support behind the gubernatorial aspirations of Teslim Kolawole Folarin (TKF) in Oyo state.

The Global Leadership Alliance for Democracy (GLAD) which consists of keen political observers and analysts resident in Europe and the USA is headquartered in London and led by Barrister Felicia Atielo.

Barr. Atielo remarked that the forthcoming elections in Nigeria have led GLAD’s members to carry out a forensic review of the promises and manifestos of the key political aspirants in the country and in its first public declaration of support is keen to announce that TKF’s masses-focused governance manifesto shows the most promise for delivering the dividends of democracy to the electorate.

“TKF’s well planned and well laid out promise to the people of Oyo State gives GLAD as an organisation optimism that the turnaround yearned for by Nigerians which will be based on economic empowerment, agriculture, good governance and accountability can be delivered in Oyo State with TKF’s election in March” Barr. Atielo said at GLAD’s press conference in London.

Speaking further, GLAD’s convener and chairperson remarked that the comprehensive and relatable content of TKF’s Rescue Mission 2023 manifesto led GLAD to research further on TKF’s achievements as a Senator of the Federal Republic of Nigeria.

She said there is a consistent track record of TKF’s interest in and delivery of key educational and agricultural projects in Oyo State which have of course been verified by GLAD’s partners in Nigeria.

“By using sound education and opening up Oyo State’s massive agricultural export earning potential as a tool for the upliftment of the people of Oyo State, TKF is bound to create a legacy that will be entrenched in Oyo State for many decades to come” she added.

GLAD enjoins the people of Oyo State to come out enmasse to vote in Teslim Kolawole Folarin of APC on the 11th of March 2023.

The group further advocates for other political aspirants to use TKF’s manifesto as a template for how to deliver masses-focused dividends of democracy for their electorates.

FastCash Offers up to N200,000 in Loans for School Fees Payment in Five Minutes


Without hassles, Nigerians can now meet emergency financial obligations, pay children's school fees and rent by accessing FastCash loans of up to N200,000 (two hundred thousand Naira) in minutes. FastCash is a collateral-free, convenient, easy-to-access instant loan solution powered by First City Monument Bank (FCMB).

Getting a FastCash loan requires no collateral or paperwork. It is available and accessible to salaried and non-salaried customers of FCMB through its mobile app and USSD platform. It takes less than five minutes to complete the application process, and the loan is disbursed instantly. Beneficiaries can spread the loan repayment for up to three months.

So far, over 2.7 million loans have been disbursed via the FastCash platform since it was launched in 2018.

Mr Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, said, “we introduced FastCash as a collateral-free loan to give Nigerians with urgent and unexpected needs access to funds within minutes when it matters most. FastCash loans close the access to finance gap for many Nigerians, ensuring the well-being of their household”.

In addition to FastCash, FCMB offers Salary-Plus-Loan to salary account holders. It allows qualified customers to access short or medium-term funding before salary payment if they have to meet urgent needs.

First City Monument Bank is a member of FCMB Group Plc, a purpose-beyond-profit corporation. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.

FCMBFlexxtern Season 6: 30 Graduates Get Internship Placements


First City[s][/s] Monument Bank (FCMB), has again uplifted and provided 30 recent graduates, aged 18 to 30, with the opportunity to acquire work experience through its annual Flexxtern internship programme. Outstanding participants get retained as full-time employees at the end of their three-month internship period. Initiated to provide unique opportunities for learning outside of academic settings, and expose young Nigerians to new tasks and career opportunities, #FCMBFlexxtern has boosted the careers of over 150 young people since its inception in 2016.

Like past Flexxterns, the 2022 participants will have the opportunity of a temporary job role that is related to their academic field of study or career interests with either FCMB or any of its partners, namely, MainOne, Insight Publicis, Olanihun Ajayi LP, Signal Alliance Technology Holding and Pulse. Others are X3m Marketing Ideas, TISV Digital, Nairametrics, Axon Analytics, Lumenave, DigiEngage, Nuts About Cakes, Wragby Business Solutions and Technologies Limited, ActivEdge Technologies and Borderless Trade Network.

Speaking during the induction and presentation of certificates to the 2022 Flexxtern participants in Lagos, Ms Felicia Obozuwa, Divisional Head, Corporate Services & Service Management, FCMB, restated the Bank's commitment to championing and executing programmes that uplift and prepare youths for the future of their dreams.

"We are proud of our Flexxtern success stories and the incredible number of young people who have taken advantage of it to start up enviable careers with FCMB and our amazing partners. We are optimistic that the #FCMBFlexxtern, and others like it, will help build Nigeria's pipeline of next-generation leaders," Obozuwa disclosed.

Addressing the Flexxterns, Mr. Diran Olojo, Group Head, Corporate Affairs of the Bank, urged them to use the opportunity provided by the programme to launch their careers.

"FCMB and its partners have provided you with a strong platform to showcase yourselves to potential employers, giving you an automatic advantage over other candidates. So, we urge you to seize this opportunity to unleash your hidden potentials".

In the same vein, the Divisional Head Personal Banking, FCMB, Mr Shamsideen Fashola, said:

‘’Flexxtern is a key element of Flexx, our youth platform. Flexx was built on the strategic pillars of Fun, Banking and the Future. The Future leg of it is Flexxtern, which helps young people to transition from school to the workplace. In our own little way, we use the platform provided by Flexx to help young graduates to find their feet. We are excited that this project has been very impactful. Nearly all the beneficiaries of our Flexxtern programme have either remained with the organisations that took them or have moved on to achieve greater things for themselves. We look forward to doing more in the nearest future’’.

First City Monument Bank is a purpose beyond-profit commercial banking institution and a member of FCMB Group Plc. It is committed to promoting sustained, inclusive and sustainable economic growth, and productive employment for the communities they serve.

Export Trade: FCMB Rallies Operators To Diversify And Stimulate The Economy


Nigeria's vast non-oil endowment must be urgently leveraged to diversify and expand its revenue base, reduce the dependence on crude oil for foreign exchange earnings, and stimulate rapid economic growth.

Policymakers, financiers, export trade experts and value chain players insisted on this in Lagos at a non-oil export trade seminar organised by First City Monument Bank (FCMB) on November 1, 2022. Fifth in its series, the Seminar themed "Refocusing Nigeria's Economic Development Through Non-Oil Exports" aimed to transform the non-oil sector into the primary driver of economic growth.

In her opening remarks, Mrs Yemisi Edun, Managing Director of FCMB, identified non-oil export as a catalyst for rapid economic growth. She said it would reduce Nigeria's vulnerability to external shocks undermining the economy. MrsEdun affirmed FCMB's commitment to the sector, especially opportunities in the African Continental Free Trade Area.

The Bank Chief commended the Central Bank and Bankers' Committee for introducing the Road To $200 billion (RT200) to fast-track the diversification of the economy's productive base through export. Mrs Edun disclosed that the programme increased foreign exchange inflow significantly by about $600 million in the first half of 2022.

Also, Mr Ezra Yakusak, CEO of the Nigerian Export Promotion Council (NEPC), lauded the "Road To $200 billion (RT200) programme. He said it offers ample opportunities for operators in export trade to scale up. Mr Samuel Oyeyipo, Regional Director of the Council, represented Mr Yakusak at the Seminar.

According to the NEPC Boss, Nigeria's abundant natural resources provide a good and solid base for rapid industrialisation if we make the necessary financial provisions. He disclosed that huge opportunities abound for Nigerian manufacturers that can get it right in Nigeria and other African markets.

The Export Promotion Chief disclosed that between January and June 2022, Nigeria exported products worth $2.593 billion, representing a 62.37 per cent increase from the $1.59 billion exported within the same period in 2021.

On his part, the Head of Strategic Planning at the Nigerian Export-Import Bank (NEXIM), Mr TayoOmidiji, called for capital investment in the sector. He said enhanced credit flow to the non-oil export sector, primarily to support capital investments in productive assets, will lead to economic diversification. "Given Nigeria's endowment in agriculture, solid minerals and services sector, Nigeria has vast potential to grow non-oil exports and diversify its export revenues."

