₦airaland Forum

FCMB Unit CEO Calls for Innovation and Resilience Amid Economic Challenges



At the BusinessDay CEO Forum, Chukwuma Nwanze, MD/CEO of Credit Direct Finance Company Limited (Credit Direct), FCMB Group's consumer finance arm, emphasized the critical role of innovation and resilience for Nigerian businesses navigating the current economic challenges. Highlighting the transformative potential of technology and digital transformation, he stressed its importance in adapting to evolving consumer needs and ensuring sustained growth.

During a panel discussion on "Leadership and Partnership: Driving Value in a Challenging Economy," Nwanze emphasized the need for proactive strategies to address market volatility. He offered insights into how businesses can foster innovation and achieve sustainable reinvention.

Nwanze pointed to Credit Direct's success as Nigeria's leading FinTech and consumer finance company, attributing its growth to using AI-driven credit decisioning in its loan origination process and digital channels for nationwide expansion. "At Credit Direct, we are able to optimize and scale significantly by using automated credit decisioning in underwriting loans and leveraging digital channels to reach all parts of the country," he stated. "We consistently innovate to build products that solve our customers' problems."

He urged business leaders to embrace emerging technologies and understand evolving consumer behaviours to meet demands and remain competitive. "Leaders must extend their vision beyond traditional boundaries and continuously adapt to changes in the environment," Nwanze emphasized.

The panel session that featured the Credit Direct boss also had other distinguished business leaders, including Yomi Ademola, Chairman of West Africa Rendeavour and Managing Director, Alaro City; Khilian Khanoba, Senior Partner, Kreston Pedabo; and Dr. Ayotunde Coker, CEO, Open Access Data Centres Limited, who collectively shared profound insights on the subject of driving value in a challenging economy.

Dr Coker particularly stressed the need for broadband development to drive economic growth while also dwelling on the importance of data in making economic decisions. The panelists, including Nwanze, aligned on how these elements are requisite for economic development.

The conference also featured Central Bank of Nigeria Governor Olayemi Cardoso, who participated in a fireside chat titled "Leadership in Tough Economic Times." Cardoso said: “It is essential for businesses to build genuine credibility. Part of the current focus of the Central Bank of Nigeria is to develop a stronger and more resilient banking system.”

The BusinessDay CEO Forum drew CEOs from Nigeria's leading companies, including the Deputy Lagos State Governor, Femi Hamzat, and former Governor of the Bank of Kenya, Patrick Ngugi Njoroge. The annual gathering, organized in collaboration with PricewaterhouseCoopers (PwC), is a platform for top executives and government officials to discuss critical economic issues and shape the nation's economic landscape.

FCMB, Tulsi Chanrai Foundation Mark 15 Years of Restoring Sight to 400,000 Nigerians


First City Monument Bank (FCMB) and its implementation partner, the Tulsi Chanrai Foundation (TCF), are marking a significant milestone: 15 years of the Priceless Gift of Sight programme, which has provided free eye care to over 400,000 Nigerians.
The programme, highlighted by a recent outreach event in Calabar, Cross River State, provides testing, optical services, surgeries, and disease management to combat preventable blindness.

"The intervention by First City Monument Bank and the Tulsi Chanrai Foundation is laudable," said Reverend (Mrs.) Eyoanwan Bassey Otu, wife of the Cross River State Governor. "Both organizations have demonstrated a genuine concern for humanity. We are pleased that thousands of people across Nigeria, including many from Cross River and the neighboring States, suffering from one form of eye defect or another, can now go back to their normal lives and pursue their aspirations."

"Our collaboration with the Tulsi Chanrai Foundation has been instrumental in delivering critical eye care services," said Mr Diran Olojo, FCMB's Group Head of Corporate Affairs. He emphasized the initiative's alignment with FCMB's broader commitment to social sustainability and equal opportunity for all.

The Priceless Gift of Sight addresses a critical need, as 90% of blind people globally live in poverty-stricken areas. "Blindness often leads to loss of income, social isolation, and limited access to information," Olojo stated. "This initiative is crucial in breaking the cycle of poverty and blindness."

Beneficiaries have also expressed their gratitude. "I haven't seen properly in six years," said Thomas Olekama, who travelled from Lagos for the free surgery. "I thank God, FCMB, and the Foundation for allowing me to see again."

First City Monument Bank, a part of the FCMB Group, is committed to making life better and empowering communities where it operates. The Priceless Gift of Sight programme shows how serious the Bank is about helping people and positively impacting the lives of Nigerians.

Microcredit: FCMB Supports Rotary Club of Lagos to Empower 200 Widows



First City Monument Bank (FCMB) has announced its support for a service project by the Rotary Club of Lagos, District 9112, to empower over 200 widows through micro-credit and skills acquisition. This initiative underscores FCMB's commitment to promoting women's empowerment and financial inclusion.

