₦airaland Forum

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.

FCMB GETS $50M FROM AFDB, INCREASES LENDING TO HIGH IMPACT BUSINESSES

Women empowered businesses and local enterprises involved in agribusiness, manufacturing, health care, and renewable energy will have access to long term funding from First City Monument Bank (FCMB), courtesy of a $50m credit facility from the African Development Bank (AfDB).

The $50m credit line will narrow the lending gap to underserved segments and complement FCMB's lending efforts and operations in the Nigerian market. AfDB will disburse the funds to FCMB before the end of this year.

Mrs Yemisi Edun, Managing Director, FCMB, thanked the African Development Bank for having confidence in the Bank, saying the credit line would help it increase lending to high impact sectors of the Nigerian economy.

She said, "The $50m credit line will increase access to finance for women empowered businesses and enterprises involved in agribusiness, manufacturing, renewable energy and healthcare, enabling them to build back better post-COVID.

"We are delighted that a minimum of 30 per cent of the funds will go specifically to women empowered businesses, which would, in turn, contribute to stimulating gender equality and empowerment. Remarkably, it aligns with FCMB's transformative agenda of boosting household economic resilience by improving women's access to credit and work opportunities."

In addition to the $50m, the AfDB will provide a technical assistance grant of $200,000 to FCMB through its Affirmative Finance Action for Women in Africa (AFAWA). The Women Entrepreneurship Finance Initiative, an international partnership supporting women entrepreneurs in developing countries, supports AFAWA. The assistance grant complements the loan and will further strengthen training, monitoring and reporting by the Bank.

In a statement, AfDB's Director of Financial Sector Development, Mr Stefan Nalletamby, said, "We are pleased to support FCMB's strategy to become a dominant player in addressing the funding needs of women-empowered and local enterprises. This project will extend valuable resources to critical but underserved segments during the ongoing COVID-19 pandemic, with its adverse macroeconomic impact".

AfDB added that the project also advances its ten-year strategy and is consistent with three of its high-five strategic priorities. These are industrialise Africa, Feed Africa, and improve the quality of life for the people of Africa. This also aligns with the Nigeria Country Strategy Paper 2020-2024.

Recently, FCMB secured a $10 million facility from Oikocredit, a major global social impact investor and co-operative institution based in The Netherlands, to upscale its impressive financial support to SMEs and the agribusiness sectors in Nigeria.

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.

Having successfully transformed into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.
To find out more about FCMB, please visit www.fcmb.com.

FCMB LIMITED ANNOUNCES APPOINTMENT OF MRS. OLUWATOYIN OLAIYA AS EXECUTIVE DIRECTOR, RISK & COMPLIANCE


The Board of Directors of First City Monument Bank Limited (the Bank) have announced the appointment of Mrs. OluwatoyinOlaiya as Executive Director, Risk & Compliance. This follows the approval of the Central Bank of Nigeria (CBN).

Mrs. Olaiya is a finance and risk management professional with over 30 years of experience. Prior to her appointment, she was the Chief Risk Officer / Divisional Head Risk Management at FCMB, overseeing Enterprise Risk Management, Risk Policy, Credit Administration, Credit Underwriting and Monitoring. She has been responsible for redefining the Bank’s risk policies, improving risk management culture across the institution, and proactively ensuring the implementation of a cyber security strategy for the Bank.

She started her career as an auditor with KPMG, from where she moved to different roles in domestic operations, internal audit, business development, financial control, compliance and enterprise risk management in the banking industry. She joined FCMB in 2016 from Sterling Bank, where she was the Acting Chief Risk Officer.

Mrs. Olaiya is an Accounting graduate of the University of Ife (now Obafemi Awolowo University), and a fellow of the Institute of Chartered Accountants of Nigeria.

FCMB LIMITED ANNOUNCES APPOINTMENT OF MRS YEMISI EDUN AS THE NEW MANAGING DIRECTOR AND SUCCESSOR TO MR ADAM NURU


The Board of Directors of FCMB Group Plc have announced the appointment of Yemisi Edun as the Managing Director of First City Monument Bank (FCMB) Limited.

This announcement is subsequent to the end of service of the bank’s former Managing Director, Adam Nuru.

The Board had earlier reviewed media allegations made in late 2020 against the former MD and did not establish any contravention of its policies. The Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours.

Prior to this appointment, the new Managing Director, Yemisi Edun was the Executive Director/ Chief Financial Officer of the bank and previously served as the acting Managing Director.

With a work experience spanning nearly 35 years, Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

She is a Fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst, CFA®️ Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; 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.

World Environment Day - FCMB Restates Commitment to Environmental Sustainability; Expands Support To Renewable Energy Sector

First City Monument Bank (FCMB), has re-assured that it will continue to champion, execute and support initiatives that would enhance the ecosystem, as well as tackle some of the adverse effects of climate change and other challenges facing the environment. According to the Bank, this is in recognition of the fact that a cleaner and more sustainable environment is key to building a better world for present and future generations.

FCMB gave the assurance in a statement to commemorate this year's World Environment Day (WED), which held on June 5, 2021 under the theme, "Ecosystem Restoration". The annual WED is one of the principal vehicles through which the United Nations stimulates worldwide awareness of the environment and climate issues. It also serves as an opportunity to remind humanity of the need to protect the environment, as well as encourage responsible conduct by communities, enterprises and individuals in preserving and enhancing it.