Addressing export trade stakeholders, Col. Hameed Ali (Rtd.), Comptroller General of Nigeria Customs Service, harped on the agency's role as a conscious trade facilitator. The Controller of KirikiriLighter Terminal Command, Comptroller HammiSwomen, represented him at the Seminar.

Col. Ali (Rtd) said the agency had re-engineered its process to ensure that exporters and Nigeria benefit from global trade. He said, "We have automated our documentation and procedures by developing the Nigeria Integrated Customs Information System (NICIS II). So today, exporters can lodge their export declaration for processing from the conduct of their office. We are also working on completing the end-to-end automation of the Export Clearance documentation on the NICIS II system".

FCMB is a dominant export trade solutions provider. The Bank offers value-added solutions that include financial facilities, pre-shipment and post-shipment, project finance, working capital and payment guarantees. Others are, market information, supply chain management and export advisory services .

First City Monument Bank is a purpose beyond-profit commercial banking institution. We are a member of FCMB Group Plc, a financial services holding company led by Ladi Balogun as Group Chief Executive. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and businesses.

FCMB MD, Yemisi Edun, Bags Chartered Institute of Bankers Fellowship


In recognition of her outstanding contributions to the Banking industry and the Nigerian economy for over 20 years, the Managing Director of First City Monument Bank (FCMB), Mrs. Yemisi Edun, has been conferred with the prestigious Fellowship of the Chartered Institute of Bankers of Nigeria (CIBN).

The Fellowship award is the highest cadre of membership of the Institute conferred on deserving individuals as a symbol of lifetime achievement and success. The fellowship award took place during this year's Investiture Programme of the Institute, held in Lagos on October 29, 2022.

According to the CIBN, the conferment of the Fellowship Award on Mrs. Edun "is an acknowledgement of her roles and invaluable contributions to the Institute, the banking industry and the Nigerian economy at large as the Managing Director of First City Monument Bank (FCMB), an Honorary Senior Member of the Institute, Body of Bank CEOs, an active supporter and promoter of the Institute's programmes, among others".

Mrs. Edun holds a Bachelor's degree in Chemistry from the University of Ife, Osun State and a Master's degree in International Accounting and Finance from the University of Liverpool, United Kingdom. With considerable experience in Finance, Taxation, Audit and Internal Control, she is a Fellow of the Institute of Chartered Accountants of Nigeria, a CFA® Charter holder, and an Associate Member of the Chartered Institute of Stockbrokers.

The business leader is also an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

She began her career with Akintola Williams Deloitte (a member firm of Deloitte Touché Tohmatsu) in 1987, primarily focusing on Corporate Finance activities. She was also involved in the audit of Banks and Other Financial Institutions.

Mrs. Edun joined FCMB in 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the Bank. In 2021, she was appointed the Managing Director of the Bank.

Under her leadership, FCMB has built a strong base in critical sectors of the nation's economy, rising to the challenge of bridging the financing gaps. The Bank, under her watch, earned about ten national and international awards for its economic intervention between 2021 and 2022.

The awards include the Best SME Bank in Nigeria and Africa (Asian Bankers Award), SME Financier of the Year and Best Bank for Women Entrepreneurs from the International Finance Corporation and the Best Bank with the Highest Impact on MSMEs in Nigeria from the Development Bank of Nigeria.

First City Monument Bank is a purpose beyond-profit commercial banking institution and a member of FCMB Group Plc. The Bank is committed to COVID-19 recovery, income equality, and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.

#Flexxtern 6.0: FCMB, 15 Others Offer New Career Possibilities To Young Nigerians


Leading youth-centric brand and foremost financial institution, First City Monument Bank (FCMB), has announced the commencement of FCMB Flexxtern 6.0 - its real-world learning opportunity programme for young Nigerians.

Designed as a contest for young, intelligent, ambitious Nigerians, #FCMBFlexxtern creates new opportunities and possibilities for fresh graduates or final-year students between 18 to 30 years seeking real-world learning and professional experience in the corporate world.

Applicants who meet the eligibility requirements can get a three-month internship with FCMB or one of its partnering organisations with operations spanning sectors that include trade export, media and advertising, legal and tech. These partners include MainOne, Insight Publicis, SATH, ActiveEdge, Lumenave, Wragby, AXON, TISV, DigiEngage, Olaniwun Ajayi, Pulse, Nairametrics, Borderless Trade Network, X3M Ideas and Nuts About Cakes.

To enter the #FCMBFlexxtern contest, eligible candidates should:
Record a 45-second video of yourself telling us why you deserve to be an FCMB Flexxtern
Upload on YouTube with the hashtag "#FCMBFlexxtern" and copy the link to the video
Go to the "Participate" page here and fill out the form
Invite family and friends to vote with the link generated
The higher your votes, the higher your chances of getting to the next stage

The most voted entries will then be independently screened by a panel of judges, after which 30 winners will emerge. Entry submission to the #FCMBFlexxtern closes on Monday, October 31, 2022.

If you recently graduated and realized navigating the career path hasn't been as easy as you'd hoped, FCMB says better days are around the corner, and FCMB Flexxtern6.0 is the opportunity for you! Applications are open from now till October 31, but why wait?

The FCMB Flexx value proposition powers the annual Flexxtern programme. Flexx is a youth-centric product that meets young Nigerians' aspirational lifestyle and financial needs. It gives young Nigerians the confidence to express uniqueness while building skills for financial success.

African Development Bank and FCMB Sign $50 million Line of Credit Agreement to bolster access to finance for SMEs and Women-empowered Businesses



The African Development Bank has signed a $50 million Line of Credit Agreement with Nigeria's First City Monument Bank (FCMB) to support access to finance for small and medium-sized enterprises (SMEs), as well as women-empowered businesses (WEBs). FCMB will use the proceeds of the Line of Credit to finance SMEs and WEBs in Nigeria's agribusiness, manufacturing, healthcare and renewable energy sectors. The funds are intended to mitigate the effects of the challenges created by COVID-19 pandemic on the business environment in which the beneficiary enterprises operate.

Also, the African Development Bank will partner with FCMB through a technical assistance grant of US$200,000 sourced from the Women Entrepreneurship Finance Initiative (WeFi) under its Affirmative Finance Action for Women in Africa (AFAWA) initiative. FCMB will deploy the grant resources to provide non-financial services, including training and strengthening of its monitoring and reporting functions for WEBs.

Other outcomes expected from this operation are improved access to finance for at least 50 enterprises, out of which 29 are envisaged to be in agribusiness and manufacturing, nine in renewable energy and 13 in the healthcare industry. A minimum of 14 female entrepreneurs will be supported to access long-term funding and at least 1,000 jobs created or sustained.
Small and medium-sized firms account for up to 80% of employment in most African countries, and women-empowered businesses typically face a considerable financing gap. The Nigerian economy has been hard hit by the COVID-19 pandemic, and falling crude oil prices with a ripple effect on the broader economy.

"The African Development Bank is pleased to partner with FCMB, a financial institution that has continuously demonstrated commitment to supporting and financing small and medium-sized enterprises and women entrepreneurs. This collaboration will further expand FCMB's financial support to this underserved group and contribute to the growth of the Nigerian economy," said Lamin Barrow, the AfDB's Director General, Nigeria Country Department.
Lamin said the focus and objectives of the Bank's collaboration with FCMB are in line with the African Development Bank's strategic priorities of promoting gender inclusivity, private sector development, industrialisation, food security, and job creation in the Bank's regional member countries as encapsulated in the Bank's High-5 strategic priorities to 'Industrialise Africa', and 'Feed Africa'.

The project aligns with the objectives of the Bank's AFAWA initiative, which aims to improve gender inclusivity by improving access to finance for women entrepreneurs. The African Development Bank is an implementing partner of the Women Entrepreneurs Finance Initiative - a partnership housed in the World Bank Group that aims to unlock financing for women-led businesses in developing countries.

Managing Director, FCMB Limited, Yemisi Edun, said “We are happy to collaborate with the African Development Bank to create expanded opportunities and accelerate post-COVID-19 pandemic business recovery for small, medium-sized, and women-owned businesses in Nigeria through funding and technical support. We are intentional about collaborations that upskill entrepreneurs, drive industrialisation, and create economic value, wealth and employment for Nigerians.”