The announcement was made during the installation ceremony of Adetunji Lamidi as the 64th president of the Rotary Club of Lagos. The event, held recently in Lagos, highlighted the club's ongoing efforts to expand its community impact.

“Our goals for the year are audacious, yet achievable,” said Lamidi. “We plan to commission a secondary school in Iboku Aro village, support over 200 children, empower 200 widows, and donate five incubators to general hospitals in Lagos. We’ve already donated infant incubators to Island Maternity as our first project for the year.”

In her remarks, Oluyemisi Edun, MD of FCMB, emphasized the bank's support for the Rotary Club's initiatives.

“FCMB views the Rotary Club as a vital platform for driving inclusion, national cohesion, and sustainable development,” she said. “We are delighted to support the club in empowering over 200 widows through micro-credit and skills acquisition under the new leadership of Rotarian Adetunji Lamidi.”

Lamidi also announced plans to increase the club’s micro-credit fund to ₦20 million to support five markets across Lagos. “We currently support the markets in Gbagada and Oke-Arin, and we aim to expand to five other communities. Additionally, we will build five bore-hole projects and provide annual scholarships for 20 university students across Lagos,” he said.

FCMB Group Plc: Analyst and Investor Forum (Photos)


Pic 1:
From left: Group Chief Executive, FCMB Group Plc, Mr. Ladi Balogun; Executive Director, Coverage & Investment Banking, Mr. Femi Badeji; Group Managing Director, Futureview Group, Mrs. Elizabeth Ebi and Executive Director/Chief Operating Officer, FCMB Group, Mr. Gbolahan Joshua, during the Analyst & Investor Forum organised by FCMB Group on July 8, 2024, in Lagos.

Pic 2:
From left: Executive Director, Coverage & Investment Banking, FCMB Group Plc, Mr. Femi Badeji; Group Chief Executive, Mr. Ladi Balogun and Executive Director/Chief Operating Officer, Mr. Gbolahan Joshua, during the Analyst & Investor Forum organised by FCMB Group on July 8, 2024, in Lagos.

Pic 3:
Cross section of analysts during the Analyst & Investor Forum organised by FCMB Group Plc on July 8, 2024, in Lagos.

Pic 4:
Cross section of investors during the Analyst & Investor Forum organised by FCMB Group Plc on July 8, 2024, in Lagos.

Funding for Formerly Excluded Entrepreneurs in Nigeria by FMO, FCMB and the European Commission



Today, the Dutch Entrepreneurial Development Bank (FMO) and Nigeria’s First City Monument Bank (FCMB) signed a $25 million NASIRA guarantee agreement. The guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks.

Funded by the European Commission, NASIRA is one of FMO’s most innovative programs, encouraging local banks to extend their funding to small entrepreneurs without collateral. Often, the FMO guarantee - that effectively replaces the collateral - is not fully utilized, demonstrating that these entrepreneurs, primarily women and young people, are not riskier than others.

Job creation in Nigeria, home to 220 million people and the largest population in Africa, is critical. The country faces severe economic challenges, including high unemployment and a significant 70% depreciation of its currency over the past year. Providing small loans to typically high-risk groups will enable them to start and expand their businesses, offering a means of income for themselves and their families.

In addition to the USD 25 mln NASIRA guarantee, FMO will support FCMB with a syndicated loan of USD 60 million: USD 20 million through FMO, USD 30 million through the European Financing Platform on behalf of BIO, DEG, EIB, FINNFUND, Proparco, and SWEDFUND, and USD 10 million through FMO Investment Management. The loan is dedicated to growing the existing FCMB loan portfolio of small and medium-sized entrepreneurs (SMEs).

Speaking during the signing ceremony at the side-lines of the 9th Nigeria EU Business Forum, the EU Ambassador to Nigeria and ECOWAS Ms. Samuela ISOPI said “We are very happy to see that the EU investment instruments, such as the European Fund for Sustainable Development (EFSD+) guarantees, have come to Nigeria to play a catalytic role in leveraging private sector investments for the benefit of the real sector, economic diversification and employment creation, especially for youth and women”. The transaction also contains a technical assistance (TA) program. Through this TA initiative, FCMB and FMO will select and support 15 scalable early-stage agri-tech businesses in Nigeria. Together, FMO and FCMB will identify 15 disruptive business models that address pressing problems in the agricultural sector, contributing to SDG2: zero hunger and food security.

About Nasira
Launched in August 2020, NASIRA is a collaborative effort supported by the European Commission and the Dutch government. To date, it has facilitated 17 transactions with financial institutions across Central Europe, the Middle East, and Africa, amounting to a total of USD 371 million. For more information, please visit www.fmo.nl/nasira

About FMO
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. For more information: please visit www.fmo.nl

About FCMB
First City Monument Bank, a part of FCMB Group Plc, is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem rooted in Africa (primarily Nigeria), connecting people, capital, and markets.