She added "This collaboration also shows that AfDB truly believes in the growth potential of FCMB, the excellent corporate governance structures we have put in place and our strong performance over the years. We remain committed to empowering our customers and stakeholders to achieve their personal and business aspirations".

The African Development Bank anchors its current Nigeria strategy on two pillars: supporting infrastructure development and promoting social inclusion through agribusiness and skills development. The Bank believes there are numerous opportunities for the youth and women from its financing and non-lending activities.

The Bank's current portfolio in Nigeria comprises 53 operations with a total value of $4.5 billion. This is made up of 30 sovereign operations, with a value of $2.7 billion and representing 60% of total commitments. In addition, there are 23 non-sovereign operations valued at $1.8 billion.

First City Monument Bank is a purpose beyond-profit commercial banking institution and a member of FCMB Group Plc, a financial services holding company led by Ladi Balogun as Group Chief Executive. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.

FCMB Celebrates Happy Customers, Peerless Service and Talents



By ensuring the right blend of technology and people, First City Monument Bank Limited (FCMB) is creating a feeling of happiness and satisfaction for its customers across all service touchpoints as the world celebrates 2022 Customer Service Week themed, Celebrate Service.

Between January and August 2022, about 95% of customers that reached out to the Bank got prompt attention, with most of their issues instantly resolved, accounting for a favourable Net Promoter Score (NPS) of 55%.

Mrs Yemisi Edun, Managing Director of the Bank, said, "deftly combining tech with the human touch has helped us gain trust through excellent service experience and extraordinary customer journeys. Our customers provide positive feedback and are happy with every interaction. So, we celebrate our customers and people who serve and support them during this year's Customer Service Week from 3rd to 7th October"
Senior Vice President and Divisional Head, Corporate Services & Service Management, FCMB, Ms Felicia Obozuwa, said, "We have lined up fun-filled activities to celebrate and reward customers and employees during this year's Customer Service Week. For customers, we will introduce a transaction-free day on the wave-making FCMB Mobile App, give movie tickets and airtime and run a scavenger hunt on the FCMB Flexx zone, where winners will receive exciting gifts."

She added that this year's Customer Service Week would be a week-long celebration of talent, creativity, and camaraderie across the Bank. A hybrid (physical and virtual) party for employees of the Bank will hold on October 7, and the highlight will be the much anticipated "FCMB's Got Talent" competition, which provides a robust platform for employees to showcase their talents, and creativity and smile home with exciting gifts.
Other customer-focused celebratory initiatives of the Bank are visits to top customers to present them with thank you mementoes and get their feedback on how to continue to delight them. FCMB will also celebrate young customers by delivering
gifts to those who operate kiddies accounts whose birthdays fall within the week of October 3 to 7.

The annual Customer Service Week celebration started 38 years ago as a period set aside to recognize and appreciate the job done by people in service organizations. It emphasizes the importance of customer service in running successful businesses and employees' role(s) in achieving this.

First City Monument Bank is a purpose beyond profit commercial banking institution. We are part of FCMB Group Plc, a financial services holding company building and driving an ecosystem that fosters inclusive and sustainable growth in the communities we serve, primarily in Africa, its diaspora and the United Kingdom.

SheVentures Resumes 90 Days Interest-Free Loans to Women-Owned SMEs



SheVentures, the unique proposition in support of the Nigerian woman in business, powered by First City Monument Bank (FCMB), has resumed the disbursement of 90-day zero-interest loans of up to N5m across the country to women-owned Small to Medium Enterprises (SMEs).

The 90-day zero-interest loan initiative is reopening for the third consecutive year to bridge the funding gaps faced by women-owned enterprises. It also ensures access to capacity-building programmes.

Speaking on the initiative, Mrs Yemisi Edun, Managing Director, FCMB, said:

"Our SheVentures zero-interest loan is helping women entrepreneurs pursue profitable and sustainable growth through upfront capital for new products, services and expansion. In addition, it has uplifted and safeguarded women-owned businesses from the brutal impact of the Covid-19 pandemic, among other challenges."

The Head of Women in Business at FCMB, Ms Yetunde Moito, said qualified women entrepreneurs could access between N500,000.00 and N5,000,000. Between January 2021 and June 2022, SheVentures disbursed over N400 million to about 250 women-owned SMEs through the free interest loans offering. Over 15,000 others also benefitted from free training, mentoring and other empowerment programmes organised as part of the broad objectives of First City Monument Bank to empower women entrepreneurs.

There are over 41 million SMEs in the country, and women constitute 40 per cent of this number. However, poor access to funding, limited entrepreneurial, management and leadership capacity, lack of information and networking, and other challenges posed by the business environment have limited their productivity and growth.

Recognising these realities, particularly as the number one Bank for SMEs in Nigeria and Africa, FCMB is deliberate about funding and capacity building for women-owned businesses.

The Bank's focus on financial inclusion and SMEs was recently bolstered by a $17.3 million funding partnership with Mastercard Foundation. As a result, FCMB will provide more affordable loans to 100,000 SMEs over the next five years, focusing on 90% participation by women.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, a financial services holding company led by Ladi Balogun as Group Chief Executive. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.

Half-Year: FCMB Group Records 73.2% profit growth, Supports 52,000 MSMEs



For the six months ended June 30, 2022, FCMB Group Plc has reported better-than-impressive earnings, revenue, deposits, loan disbursement, digital transformation and an impressive financial inclusion scorecard.

Over 52,000 Micro, Small, and Medium Enterprises (MSMEs) got loans totalling N6.3 billion in the period under review at an average ticket size of ₦99,000. About 77% of the MSMEs were women. The Group's focus on financial inclusion and MSMEs was further bolstered by a $17.3 million funding partnership with Mastercard Foundation to provide affordable loans to 100,000 MSMEs over the next five years with a focus on 90% participation by women.

Remarkably, the Group recorded a profit before tax of N15.4 billion, a 73.2% year-on-year growth compared to N8.9 billion in 2021 and double-digit growth across its business segments: 84.2% in the Banking Group, 42.7% in Consumer Finance, 41.9% in Investment Management, and 253.8% in Investment Banking. Gross revenue was up 34% to N126.2 billion from January to June this year, as against N94.2 billion in H1, 2021. These were the highlights of the Group's unaudited half-year results released on the floor of the Nigerian Exchange Limited (NGX) on Tuesday, July 26, 2022, in Lagos.

Commenting on the half-year financial results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said:

"We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the sustainable and inclusive growth of the communities we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to sustain its performance trend in financial and non-financial metrics".

In compliance with its commitment to safeguarding the environment, FCMB Group further reduced its carbon footprint by moving eight( branches of its retail and commercial banking subsidiary to Solar Power. Thus, taking the number of First City Monument Bank (FCMB) Limited branches running on renewable energy to 150 (73% of its branch network) - from grid/diesel generators to solar power.

In addition, it contributed to food security and import substitution in Nigeria by growing its lending to the agricultural sector from ₦53.6 billion in H1 2021 to ₦87.9 billion in H1 2022, a net disbursement of ₦34.3 billion over the last year, which represents 16.5% of total loan growth over the period.

Customer confidence in FCMB remained strong, as deposits rose by 22.3% to N1.6 trillion in June 2022, Year-on-Year (YoY), from N1.3 trillion achieved in June 2021. In addition, loans and advances disbursed by the financial institution to customers, including businesses, grew by 22.3% to N1.1 trillion from N916.7 billion. The Group's total assets also increased by 18.3% to N2.7 trillion in June 2022, as against N2.2 trillion within the same period last year.

FCMB Group Plc is a purpose beyond profit corporation committed to policies, practices, inputs and outputs that benefit all stakeholders by easing credit constraints to disadvantaged individuals and small businesses to increase income and reduce poverty.

FCMB disburses 442,000 Digital Loans in 6 months



For the six months ended June 30, 2022, FCMB Group Plc has reported better-than-impressive earnings, revenue, deposits, loan disbursement, financial inclusion, and an impressive digital transformation scorecard. In the period under review, over 442,000 loans, totalling N21.0 billion, to more than 171,000 persons via digital channels in the first six months of 2022.