About EFSD+
The European Fund for Sustainable Development (EFSD+) is one of the financing tools of Global Gateway, promoting sustainable investments in the European Union’s (EU) partner countries.. By leveraging public funding to attract private investments, the EFSD aims to foster sustainable development, create jobs, and address root causes of migration. It supports projects in critical areas such as renewable energy, infrastructure, digitalization, and small and medium enterprises (SMEs), utilizing financial instruments like guarantees and blending to de-risk investments and promote economic growth and stability.

Facts Only: Common Pension Fears Debunked



Okay, let's bust some pension myths and inject some fun into your future financial planning!

Myth #1 - Pensions are only for older adults: Nope! Pension contributions are for anyone who likes not being broke in their golden years. The earlier you start, the sweeter the retirement party (thanks to superior investments!). Think of it as your younger self contributing to a comfortable retirement for your future self.

Myth #2 - My Money Will Magically Disappear: Pension funds are heavily regulated and protected by the National Pension Commission (PenCom). Your money isn't financing someone's yacht party. Pension Fund Administrators (PFAs) invest their funds strategically, aiming for safety and maximum growth.

Myth #3 - Pension contributions are super complicated: Sure, there's some fine print, but trustworthy companies like FCMB Pensions are all about transparency. They'll explain how your money works and answer all your (even slightly embarrassing) questions.

Myth #4 – The government will take it all in taxes: Often, pension contributions get sweet tax advantages. It's like your reward for being a responsible adult. Think of those extra savings as funding that beachside margarita budget.

Myth #5 - I'm Young, I'll Save Later (spoiler: bad idea!): Time is your secret weapon. The longer your money has to grow, the further it goes. Even small contributions now can turn into a legit retirement fortune. Procrastinating = more stress later. Start small, start now, and watch your egg nest grow, giving you peace of mind.

Myth #6 - I'm locked into my pension forever: You've got options because life happens, and pension plans know it. While there are rules to keep your savings safe, there's usually flexibility built in. You can access some funds early in case of emergencies or choose different withdrawal options when you retire.

Pension contributions aren't about getting rich quickly; they're about becoming financially secure, slow, and steady. They're the key to avoiding the "panicked retiree" trope and enjoying the fruits of your labour.
Need More Reassurance? Hit up the experts at FCMB Pensions. They've got your back!

Series 1 of FCMB-TLG Private Debt Fund opens for Investment today


Recently, FCMB Asset Management Limited (FCMBAM) held a signing ceremony for Nigeria’s first Naira denominated Private Debt Fund, the FCMB-TLG Private Debt Fund.

The Fund, which has been approved by the Securities and Exchange Commission, is sponsored and managed by FCMB Asset Management Limited (FCMBAM) as the Fund Manager, with technical support from TLG Capital Investments Limited (TLG Capital), United Kingdom. The Fund seeks to raise Ten Billion Naira (N10 billion) under Series 1 of its One Hundred Billion Naira (N100 billion) Programme size.

Following the fulfilment of all regulatory requirements, the Fund’s Series 1 Offer for subscription opens to Qualified Institutional Investors (QIIs) and High Networth Individuals (HNIs) today, Monday 24 June 2024, and closes on Wednesday 31 July 2024.

The FCMB-TLG Private Debt Fund will focus on investing in commercially viable and impact-oriented activities in sectors of the Nigerian economy aligned with the United Nations (UN) Sustainable Development Goals (SDG), while providing investors with an opportunity to earn competitive risk-adjusted return on investment. It will invest in the debt components of the capital structure of organisations and Special Purpose Vehicles (SPVs) in sectors crucial to Nigeria's economic growth and development, including Agriculture, Healthcare, Education, Clean Energy, Transportation/Logistics, and IT/Technology,

At the signing ceremony organised by FCMBAM, James Ilori, the company’s Chief Executive Officer said, "The FCMB-TLG Private Debt Fund opens a new avenue for professional investors to participate in the growth of key sectors of the Nigerian economy while providing essential capital to organisations driving sustainable economic growth and development in Nigeria”.

The FCMB-TLG Private Debt Fund is structured as a Closed-Ended Unit Trust Scheme with Series 1 tenor of Ten (10) years. The Fund is also expected to provide investors with periodic streams of income through regular payment of distribution while prioritising the preservation of invested capital.


About FCMB Asset Management Limited

FCMB Asset Management Limited (FCMBAM) is the asset management arm of FCMB Group Plc. Incorporated in 1997, the company provides portfolio management and investment advisory services to individual and institutional clients, globally.

FCMBAM is rated A- (IM) by Agusto & Co. and A- by GCR. The company is one of Nigeria's leading Asset Management companies and has over Three Hundred and Twenty-Two Billion Naira (N322 billion) in Assets Under Management. FCMBAM has established itself as an innovative and competent Fund Manager that periodically develops investment management solutions to deliver competitive risk-adjusted returns to investors.

Ojude Oba Festival Fosters Unity and Economic Growth - Ladi Balogun



The annual Ojude Oba Festival, a vibrant celebration of Ijebu culture and tradition, recently concluded with great success. The festival attracted thousands of participants and visitors who showcased elaborate traditional attires, captivating dances, music, and impressive equestrian displays. The festival showed how cultural traditions can drive economic growth by empowering local businesses, service providers, artists, and artisans from Ogun, Lagos and practically all the other states in South West Nigeria.
Affirming the economic and social development potential that could be harnessed from the festival through tourism, Ogun State Governor, Adedapo Abiodun, MFR, committed to elevating the Ojude Oba Festival to a global stage. He envisions the festival as a permanent fixture on the international tourism calendar and its listing as one of the festivals backed by the United Nations Educational, Scientific, and Cultural Organization (UNESCO).
Central to the festival's enduring legacy is the Regberegbe system, a tradition of age-grade solidarity and mutual support. Historically rooted in communal labour practices, the Regberegbe has evolved into a symbol of community cooperation, fostering social bonds and collective responsibility. This unique social structure empowers individuals. It has contributed to the overall resilience and development of the Ijebu community for centuries.
FCMB Group Plc, a major sponsor of the Ojude Oba festival, recognizes the festival's significant contribution to social cohesion and development. By celebrating shared cultural heritage, promoting unity among diverse groups, and strengthening community bonds, the Ojude Oba festival fosters a favourable environment for socioeconomic development.
In his goodwill message, Ladi Balogun, Group Chief Executive of FCMB Group Plc, noted that the festival attracts visitors from across Nigeria and the diaspora, contributing to the growth of trade and tourism in Ijebuland, Ogun State and Nigeria. The FCMB Group Chief Executive urged Ijebu people to embrace the festival's spirit of togetherness and use it as a springboard for further development and inspiration for younger generations.
This year's Ojude Oba festival witnessed the participation of 90 Regberegbe groups, a significant increase from 76 in 2023. This surge indicates a rise in social cohesion, which is crucial in promoting unity and peaceful coexistence within the community.
Speaking on the festival's economic impact, Adewale Adenugba, CEO of Blooms Hotel in Ijebu-Ode, said, "The festival has significantly boosted business activities across Ijebuland over the years, coinciding with the Muslim Eid-el-Kabr celebration when many Ijebus and their friends return home. During this period, hotels in Ijebu-Ode and surrounding towns experience full occupancy, and relaxation centres also see increased activity. Artisans, traders, and vendors of various items, including festival paraphernalia, food, drinks, and transportation services, enjoy brisk business and substantial income. If we aggregate all these, the festival generates billions in revenue, benefiting not only Ijebu-Ode and Ogun State but also Nigeria. I urge the government to leverage this platform to promote tourism further."
FCMB Group Plc, a long-term supporter of the Ojude Oba Festival for over 20 years, is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem connecting people, capital, and markets across Africa.

10 Millionaires, 2,300 Cash Prize Winners Emerge in FCMB Millionaire Promo Season 9


Four customers of First City Monument Bank (FCMB) became instant millionaires at the final draws of Millionaire Promo Season 9 held on Wednesday, December 13, 2023. They each won N1 million during the grand finale draws supervised by Federal Competition & Consumer Protection Commission (FCCPC) officials and National Lottery Regulatory Commission (NLRC) in Abuja, Lagos, Ondo, and Port Harcourt.

Season 9 of the millionaire promo, which ran from April to November, gifted 2,310 lucky customers of the Bank cash prizes ranging from N5,000 to N1 million respectively. Of this, ten lucky customers were rewarded with N1 million each. A total of 14,780 customers also won various consolation prizes, bringing the total number of winners to 17,080.

The nationwide promo encouraged people to save for financial security, future planning, and investment opportunities, which will reduce their reliance on social assistance, helping them build a brighter future.

Affirming this, Thompson Akinnodi, a civil servant from Ondo State, said: "The FCMB Millionaire promo shows the bank keeps its promises." He was happy that the winners were chosen openly. Thompson plans to use his money for his children's education and Christmas celebrations. "Christmas is sorted for his family, thanks to God and FCMB!"

Onuoha Harol, a businessman from Port Harcourt, was pleasantly surprised, saying: "This N1 million is a fantastic Christmas gift!" He thanked FCMB and plans to invest it in his block industry and real estate business. He plans to employ more people and grow his business. Onuoha recommends banking with FCMB for success.