Loans totalling N93.4 billion were also disbursed to over 12,000 small businesses through its digital channels in the same period. Also, FCMB's focus on financial inclusion and MSMEs has been further bolstered by a $17.3 million funding partnership with Mastercard Foundation to provide affordable loans to 100,000 MSMEs over the next five years with a focus on 90% participation by women.

Remarkably, the Group recorded a profit before tax of N15.4 billion, a 73.2% year-on-year growth compared to N8.9 billion in 2021 and double-digit growth across its business segments: 84.2% in the Banking Group, 42.7% in Consumer Finance, 41.9% in Investment Management, and 253.8% in Investment Banking. Gross revenue was up 34% to N126.2 billion from January to June this year, as against N94.2 billion in H1, 2021. These were the highlights of the Group's unaudited half-year results released on the floor of the Nigerian Exchange Limited (NGX) on Tuesday, July 26, 2022, in Lagos.

Commenting on the half-year financial results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said:

"We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the sustainable and inclusive growth of the communities we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to sustain its performance trend in financial and non-financial metrics".

In compliance with its commitment to safeguarding the environment, FCMB Group further reduced its carbon footprint by moving eight ( branches of its retail and commercial banking subsidiary to Solar Power. Thus, taking the number of First City Monument Bank (FCMB) Limited branches running on renewable energy to 150 (73% of its branch network) - from grid/diesel generators to solar power.

In addition, it contributed to food security and import substitution in Nigeria by growing its lending to the agricultural sector from ₦53.6 billion in H1 2021 to ₦87.9 billion in H1 2022, a net disbursement of ₦34.3 billion over the last year, which represents 16.5% of total loan growth over the period.

Customer confidence in FCMB remained strong, as deposits rose by 22.3% to N1.6 trillion in June 2022, Year-on-Year (YoY), from N1.3 trillion achieved in June 2021. In addition, loans and advances disbursed by the financial institution to customers, including businesses, grew by 22.3% to N1.1 trillion from N916.7 billion. The Group's total assets also increased by 18.3% to N2.7 trillion in June 2022, as against N2.2 trillion within the same period last year.

FCMB Group Plc is a purpose beyond profit corporation committed to policies, practices, inputs and outputs that benefit all stakeholders by easing credit constraints to disadvantaged individuals and small businesses to increase income and reduce poverty.

FCMB Group Records 73.2% Profit Growth, Unveils Affordable Loans For 100,000 MSMEs



For the six months ended June 30, 2022, FCMB Group Plc has reported better-than-impressive Earnings, Revenue, Deposits, Loans and Asset Under Management growth, and impressive climate action, financial inclusion, food security, customer acquisition and digital transformation scorecard.
The Group recorded a profit before tax of N15.4 billion, a 73.2% year-on-year growth compared to N8.9 billion in 2021 and double-digit growth across its business segments: 84.2% in the Banking Group, 42.7% in Consumer Finance, 41.9% in Investment Management, and 253.8% in Investment Banking.

Gross revenue was up 34% to N126.2 billion from January to June this year, as against N94.2 billion in H1, 2021. These were the highlights of the Group’s unaudited half-year results released on the floor of the Nigerian Exchange Limited (NGX) on Tuesday, July 26, 2022, in Lagos.

Commenting on the half-year financial results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said:

“We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the sustainable and inclusive growth of the communities we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to sustain its performance trend in financial and non-financial metrics”.

In compliance with its commitment to safeguarding the environment, FCMB Group further reduced its carbon footprint by moving eight( branches of its retail and commercial banking subsidiary to Solar Power. Thus, taking the number of First City Monument Bank (FCMB) Limited branches running on renewable energy to 150 (73% of its branch network) – from grid/diesel generators to solar power.

In the period under review, the Bank disbursed over 442,000 loans, totalling N21.0 billion, to more than 171,000 persons via its digital channels in the first six months of 2022. It also gave loans to over 12,000 small businesses, totalling N93.4 billion disbursed through its digital channels in H1, 2022. FCMB’s focus on financial inclusion and MSMEs has been further bolstered by a $17.3 million funding partnership with Mastercard Foundation to provide affordable loans to 100,000 MSMEs over the next five years with a focus on 90% participation by women.

In addition, it contributed to food security and import substitution in Nigeria by growing its lending to the agricultural sector from ₦53.6 billion in H1 2021 to ₦87.9 billion in H1 2022, a net disbursement of ₦34.3 billion over the last year, which represents 16.5% of total loan growth over the period.

Customer confidence in FCMB remained strong, as deposits rose by 22.3% to N1.6 trillion in June 2022, Year-on-Year (YoY), from N1.3 trillion achieved in June 2021. In addition, loans and advances disbursed by the financial institution to customers, including businesses, grew by 22.3% to N1.1 trillion from N916.7 billion. The Group’s total assets also increased by 18.3% to N2.7 trillion in June 2022, as against N2.2 trillion within the same period last year.

The Group’s Assets Under Management (AUM) witnessed a surge of 47.3% to an impressive N736 billion from N500 billion. The acquisition of AIICO Pensions by FCMB Pensions Limited and the successful integration of both businesses drove FCMB Pension’s AUM by 61.2% to N618.0 billion.

FCMB Group Plc is a purpose beyond profit corporation committed to policies, practices, inputs and outputs that benefit all stakeholders by easing credit constraints to disadvantaged individuals and small businesses to increase income and reduce poverty.

Ojude Oba Festival 2022: FCMB Promotes Tourism, Congratulates Awujale, Sons And Daughters Of Ijebuland



First City Monument Bank (FCMB) has congratulated and commended the Awujale and Paramount Ruler of Ijebuland, Oba (Dr.) Sikiru Kayode Adetona, chiefs, age groups, all indigenes, friends and well-wishers of Ijebuland on this year’s Ojude Oba Festival scheduled to hold in Ijebu-Ode, Ogun State, on July 11, 2022. A promoter of the Festival for almost 20 years, the Bank also reiterated its commitment to initiatives that would promote tourism and the development of Ogun state and Nigeria in general.

FCMB gave the commendation and assurance at a press conference organised on July 1, 2022, by the Ojude Oba Planning Committee to announce details of this year’s Festival.

In a goodwill message to the Awujale, the Founder of FCMB Group and also Olori Omo-Oba (Head of all Princes) of Ijebuland, Otunba Olasubomi Balogun, said, ‘’I have received the news that the good Lord has enabled you to resuscitate the agelong Ijebu tradition of OjudeOba, after a two-year break caused by the Coronavirus pandemic, which prevented us from paying annual homage to an inimitable Royal Father. I have always felt that through the love of God our Saviour, we shall all soon be saved from this pandemic and will resume this unique annual adoration and paying of tribute to our Royal Father’’.

The message, which was delivered on behalf of OtunbaBalogun by the Group Head, Corporate Affairs of FCMB, Mr Diran Olojo, further stated that, ‘’I have always been confident and assured that the good Lord would restore our joy in resuming this Ijebu cherished tradition, and our faith in the awesome power of the Almighty God has not been diminished. On a personal level, so much water has passed under the bridge, but the good Lord has been assuring us that all will be well!’’.

Also speaking on the Ojude Oba festival, the Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun, said, ‘’the Festival also remains a unique platform for home-based Ijebus to promote their wares to a broad range of visitors, thus contributing significantly to economic growth and development. FCMB has been a major supporter of the Ojude Oba Festival for almost two decades and it has been a mutually beneficial journey. As a purpose beyond profit corporation, we understand that culture is an essential component of sustainable development. It is an important factor in building social inclusion, eradicating poverty and stimulating progress. FCMB is committed to the longevity of the Festival and proud to be associated with the values it promotes’’.

He urged stakeholders to see the Ojude Oba festival as a platform to showcase the entrepreneurial ingenuity of Nigerians and promote trade as well as the country’s tourism and hospitality industry.

FCMB assured that its participation in this year’s Festival would be grand, exciting and rewarding for the thousands of people within and outside the country that would grace the fiesta.