Mrs Omoye Oyakhire from Lagos, another N1 million winner, thanked FCMB and said: "I'm excited! I'll use the money for poultry farming." She said FCMB is the right Bank, and its Millionaire Promo is genuine".

Tanimu Suleiman from Abuja, expressing his newfound belief in the promo, said: "I never believed in this until FCMB called me about winning N1 million." He plans to invest in his business and encourages Nigerians to bank with FCMB for excellent customer service. "I am so happy. The money will be invested in my business. I encourage Nigerians to bank with FCMB. The Bank attends to customers' needs very well."

Shamsideen Fashola, FCMB's Divisional Head for Personal Banking, expressed his pride in the programme's impact: "We are happy to produce another set of millionaires in season 9 of the promo. Since we commenced the promo in 2012, it has driven financial inclusion and promoted a savings culture in society, particularly in the unbanked segment. We have also used it to transform the lives of thousands of people nationwide. The draws took place nationwide, and winners emerged from every region. We thank all FCMB customers for their loyalty and congratulate all the winners. We will continue to reward our customers and deliver offerings that align with their personal and business aspirations. I advise the winners to make judicious use of their cash prizes."

With winners ranging from drivers to entrepreneurs and police officers, Millionaire Promo Season 9 has proven that financial success is attainable for everyone. As FCMB continues to reward customers and promote economic well-being, it is clear that placing its customers first is central to the Bank's mission.

FCMB Group Reports 108% YoY Growth in Profit Before Tax



FCMB Group Plc (NGX: FCMB) today announced a 108% Year-on-Year (YoY) growth in profit before tax (PBT) to N55.1 billion for the nine months ended September 30, 2023, compared to N26.5 billion in the corresponding period of 2022.

The Group's strong financial performance can be attributed to the collective strength of its diverse business segments. The Banking Group recorded a growth in earnings of 130.1%, while Consumer Finance saw a growth of 32.6%. Investment Management and Investment Banking also performed well, with growth rates of 38.7% and 27.6% respectively.

Commenting on the results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said:
"We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters 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 this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation".

Gross revenue rose 75.7% to N351.5 billion as at September 2023, compared to N200.1 billion for the prior year. This was driven by a 55.1% growth in interest income and a 144.6% growth in non-interest income. Net interest income grew 29.5% to N120.5 billion from N93.1 billion in the prior year. This was driven by an increase in the yield on earning assets for the period ended September 2023.

FCMB increased its lending activities, providing loans and advances totalling N1.59 trillion, a 34.3% increase from the previous year. Simultaneously, the institution experienced a 39.1% YoY growth in customer deposits to N2.53 trillion, showcasing the unwavering trust of its customers. The Group's total assets grew by an impressive 32.2% YoY to N3.88 trillion from N2.93 trillion, strengthening its position as a leading financial institution in Nigeria.

Assets Under Management (AUM) recorded a 26.1% YoY growth from N756.1 billion to N953.7 billion as at September 2023.

The Group's customer base expanded 15.4% YoY, reaching 12 million as of September 2023, reflecting a current-year growth of over 1.1 million customers. Additionally, the agency banking business expanded its network to over 120,000 agents, acquiring over 130,000 customers. Investment Banking transaction value consummated by the Group rose to N690.9 billion, marking a 15.2% YoY growth.

In addition, the Group completed the issuance of a Series 2 Additional Tier 1 Capital Bond under its N300 billion Debt Issuance Programme for its Banking Subsidiary, bringing the total Additional Tier I Capital raised during the year to ₦46.7 billion. Its consumer finance business, Credit Direct Limited, also completed its maiden Commercial Paper Issuance to further diversify the Company’s funding base.

FCMB Celebrates Excellent Team Service


As the world celebrates Customer Service Week 2023, First City Monument Bank (FCMB) is honouring its valued customers and dedicated employees with a week-long event focused on this year's theme: Team Service.

Throughout the week, FCMB customers can expect celebratory messages, a treasure hunt game, and unique gifts for children with birthdays during the week. The Bank's employees will participate in a service innovation challenge, a test of knowledge competition, and a game show and will be recognised for their outstanding service contributions.

"Excellent customer care is a team effort, not just the responsibility of our frontline employees," said FCMB Managing Director Yemisi Edun. "It's about everyone working together to create a positive experience for our valued customers. We recognise and appreciate customers and employees who embody this spirit. We couldn't do it without them."

FCMB's Customer Service Week celebration is just one example of the Bank's commitment to fostering a culture of team service excellence. FCMB has invested heavily in technology and training to ensure its employees have the resources and skills to provide customers with a positive experience.

"At FCMB, team service is more than just a slogan. It's a way of life," said FCMB Senior Vice President and Head of Service Management Felicia Obozuwa. "We encourage our employees to collaborate and support each other and reward them for going above and beyond to deliver excellent customer care. We are unwavering in our commitment to creating a culture where everyone feels valued and empowered to go the extra mile for our customers."

Businesses worldwide set aside a special week yearly to celebrate their customer service personnel. This event is known as Customer Service Week, and it is a time to recognise and appreciate the valuable contributions made by these individuals in service organisations. It serves as a reminder of the vital role that customer service plays in building successful businesses and fostering long-term customer loyalty.

SheVentures Launches Interest-Free Loans for Female Exporters


First City Monument Bank (FCMB) has launched the SheVentures Export Readiness Programme, a new initiative to support women-owned businesses in Nigeria looking to expand into global markets. The programme will give participants access to insightful knowledge, focused advisory, and zero-interest loans to fund their export trade logistics.

"Our mission with the SheVentures Export Readiness Programme is to support women-owned businesses to export their products and services worldwide," said Mrs. Yemisi Edun, Managing Director of FCMB. "We provide interest-free loans, training, and mentoring to help overcome common challenges such as lack of financial resources and knowledge gap. Our ultimate goal is to empower Nigerian SMEs to scale beyond their local markets by connecting them with other businesses globally and leveraging the vast opportunities of globalization."

The SheVentures Export Readiness Program is open to all women-owned SMEs in Nigeria who are interested in reaching new markets and growing their businesses. The program will include a series of training modules on topics such as export market research, product development, and export documentation. Participants will also have the opportunity to receive one-on-one mentoring from experienced exporters.

"Nigerian businesswomen face many challenges in their quest to grow successful businesses," said Ms. Yetunde Moito, Head of Women in Business (SheVentures) at FCMB. "That is why FCMB is giving added support to businesswomen who own or run a business in Nigeria, providing the support they need to thrive. The SheVentures Export Readiness Programme is a game-changer for Nigerian women entrepreneurs, empowering them to scale globally and bridge the capacity and financial gap hindering their full potential."

A recent report by the National Bureau of Statistics (NBS) revealed that over 41 million SMEs operate in Nigeria, of which women own 40%. Women's businesses are expected to create 8.9 million jobs in the next five years, contributing significantly to the country's economy. This indicates the significant role women can play in the growth and development of the Nigerian economy if provided with the proper funding, capacity building, networking, and other opportunities.

FCMB SheVentures has, over the past four years, impacted the female economy through its various initiatives for women SMEs. The Bank has offered up to One Billion Naira in zero-interest loans to hundreds of women SMEs nationwide and supported thousands of female entrepreneurs through free training, mentorship, and capacity-building programs.

The SheVentures Export Readiness Programme strategically aligns with the government's efforts to boost the nation's non-oil exports and foreign exchange earnings. The program empowers women entrepreneurs to actively contribute to realizing this important national goal.

First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. By offering innovative financial solutions like Energy Finance loans, FCMB is helping to improve the economic well-being of businesses and Nigerians.

Back-to-School: FastCash Offers Parents Up to N200,000 Loan in Five Minutes


As students get set to resume another academic session, FastCash, powered by First City Monument Bank (FCMB), is offering parents and guardians up to N200,000 to help them cover the costs of school fees and back-to-school supplies. The credit line supports the purchase of school uniforms, books, bags, confectionaries, and other items required to enhance children's learning experience.

Commenting on the back-to-school offering of FastCash, the Divisional Head of Personal Banking at FCMB, Mr. Shamsideen Fashola, said:

"We understand that back-to-school season can be financially challenging for many families. That's why we're offering FastCash to help make it easier. We want to ensure that all our customers have the resources to give their children the best possible start to the new school year. FastCash is a convenient and affordable way for parents to get the money they need to make back-to-school a success."

FastCash is a collateral-free, convenient and easy-to-access personal digital loan product that provides credit up to N200,000 to existing customers of FCMB in less than five minutes to meet emergency needs. Enhanced with Artificial Intelligence (AI) and machine learning technology capabilities to ensure that more individuals, households, and businesses have access to funds, FastCash also enables customers to increase their current loan without paying off their existing loan fully.

It is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion. Customers can conveniently access the loan through the FCMB New Mobile App or by dialling the Bank's USSD code, *329*11#.

Getting a FastCash loan requires no collateral or paperwork. Customers with a good repayment history can access the loan at a reduced interest rate. Another advantage is the ability to top-up a loan with friendly repayment terms for a specific amount. This feature benefits every customer who needs to borrow more.

FastCash, launched in 2018, has disbursed over 3.5 million loans worth N111 billion to Nigerians from all walks of life. The product has become popular among Nigerians seeking quick access to funds. It is available to FCMB customers, and repayment terms are flexible, with repayment options ranging from 30 days to three months.