Ojude Oba Festival 2022: FCMB Promotes Tourism, Congratulates Awujale, Sons and Daughters of Ijebuland

The Ojude Oba (in Ijebu dialect means “the king’s forecourt or frontage”) is a major festival in Nigeria that began over 100 years ago. It brings together all sons and daughters of Ijebuland in Nigeria and diaspora for a carnival-like celebration of the traditional, cultural, spiritual accomplishments and other values of the Ijebu nation. During the Festival, various age groups (popularly known as the Regberegbes), indigenes, their friends and associates from far and near – all in their colourful costumes and riding on horses, throng the palace of the Awujale of Ijebuland to pay homage to him amidst prayers and other fun-filled activities.

FCMB Onboards 1m Unbanked Nigerians, Lends N28.7bn To 200,000 Women



First City Monument Bank (FCMB), through EasyAgents, its agency banking network and other channels, has successfully onboarded and empowered one million financially excluded Nigerians, ensuring they have a better and more sustainable future through access to financial services.

As part of its financial inclusion programme, the Bank has provided microloans valued at N40 billion to over 300,000 beneficiaries comprising 200,000 women traders across the country who have accessed over US$51.28 million (N28.7 billion) of the total loan sum.

Committing to affordable and sustainable financial services for unbanked and underbanked Nigerians, the Managing Director of FCMB, Mrs Yemisi Edun, said:

“We are proud of our significant role in integrating Nigeria’s huge informal economy driven by small-scale farmers, traders, artisans, and other small and medium-sized businesses into the formal economy through affordable and sustainable access to financial services. Access to financial services enables prosperity and allows disadvantaged and vulnerable people to improve their lives, create wealth and reduce poverty. So, we will continue championing and executing initiatives that deepen access to affordable and sustainable financial services in our local communities to empower individuals and businesses”.

In driving financial inclusion, First City Monument Bank embraced partnerships as critical success criteria. Last year, the Bank partnered with the World Savings Banks Institute (WSBI) to deepen agency banking and financial inclusion by rolling out an integrated savings account – ‘Easy Account‘- to empower two million farmers by 2023. Under the first phase of the partnership, covering over 150,000 unbanked and under-banked farmers across five states, beneficiaries are provided funds and training support through agricultural agents operating under FCMB’s agency banking proposition. The states are Kaduna, Kano, Nasarawa, Ogun and Oyo. In addition, FCMB also recently signed a partnership agreement with Shee-Coops, an international organisation that raises women’s active participation in Cooperatives around the world, to provide funding to millions of women in the next five years to pursue opportunities that improve their livelihoods.

FCMB has invested in close to 10,000 agency bankers that bring financial services to the streets and doorsteps of millions of Nigerians in peri-urban and rural areas. They are currently driving the onboarding and empowering of unbanked and under-banked Nigerians.

Bank accounts are now being opened through agency bankers by hitherto unbanked and underbanked citizens. As a result, they now conveniently and securely make cash deposits, transfer funds, make withdrawals, obtain loans, buy airtime, and pay bills, among other financial transactions. In addition, they also have opportunities to access the Bank’s Agric value chain platform (EasyClub) and microloans to boost their standard of living and grow businesses.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.

FCMB, PressPayNg funding platform targets 1.5m undergraduates in 3 years


First City Monument Bank (FCMB) has partnered with PressPayNg to develop a digital platform for young Nigerians to fund their tertiary education fees through target savings, scholarships, loans and crowdfunding. The platform is expected to help over 1,500,000 million young Nigerians in the next three years to actualise their higher education dreams with less stress.

The convenient digital platform provides a transparent process where students/parents on their own can save towards paying for school fees. In addition, individual philanthropists, corporate organisations and multilateral agencies can fund students through scholarships and grants. Lenders, including FCMB, can also use it to provide funding and crowdfunding support to undergraduates.

The platform is a value proposition that will make higher education accessible to young Nigerians, reduce the dropout rate, and ultimately boost human capital development in the country. In addition, the student loan product will ease the financial challenges faced by parents, guardians and families trying to provide better education for their children and wards.
Parents and students can conveniently access the value-added FCMB and PressPayNg platform by downloading the PressPayNg App from the Playstore, then register and open an FCMB Account to benefit from the array of opportunities on offer.

Speaking at a ceremony to launch the product on June 1, 2022, in Lagos, the Managing Director of FCMB, Mrs Yemisi Edun, described it as the key that will unlock uninhibited access to quality education for young Nigerians from all walks of life.

According to her:
"We are proud to play another vital role in promoting education in Nigeria. Education is a critical resource for meeting the manpower requirement for national development. However, this resource has continued to be limited by the inability of most parents and youths to secure the necessary financial support to enrol in higher institutions and graduate successfully. As a responsive and caring institution, we are excited to partner PressPayNig to solve this difficulty by offering existing and prospective students a convenient platform and clear pathway to pursue their dreams in universities, polytechnics, and education colleges. Beyond the funding opportunities of this Tertiary Education Savings & Loans digital product, beneficiaries also have the privilege to secure holiday jobs, which will provide additional financial support and build their capacity. We are committed to helping students, parents, customers, and Nigerians succeed without any limitation".

Also speaking at the ceremony, the Chief Executive Officer of PressPayNg, Mr Abiola Metilelu, said:
"There is intensifying demand for expanded access to good quality tertiary education. This education savings and loan product from PressPayNg and FCMB is targeted at all levels of tertiary education in Nigeria. It will increase enrolment and retention rate, promote institutional diversification, strengthen the quality and relevance of tertiary education, and offer greater equity mechanisms to assist disadvantaged students. The corporate objective for PressPayNg is to empower the ambition of every Nigerian to become educated and flatten the curve of tertiary education dropouts by offering disruptive, innovative, and creative solutions. This partnership has given birth to a Silverbullet Solution, an idea whose time has come. Our message to parents, guardians, and students in tertiary institutions across the country is that with PressPayNg, you can dream again".

Over the years, FCMB has reached out to over 100,000 Nigerians who desire higher education within and outside Nigeria through its Education Advisory Services. In addition, the Bank's Education Investment Plan (EIP) product offers loan support, counselling on admission processes, facilitation of school fees remittances and discounted student airline travel packages for a child's education abroad.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive. The Bank is committed to COVID-19 recovery, income equality and poverty reduction

FCMB Makes Vehicle Ownership Easy for Customers


To encourage and simplify vehicle ownership for personal use by millions of Nigerians, First City Monument Bank (FCMB) now offers auto loans of up to N30 million at a reduced interest rate. The FCMB auto loan supports acquiring brand new and pre-owned vehicles (popularly known as “Tokunbo”), with N500,000 as the minimum loan amount that a customer can access for a repayment duration of up to 5 years.

This affirms FCMB's commitment to improving the social well-being of individuals and enhancing access to credit for higher standard of living for families.

Commenting on the unique value proposition, Divisional Head, Personal Banking of the Bank, Mr Shamsideen Fashola, said, "vehicle ownership is one of the most exciting moments in a person's life. Yet, many people struggle to save up for a long time to make this dream come true. To bridge this gap, we created a value proposition that is flexible, convenient and empowers individuals, families and businesses to achieve the dream of vehicle ownership. Nigerians can now finance their dream vehicle with an auto loan from FCMB at a low-interest rate with monthly or yearly payment options depending on their income. We, therefore, urge the populace, including, but not limited to salaried individuals, to take advantage of this opportunity to fulfil their vehicle ownership dream".

FCMB Auto Loan empowers qualified Nigerians to part-finance the purchase of brand-new and pre-owned vehicles while spreading the repayment between one and five years. The loan, which is dependent on the type of vehicle to be purchased, is open to salaried individuals and self-employed Nigerians.

According to the National Bureau of Statistics (NBS), the number of registered vehicles in Nigeria is 13 million. However, vehicle ownership in the country has been declining because of increased prices. This is due to foreign exchange and importation challenges, leading to a drastic reduction in purchasing power and sales decline in the auto industry.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses. The intervention of FCMB in the automobile sector aligns with Goals 3 and 10 of the Sustainable Development Goals (SDGs), which focus on well-being and reduced inequalities.

Excitement as FCMB Millionaire Promo Goes Digital, Set To Reward 23,000 Customers


More excitement for customers as First City Monument Bank (FCMB) announced Season 8 of its widely famous and successful annual retail campaign, Millionaire Promo. The promo, which rewards and empowers new and existing customers of the Bank with exciting prizes, has gone fully digital. The FCMB Millionaire Promo Season 8, which commenced in April, will end in September and is available to customers via the Bank's Mobile App and WinCity.