First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. By offering innovative financial solutions, FCMB is helping to improve the economic well-being of Nigerians.

FCMB, Tulsi Chanrai Foundation Restore Sight of Over 2,000 in Kebbi


First City Monument Bank (FCMB) and Tulsi Chanrai Foundation (TCF) have restored the sight of over 2,000 visually impaired people in Kebbi State, Nigeria. The beneficiaries received free eye testing, optical services, surgeries, glasses, and other preventive/corrective treatments for various eye defects.

The initiative is part of FCMB's Priceless Gift of Sight programme, which has been running for 14 years in partnership with TCF. The programme aims to prevent avoidable blindness and restore the sight of disadvantaged and lower-income Nigerians.

Speaking at the outreach programme in Kebbi, FCMB's Group Head of Corporate Affairs, Mr. Diran Olojo, said: "Visual impairment is a disability that often leads to reduced access to information, mobility, loss of income, and decreased quality of life. It robs most of its victims of productivity. As a result, they will likely be unable to make ends meet for themselves and their families, fuelling poverty."

Mr. Olojo further stated that FCMB is proud that its Priceless Gift of Sight programme is bridging the gap, preventing avoidable blindness, and restoring the sight of disadvantaged Nigerians. He said that the bank will continue to support initiatives that ensure accessible healthcare for all Nigerians, regardless of their background, in line with Sustainable Development Goals (SDGs) 3 - Good Health and Well-Being and 10 - Reduced Inequalities.

The Governor of Kebbi State, Comrade Nasiru Idris, commended FCMB and TCF for being responsive and sustaining the programme in the last 14 years. The governor, whom his Deputy, Alhaji Abubakar Umar, represented, assured that the state government would continue to welcome organisations and non-governmental bodies willing to contribute to the health and social well-being of the people.

On his part, the Programme Manager of TCF, Mr. Chandarkne Deshpande, also thanked FCMB for sponsoring the programme since 2009. He said: "Our partnership with FCMB has been a very healthy relationship. We have reached over 350,000 people across Nigeria, providing free testing, optical services, surgeries, glasses, and eye disease management. Through this, we have been able to turn around the lives of people for the better."

This initiative by FCMB and TCF is an excellent example of how businesses can positively impact society. By providing free eye care services to people in need, FCMB and TCF are helping to improve the lives of thousands of Nigerians and make a real difference in their communities.

FCMB Offers N10 Million Clean Energy Loan to Households and Small Businesses



Nigerian households and small businesses looking to acquire solar panels, batteries, inverters, and other green energy equipment now have access to as much as N10 million to buy these assets through the First City Monument Bank (FCMB) Energy Finance Loan. The loan is designed to help homes and small businesses like hospitals, schools, restaurants, bars, stores, hotels, and fashion places keep life and work going by using clean energy.

Commenting on the Energy Loan product, the Managing Director of FCMB, Mrs. Yemisi Edun, described it as “another bold intervention by the lender to unlock the potential of the renewable and clean energy sector, provide relief to Nigerians, and encourage clean energy.”

She said: “Access to energy drives economic growth and development. The FCMB Energy Finance offering is a reaffirmation of our commitment to eco-friendly energy finance to fight climate change, drive the growth of businesses, improve the quality of life, and accelerate development through environmentally sustainable energy solutions. With the removal of the petrol subsidy, more Nigerians are focusing on alternative energy sources to power their homes and businesses.
“We will continue to scale up our support to individuals and businesses to enable the country to take full advantage of the opportunities in these areas for the overall benefit of humanity’’.

The Bank upgraded the product to lessen the impact of reduced subsidies on traditional fossil fuels, which has caused a rise in petrol prices across the country, given the pervasive use of small gasoline generators to power households and small businesses.

In his comment, the Group Head of Business Banking at FCMB, Mr. George Ogbonnaya, said:
“We understand the challenges individuals and businesses face in securing funding to provide clean and sustainable power. The FCMB Energy Finance loan is structured to eliminate these challenges. It is a flexible facility with two to seven years of repayment options at competitive interest rates. We urge Nigerians, especially small business owners, to take advantage of this opportunity to reduce energy costs for their homes and businesses’’.

Applauding the product, the President of the Renewable Energy Association of Nigeria, Mr. Ayo Ademilua, said:
“The energy finance loan is innovative and coming at the right time when the market needs alternative energy solutions mostly due to PMS price increase”.