WinCity is the gaming platform of the Bank, designed to engage, promote positive interactions and reward customers' loyalty to the brand. It is the first digital promo platform in the Nigerian banking industry where customers get to spin a wheel and win fantastic prizes instantly. The platform democratises access to opportunities to win and enhances the transparency of the promo process. Customers can visit WinCity as many times as they meet the required conditions of the promo.

Speaking on the FCMB Millionaire Promo Season 8, the Divisional Head, Personal Banking, FCMB, Mr. Shamsideen Fashola, said:

"We are excited to kick off the 8th Season of the FCMB Millionaire Promo. The promo was designed to reward customers, enhance their overall experience, and promote financial inclusion and a savings culture. As a responsive and innovative Bank, we are leveraging our Millionaire Promo Season 8 and WinCity gaming platforms to upscale our world-class digital banking offerings to deepen our engagement with customers and reward them in an exciting manner. We encourage Nigerians to partake in this promo because they stand a chance to join several others who emerged winners in previous editions and have established flourishing businesses".

To participate in the promo, existing customers must increase their savings account balance by N5,000 to get a chance to win up to N1m. New customers can open a savings account via the Bank's Mobile App and fund with a minimum of N5,000.00 to qualify to win up to N1m. Multiple deposits of N5,000 will increase the chances of getting more keys to play and win exciting prizes via the new FCMB Mobile App or WinCity.

Apart from the grand prize winner of N1 million, thousands of other customers will win various cash and airtime rewards. Every month, five customers stand a chance to win N100,000 each; 20 others will smile home with N50,000 each; another 50 will be rewarded with N20,000 each, while 100 customers will receive N10,000 each. In addition, 200 customers stand a chance to win N5,000, and another 500 will go home with N2,000 each, while 1,000 and 2,000 customers will get N1,000 and N500 airtime, respectively.

A total of 23,256 customers of FCMB will emerge as winners at the end of the six months of "FCMB Millionaire Promo Season 8". Every month, 3,876 winners will be rewarded.

The "FCMB Millionaire Promo" targets existing and potential savings account customers. The promo has continued to transform lives since its commencement in 2013. Thousands of customers have won exciting prizes, including vehicles, cash, television sets, refrigerators, power generating sets, phones, tablets, and decoders. The digital version promises to be more exciting and rewarding.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by creating opportunities for Nigerians to fulfil their individual and business aspirations.

Nigeria's FastCash Celebrates Two Million Personal Loans Worth 59bln

FastCash, the fastest-growing instant loan solution in Nigeria, is proud to announce its two millionth loan disbursement. All the loans disbursed by the platform are worth NGN 59 billion and have helped customers from different walks of life meet urgent financial needs and achieve their short-term objectives.

This milestone is particularly significant because of its financial inclusion benefits. Every FastCash loan closes the access to finance gap in Nigeria and ensures the well-being of a Nigerian household.

Commenting on this significant achievement, the Divisional Head, Personal Banking of FCMB, Mr Shamsideen Fashola, said, "the amount of trust placed in FastCash by our customers is humbling. We will continue improving on this product to deliver exceptional customer experience. The success we have achieved thus far is a testament to our commitment at FCMB to support our customers through financial technology products that are convenient and accessible".

Launched by First City Monument Bank (FCMB) in 2018, FastCash is a personal digital loan product that makes credit up to N200,000 available to existing customers and non-customers of the Bank in less than five minutes. Customers can conveniently access the loan through the FCMB New Mobile App or by simply dialling the Bank's *329*11.

In addition to FastCash, FCMB also offers a Salary Plus Loan, a consumer credit scheme available to salary account holders. Through this scheme, qualified FCMB customers can access short or medium-term funding before salaries to meet urgent needs, such as school fees payment for their children. Existing customers on Salary Plus can also top up their loans when they require additional financial support.

In vast numbers, Nigerians have adopted FastCash and SalaryPlus. Both products have proven to be excellent solutions for those in need of sudden cash during these challenging times, affirming FCMB's commitment to products and services that close the access to credit gap for all strata of Nigerian society.

First City Monument Bank continues to help improve the financial well-being of millions of Nigerians who have urgent needs for collateral-free loans at a reasonable interest rate.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.

FCMB Offerings Meet Customer And Regulatory Requirements – SON


The Standards Organisation of Nigeria (SON) has again validated the capacity of First City Monument Bank (FCMB) to provide best-in-class products and services that always meet consumer and regulatory requirements. SON, the only regulatory body vested with the responsibility of standardising and regulating the quality of all products in Nigeria, has audited and revalidated FCMB's Quality Management System, ISO 9001: 2015, certification.

The regulatory body did a thorough audit and evaluation exercise, which recently covered all departments and branches of the Bank. It reviewed how FCMB executes its Quality Management System (QMS) and how well the framework guarantees continuous improvement and operational efficiency to meet customer and stakeholder needs consistently.

First City Monument Bank accomplished full conformity in all aspects of operations and service delivery review, including leadership, policies, processes, and procedures in line with global best practices. This shows that the Bank has a strong management team that ensures fact-based decisions drive continuous improvement and has a customer-focused process and culture.

Commenting on the recertification, the Managing Director of FCMB, Mrs Yemisi Edun, described it as another proof of the customer-centric focus of the Bank, quality of offerings and overall commitment to best practices.

According to her, "we are pleased that the Standard Organisation of Nigeria has again validated our Quality Management System. This revalidation affirms our commitment to continuous improvement and the agile way we conduct business to meet the ever-changing needs of our esteemed customers. We will continue to live up to our pedigree as an organisation committed to excellence, professionalism, and best practices for the ultimate benefit of our customers and stakeholders".

ISO 9001:2015 certification, awarded to FCMB in 2018 by SON, is the internationally recognised certification for Quality Management Systems. The Bank earned the certification for demonstrating excellence in governance, product development and delivery of services that meet customer and regulatory requirements. Since then, the Bank has consistently improved its operations, product, and service offerings to empower and delight Nigerians.

A purpose beyond profit commercial banking institution, First City Monument Bank, a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive, has consistently created opportunities for individual and corporate customers to actualise their aspirations.

Blackcopper Launches BC Health


Blackcopper, one of Nigeria’s leading credit and financial institutions, recently launched its new product - BC Health, a health product that caters for users with health challenges who might require huge amounts for test(s) and treatment.

With this product, Blackcopper is creating an avenue for individuals to access funds for all their medical needs. They are starting with their first partner, Mecure Health, one of the fastest-growing healthcare companies in West Africa that serve millions of patients. With this partnership, patients of Mecure Health and Blackcopper customers can request a loan for their cancer PETCT (Positron Emission Tomography ) diagnosis tests via the Blackcopper app and pay it back in installments.

Blackcopper continues to hold true its core value of collaboration, finding partnerships that help in building customer-centric models that challenge the ideas of what’s possible to better the needs of our customers.

Muyiwa Faulkner, CEO, Blackcopper, states - “Whether in emergencies, or business as usual, getting funds should be hassle-free, and we intend to make medical loans easy, fast, and convenient for you with the best medical treatment for your loved ones or yourself without worrying about the medical bills.”

Basil Agbor, Product Manager, Blackcopper says ’’Accessing funds for health care shouldn't be an uphill task. At Blackcopper we are intentional about providing access to quick funds for Medical Treatment & Services and through this partnership with Mecure we are able to bring this to your doorstep’’

Customers can use the service by downloading the Blackcopper app via Google Playstore or ios.

About Blackcopper

Blackcopper is a digital bank focused on powering life enabling solutions, through credit and a suite of financial services offered seamlessly through digital touch points built with the user in mind. Blackcopper has disbursed over 1.4billion Naira loan transactions and has more than 50,000 activer users.

Blackcopper believes in keeping the wheels turning for business owners by providing financial and business support through seamless and accessible technology driven solutions like Blackcopper Savings, Blackcopper Investment and Blackcopper Health. They empower both individuals and business owners with access to credit, investment, and a community of like-minded individuals. For more information, visit: http://blackcopper.io

FCMB' Top-5-In-5' Season 2: Business Leaders and Experts Rally Entrepreneurs on Productivity


Entrepreneurs, particularly startups, have been charged to acquire knowledge and the right competencies if they must succeed and stand the test of time in a rapidly changing business environment.