Speaking on carbon financing, the CEO of Consistent Energy Limited, Dr. Segun Adaju, said:
“The 2023 Electricity Act promotes private-public sector partnerships, allowing private companies to participate in the renewable energy space and catalyze investments through carbon trading. The carbon trading market has become attractive, and more parties are beginning to promote carbon trading in Africa following the Africa Carbon Markets Initiative (ACMI) established in 2022 to unlock the potential of voluntary carbon markets for financing Africa’s energy, climate, and development goals. It is heartwarming that FCMB has keyed into this by providing a platform through the FCMB Energy Finance Loan product to provide the much-needed funding to Nigerians to acquire affordable clean energy sources’’.

FCMB has taken the lead in deepening the renewable energy space through a three-pronged approach: capacity building, providing access to funding, and opportunities to connect renewable energy developers with end-users. The Bank has supported over 50% of the key developers in Nigeria with debt financing for mini-grids, commercial, and solar home systems. It has so far disbursed over N7 billion for the execution of energy efficiency projects, cutting across mini-grids, solar energy, and other energy efficiency projects.

First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. By offering innovative financial solutions like Energy Finance loans, FCMB is helping to improve the economic well-being of businesses and Nigerians.

H1 2023: FCMB Group Plc Reports 148% Profit Growth




FCMB Group has recorded a 148 per cent growth in profit before tax to N38.2 billion for the half year ended June 30th, H1’23 from N15.4 billion in the corresponding period of 2022, H1’22.

The company disclosed this in its unaudited six-month results released to the Nigerian Exchange Limited (NGX).

The results showed that various divisions achieved robust earnings growth as follows: Banking Group 185.5%, Consumer Finance 10.3%, Investment Management 53.3%, and Investment Banking 54.3%.

In addition, FCMB Group’s gross revenue grew by 88.7% to N238.2 billion for June 2023, as against N126.2 billion for the same period in the previous year. The growth was driven by a 51.9% increase in interest income and a 216.9% increase in non-interest income.

Customer confidence in FCMB Group remained strong, as deposits rose by 45.3% year-on-year to N2.38 trillion at the end of June, up from N1.64 trillion in the corresponding period of 2022, whilst Loans and advances also grew by 37.4% to N1.54 trillion, compared to N1.12 trillion in the previous period.

The Group’s Assets Under Management (AUM) recorded an increase of 23.6% year-on-year to N910.3 billion at the end of June 2023, up from N736.4 billion at the end of June 2022.

Commenting on the half-year financial results, the Group Chief Executive of FCMB Group, Mr Ladi Balogun, said: “We continue to leverage our unique Group structure to build a technology-driven ecosystem that fosters 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, this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitization.”

FastCash Distributes N105 Billion in Digital Loans to Over 3 Million Nigerians



FastCash, an instant loan solution powered by First City Monument Bank (FCMB), has disbursed over 3 million loans worth N105 billion to Nigerians from all walks of life. Each loan was disbursed in less than five minutes, with no collateral or paperwork required for accessing up to N200,000 via the Bank's mobile app and *329*11 USSD code.

The instant loan solution powered by state-of-the-art Artificial Intelligence and Machine Learning technology was launched in 2018 and has become popular for Nigerians seeking quick access to funds. It is available to FCMB customers, and repayment terms are flexible, with repayment options ranging from 30 days to three months cycles.

The milestone of N105 billion in loan disbursements is a testament to FastCash's popularity and the trust that Nigerians have placed in the financial product. It has become one of the most convenient and accessible ways to access funds, helping to bridge Nigeria's access to credit gap in urban and rural areas.

Affirming the Bank's commitment to financial inclusion and customer-centric solutions, Mr Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, highlights the transformative impact of FastCash.

"We are thrilled by the extraordinary reach and impact of FastCash, our digital loan product, with a remarkable sum of N105 billion disbursed over five years. Through FastCash, we effectively bridge the access to credit gap for countless Nigerians. We know the solution has improved the well-being of Nigerians. So, we remain resolute in our dedication to serving as a steadfast pillar of support to our customers and the wider Nigerian society. First City Monument Bank will continue to empower individuals and contribute to advancing our society through innovative, convenient, secure, and easily accessible digital products."

In addition to FastCash, FCMB offers the Salary Plus Loan, a consumer credit scheme exclusively available to salary account holders. This scheme enables qualified FCMB customers to access short or medium-term funding to meet urgent financial obligations.

Both FastCash and Salary Plus Loan are excellent solutions for those facing unexpected financial needs or planning an investment for the future. They provide quick access to funds and flexible repayment terms, making them a convenient and affordable option for Nigerians.

FastCash is Nigeria's leading instant loan solution. It provides digital personal loans within minutes without collateral or paperwork. With loan top-up, flexible repayment options, and a simple application process, FastCash ensures convenient access to funds for individuals from all walks of life.

First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. By offering innovative financial solutions like FastCash and Salary Plus Loan, FCMB is helping to improve the economic well-being of Nigerians.

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.