Twelve celebrated business leaders and entrepreneurs made this call in Season 2 of the First City Monument Bank (FCMB) knowledge sharing and capacity building series, Top-5-In-5. The series was designed to give Small and Medium Scale Enterprises (SMEs) practical insight into different business areas to inspire them to achieve optimal results.

Offering tips on a wide range of topics, the business leaders noted that no entrepreneur could stand the test of time without the right competencies and offerings aligned with market needs. They added that businesses must have a broad view and offer solutions that exceed expectations to achieve optimum performance and sustainable growth.

Speaking on “How to Grow a Local Startup with Global Appeal“, Mitchell Elegbe, CEO of Interswitch, said entrepreneurs must have a unique business model and be clear on the products or services they are offering to the public.

According to him:

“Customers patronise you because they have a challenge, and you have created a solution to fix that challenge. A clear idea of the problem you solve translates directly to the success of your business. Particularly when it comes to monetising your solutions to hit the bottom line”.

On her part, Nkechi Wigwe, Business Manager, Africa Development Centre, said given the challenges posed by COVID-19, which has led to remote working by employees, entrepreneurs should provide the necessary tools for their staff to work effectively. She also urged them to adopt the right technology, policies and processes to remain relevant and competitive.

Also speaking on the topic, “How to build top of mind awareness on a budget“, the Chief Executive Officer of X3M Group, Steve Babaeko, advised entrepreneurs to build a strong network of partners and customers.

According to him:

“Networking presents you with the opportunity to find others who are either in similar circumstances or can buy into your business. When you network appropriately, doors start to open, and your brand is top of mind. Building professional relationships can help you get new customers, retain current customers, and manage your reputation. Your network is your net worth”.

In his presentation on “How to navigate tax issues as a small business owner“, Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouse Coopers, highlighted the importance of professionalism, best business practices and record-keeping.

He stated that:

“Cutting corners will not last. It won’t take you far, especially if you plan to grow your business, scale and become a large organisation. Ensure you commit to doing the right thing, including compliance with laws, regulations and paying taxes. It is a lot more affordable to do the right thing. Though Tax compliance can be complicated, having the right knowledge can help you”.

Emeka Eboegbune, Technology Program Manager at FCMB Group, equally offered tips on “How to harness technology in transforming your business”. He advised entrepreneurs to leverage on digital platforms to market their products and services, adding that:

“To succeed in the digital space, you need to focus on people who work with you. First, consider the skills of your employees. The more digital-minded employees you have, the easier it is for your organisation to grow and succeed. You need to continually refresh your product and respond very quickly to the change in the market. Keep your finger on the pulse of your business, know where customers are going to, why they go there and what they need. Data will help you with that”.

Other prominent thought leaders and experts that featured in this year’s FCMB Top-5-In-5 series are Olori Boye-Ajayi, President, Borderless Trade Network; Ifedayo Durosinmi-Etti, Chief Executive Officer of Herconomy; Joseph Edgar, a Theatre Producer/Investment Banker; Nike Majekodunmi, Chief Executive Officer of Nuts About Cakes; Tomiwa Aladekomo, Chief Executive Officer, Big Cabal Media and Dr Echefu Ukattah, a Senior Associate at Olaniwun Ajayi Legal Practitioners.

The FCMB Top 5-in-5 series aims to make it easier for existing startups to run successful businesses. Topics in this year’s edition cut across entrepreneurship, marketing, technology, personal development, and legal issues, among others.

Like the previous season, the series positions FCMB as an industry leader empowering entrepreneurs and businesses nationwide on how to operate, grow sustainably and improve their business.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group, led by Ladi Balogun as Group Chief Executive. The bank offers solutions geared towards ensuring that businesses are well equipped to overcome challenges and thrive sustainably.

FCMB is committed to COVID-19 recovery, income equality and poverty reduction by empowering and providing opportunities for individuals and businesses to achieve their aspirations. These align with goals one, eight and ten of the Sustainable Development Goals (SDGs), focused on no poverty, decent work, economic growth, and reduced inequalities.

#FCMBFlexxtern Season Five Opens, Winners get Employment Opportunities


First City Monument Bank (FCMB) has commenced the fifth edition of its #FCMBFlexxtern contest!

The online contest (www.fcmb.com/Flexxtern) is designed for youths between 18 and 30 years. It will run between October 15 and 30, 2021 and offers young Nigerian graduates the opportunity to gain work experience through an internship which could eventually lead to full employment in reputable organisations.

Group Head, Corporate Affairs of FCMB, Mr. Diran Olojo, who disclosed this in a statement released by the bank recently, said, "The #FCMBFlexxtern programme is another platform for Nigerian youths to demonstrate their talent and determination to take leadership positions. We realise that many youths have what it takes to succeed if given access to mentoring, training and practical knowledge. We are excited that the #FCMBFlexxtern initiative has become a catalyst to fast-track the development of a new generation of professionals and leaders."

He said nearly 100 young graduates have benefitted since the programme's inception in 2016, with several of them doing very well in their chosen careers.



How To Participate In #FCMBFlexxtern 5

• Upload a 45-second video on YouTube using the hashtag #FCMBFlexxtern5, explaining why you are the best candidate for the internship opportunity
• Visit the page www.fcmb.com/Flexxtern, click “Participate”, fill the registration form and include the link to your YouTube video.
• Share the link to your entry and invite them to vote for you! The more votes you get, the higher your chances of qualifying for the next stage!
(To see a detailed video of how to participate, just click
https://www.youtube.com/watch?v=x5t7onLtUw8)



FCMB has partnered with some of Nigeria's leading companies on this year's #FCMBFlexxtern initiative, including Insight Publicis, Main One, ActiveEdge Technologies Limited, Proshare, Big Cabal Media, Lumenave International Limited, TISV Digital, Signal Alliance Technology Holding and Youth Empowerment Foundation. Others are Big Cabal Media, Terragon, Wragby Business Solutions, Darway Coast, A4&T Power Solutions, Tender Hearts Foundation and Mitimeth among others.

First City Monument Bank (FCMB) is a member of FCMB Group Plc, Nigeria's leading and most diversified financial holding company with subsidiaries that are market leaders in their respective segments. The bank has built a strong base in various sectors of the nation's economy by consistently offering cutting-edge solutions to its customers across segments.

"If you or anyone you know are fresh graduates between 18-30 years, FCMB Flexxtern Internship program is coming soon. Three-month paid internship and you can also get a permanent job from there. Go to the site www.fcmb.com/Flexxtern to know when it is starting."

https://1drv.ms/v/s!ArhcEm2_NY7yilLbJi-gUkyTty-l (GET READY)

PANDORA PAPERS: Inside the secret offshore companies, London properties of NPA chief, Bello-Koko

The acting Managing Director of Nigerian Ports Authority, Mohammed Bello-Koko, is involved in offshore business, hiding behind two shell companies incorporated in a tax and secrecy haven to anonymously invest in the United Kingdom property market and potentially violating Nigeria’s public service code of conduct laws, the ongoing Pandora Papers reporting has revealed.Mr Bello-Koko is possibly hoping to be confirmed the substantive NPA chief by President Muhammadu Buhari. The current substantive head of the agency, Hadiza Bala-Usman remains on suspension following her disagreement with Transportation Minister, Rotimi Amaechi. It’s unclear if she would be recalled with a probe of her tenure seemingly unending.

Mr Bello-Koko, with his wife, Agatha Anne Koko, enlisted the services of financial secrecy seller, Cook Worldwide and Alemán, Cordero, Galindo & Lee (Alcogal), an offshore law firm, to secretly register Coulwood Limited (reg. number: 1487897) and Marney Limited (reg. number: 1487944) in the British Virgin Islands (BVI), one of the world’s most commonly used tax havens, in 2008. Both companies were registered the same day, June 19, 2008.

However, Mr Bello-Koko remains a director of the two companies even as a public servant in violation of Nigeria’s Code of Conduct Bureau and Tribunal Act (Sections 5 and 6). The regulators in the BVI also had his companies under watch for suspected money laundering, a problem Alcogal appeared to have helped him avoid with some misinformation provided to the regulators.

The revelations came from Pandora Papers, a trove of 11.9 million leaked confidential records obtained by the International Consortium of Investigative Journalists, ICIJ. The ICIJ then coordinated a team of 617 journalists from 150 news outlets, including those from PREMIUM TIMES, to dive into the data. The reporters spent two years sifting through the leaked records, tracking down sources, and digging into court files and other public records from dozens of countries. It is the biggest collaboration of investigative journalists – from 117 countries and territories – in history.

The leaked records came from 14 offshore services firms from around the world that set up shell companies and other offshore nooks for clients like Mr Bello-Koko, who seek to shroud their financial activities, often suspicious, in secrecy.


Using the two companies, Coulwood Limited and Marney Limited, tucked away offshore, Mr Bello-Koko then anonymously acquired five London properties, Pandora Papers, and public records from the UK Land Registry showed, based on collaborative research by PREMIUM TIMES and Finance Uncovered of London within the larger Pandora Papers project.

One of the properties was acquired in May 2017, after Mr Bello-Koko had taken office at the NPA. He was appointed executive director for finance and administration in 2016 and later acting MD in 2021.

Headquarters of Nigerian Ports Authority
The other four properties were acquired between 2009 and 2012, making Mr Bello-Koko potentially exploit UK tax loopholes that allowed the owning of UK properties using so-called envelope structure, that is, anonymously owning properties through offshore companies.

For instance, up to 2012, when former Finance Minister, George Osborne, declared new rules, owning property via an offshore company meant that ownership could be transferred by selling the company’s shares rather than the property itself, and in doing so, no U.K. property sale tax or capital gains tax would be paid.

Mr Bello-Koko is a former banker with responsibility for managing accounts of energy firms at the defunct FSB International Bank and later Zenith Bank, where he managed Rivers States government accounts in Nigeria’s oil-abundant Niger Delta region.

Although shell companies have been a key feature in illicit financial flow and are used to facilitate drug deals and terrorism financing, owning one is not necessarily illegal and can be for legitimate purposes.

In Mr Bello-Koko’s case, having the shell companies at the time he did as a private-sector worker was not, on the face of it, criminal under Nigerian law.

Experts, however, say shell companies are frequently used to conceal assets and avoid or evade taxes. They are also used by players in corruption high-risk sectors such as banking, government contracting, petroleum, and real estate to facilitate the flow of dirty money, sometimes for shadowy political patrons.

PREMIUM TIMES and Finance Uncovered sent Mr Bello-Koko a written request for comment. For weeks, he declined to explain his acquisition of the properties and provide evidence that he declared them in his Code of Conduct fillings, in accordance with the law. He also declined to provide clarity on why he remained director of the offshore company while a public office holder in Nigeria, in violation of the law.

However, if he did not declare the BVI shell companies or any of the properties they hold, that would be a violation of Nigeria’s code of conduct law for public officials, which requires the declaration of “all” assets and liabilities owned by a person, their spouse and unmarried children under 18 “immediately” after taking office.

https://www.premiumtimesng.com/pandora-papers/488346-pandora-papers-inside-the-secret-offshore-companies-london-properties-of-npa-chief-bello-koko.html

FCMB Promo: Anambra, Zamfara Produce New Millionaires


It was excitement galore for 358 customers of First City Monument Bank (www.fcmb.com) after winning cash prizes at the fifth draws of the ongoing Millionaire Promo season 7, held on September 22, 2021. Two millionaires emerged from the draws, bringing the number of millionaires in this promo edition to seven. Five others had emerged since April when the Season 7 commenced.

The electronic selection of winners happened virtually in the Federal Capital Territory (FCT), Abuja; Uyo, capital of Akwa Ibom State; Ile-Ife in Osun State and Lagos State. It was witnessed by officials of the Federal Competition and Consumer Protection Commission (FCCPC) and the National Lottery Regulatory Commission (NLRC). The draw was also streamed live on YouTube.

The newly minted millionaire customers are Adamu Safaatu of Zamfara State and Anikor Mmadubuchi from Anambra State. They both emerged winners of the star prize of N1 million each. In addition, 356 other customers smiled home with handsome cash prizes of N100,000, N50,000, N25,000 and N10,000, respectively.

Speaking on the draws, Executive Director, Retail Banking, FCMB, Mr. Olu Akanmu, maintained that:

"FCMB will continue to appreciate and empower customers to fulfil their aspirations. This is why we encourage them to save through our promo. The chances to win are quite high for our customers, many of whom have been rewarded today. The fact that thousands of lives have been positively changed through the promo speaks volumes about its impact. It is our desire to ensure that more customers - existing and new - benefit from the promo. We are committed to distinguishing our offerings in the retail banking space."

The FCMB Millionaire Promo Season 7, which is still ongoing, will end this month, while the grand finale holds in October. The promo was designed to drive financial inclusion, promote savings culture, and reward customers that imbibe both. It is open to all customer segments, especially existing and potential savings account holders with the bank.

Apart from the star prize winners of one million Naira each, 703 customers have also won cash prizes of N100,000, N50,000, N25,000 and N10,000 from the monthly draws held in May, June, July, and August since the commencement of the promo in April this year.

In total, over 14,000 customers have won various gifts since 2013, when the bank launched the promo as part of its 30th-anniversary celebration. The gifts included cars, cash prizes of N5 million and N1 million, television sets, power generating sets, refrigerators, phones, and decoders.

To participate in the promo, existing or new customers must increase their savings account balances by N10,000 and maintain them for 30 days to qualify for the monthly virtual draws. Considerable savings in multiples of N10,000 will increase a customer's chance of winning any of the cash prizes on offer.

It takes less than four minutes to open an FCMB account through the bank's digital channels - Mobile App and website - or by visiting any of the over 205 bank branches and thousands of agent locations across Nigeria.

Nigeria's leading lender, First City Monument Bank (FCMB), has emerged as Best SME Bank in Africa and Best SME Bank in Nigeria at the Asian Banker Middle East and Africa Regional Awards on the 27th of August 2021.

The SME friendly bank beat all other Nigerian and African banks to win national and continental honours. It emerged as Best SME Bank in Africa for the second time at the rigorous, prestigious, and transparent country-level honour programme for consumer financial services and technology in the Middle East and Africa.

Commenting on the awards, the Managing Director of FCMB, Mrs Yemisi Edun, said, "We are excited to win two awards this year, especially the Best SME Bank in Africa, for the second year. This shows that we are meeting the specific needs of customers in this segment and are on a growth trajectory. The awards will inspire us to further expand the frontiers of our innovation and go the extra mile to provide solutions that consistently enhance customer experience."

Thanking the Asian Banker for the awards, Mrs Edun dedicated them to the Bank's SME customers. She added that First City Monument Bank would continue to offer exceptional services, including funding and capacity building to small businesses.

Remarkably, the Bank has taken the lead in digitisation by automating its lending process for SMEs through the FCMB Quickloans platform. Through this channel, the lender has disbursed over N100billion in loans to entrepreneurs. It processes over 25,000 digital loans, with disbursements hitting N9billion in a month in the third quarter of 2021.

In addition, the Bank provides market intelligence and technical assistance support to small businesses, access to intervention funds in partnership with Development Financial Institutions, as well as provision of credit facilities to mitigate the credit risk and collateral gaps experienced in lending to SMEs.

So far, the Bank has provided over N23 billion loan guarantee support to SMEs with inadequate collateral or those in the start-up stage.

Over 30 financial institutions and technology companies from 10 countries in the Middle East and Africa historically send in entries for adjudication at the annual Asian Banker Middle East and Africa Regional Awards. Apart from its panel of international assessors, the judging process is supplemented by BankQuality, a premier rating site for financial service providers and customers.

First City Monument Bank (www.fcmb.com) is a member of FCMB Group Plc, Nigeria's leading and most diversified financial holding company with subsidiaries that are market leaders in their respective segments. The Bank has built a strong base in various sectors of the nation's economy by consistently offering cutting-edge solutions to its customers across segments.

Having transformed successfully into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.