Through the years, FCMB, under its Corporate Social Responsibility (CSR) philosophy, has maintained active participation in the WED. The institution does this by organizing and hosting various educative programmes, in partnership with the Nigeria Conservation Foundation and other stakeholders. For this year's edition, the Bank mobilised staff, hundreds of students and young Nigerians nationwide to plant trees in the six geopolitical zones of the country, as part of its "Go Green" initiative. The tree planting exercise, which also forms part of the Bank’s Employee Volunteering Scheme, would go a long way towards restoring the balance of the ecosystem and improving the environment.

The Bank's sustainability agenda is underpinned by the nine pillars of the Nigerian Sustainable Banking Principles (NSBPs) developed and adopted by the Bankers’ Committee in 2012. The NSBPs encourage Banks to promote economic growth, business opportunities, and enhance innovation and competitiveness, whilst protecting communities and the environment in the course of daily activities.

Speaking on FCMB's commitment to environmental sustainability and the WED, the Group Head, Corporate Affairs, Mr. Diran Olojo, stated that these interventions are part of the Bank's progressive journey and contribution towards making the world a better place. According to him:

"We are aware that climate change is one of the defining issues of our generation, threatening the existence and development of humanity and businesses. In Nigeria, the devastating effects of climate change are being felt through land degradation, deforestation, drought, flood, high temperature, migration, low agricultural output, unemployment, among other, negative effects. These limit opportunities for human and business growth, which is why we are committed to playing an active role to address these challenges as one of the major contributors to the development of Nigeria".

He assured that:

"As a responsible and futuristic corporate organisation, our business decisions and operations will continue to take into consideration factors that could negatively impact the environment, society and hinder long-term growth prospects. We are also focused on creating opportunities that foster realisation of the personal and business aspirations of our customers, other stakeholders and Nigeria in general in a sustainable manner. Our work in the renewable energy sector and advocacy on issues relating to the climate and environment amplify this commitment".

FCMB has over the years driven and offered significant support to initiatives that would ensure environmental protection and sustainability. The Bank executes these through robust policies and procedures embedded in its Social and Environmental Management System (SEMS).

It is worthy of note that FCMB has taken the lead in the renewable energy sector, through capacity building sessions, access to funding and provision of opportunities for developers and end-users to connect in meaningful, productive ways. The Bank has executed credit enhancement agreements worth N20.9 billion to support renewable and energy efficient projects. This is meant to improve the supply of energy, enhance cost efficiency and access to clean energy.

In addition, the lender has consistently grown its loan portfolio to mini-grid developers, commercial and industrial energy efficiency providers, and solar home system distributors. For instance, it is on track to finance projects that would deliver over 10,000 new solar-powered electricity connections to households and businesses across various communities by the end of 2021. The Bank has also developed a product for Mini-Grid developers, under the World Bank/Rural Electrification Agency (REA) of Nigeria scheme. Through this, businesses in the renewable energy sector can access loans of up to 70% of the project cost without collateral. FCMB is also set to roll-out loans to households to purchase solar home systems. This follows a successful introduction of this product for its employees to enable them procure solar power systems at a reduced rate, for use in their homes.

Among other environmental sustainability programmes, FCMB engages in corporate recycling projects through which wastes generated at its Head Office in Lagos and some of its branches in Oyo and Abia states are collected and recycled for other valuable purposes. Also, more than 100 branches of the financial institution nationwide run on solar power. This has drastically reduced carbon emissions and helped to create a cleaner environment, while delivering uninterrupted and real time services to its esteemed customers. In recognition of this feat and several other strides, FCMB was conferred with a "Sustainability Award" in March 2021 by Starsight, a leading power utility organisation.

FCMB recently took a step further by unveiling a plan to fully upscale its solar power system in all branches in Nigeria by 2025, as well as reduce cost of consumables by 75% through constant improvement in the automation of all its operating procedures. The Bank also engages its stakeholders on opportunities that solar energy provides, to enable them appreciate the importance of a carbon free environment.

Since 2016 the Bank has also consistently supported the Lagos State Government’s Cleaner Lagos Project to achieve a cleaner greener environment. The financial institution also carries out an awareness initiative, tagged "Sustainable Saturday", where posts are shared across its social media handles, encouraging individuals and organisations to take positive actions in maintaining a safe and cleaner environment.

Analysts have expressed confidence that FCMB's conscious interventions in promoting environmental protection and sustainability would go a long way to enhance its competitiveness and performance in the new world economic order.

For more information about FCMB and its unique propositions, please visit www.fcmb.com.

FCMB Introduces Paperless and Cardless Transactions at Branches, ATMs and POS Terminals


Customers of First City Monument Bank (FCMB) can now seamlessly carry out an array of transactions with just their fingerprints and Bank Verification Numbers (BVNs). This followed the introduction of paperless transactions within the Bank's over 200 branches in Nigeria. With this innovation, customers no longer require deposit slips, withdrawal booklets, or cheque books to carry out over-the-counter transactions.

In addition, FCMB customers now have the opportunity to enjoy cardless banking experience by just using their fingerprints to withdraw and deposit cash at 575 select biometric Automated Teller Machine (ATM) points of the Bank spread across the country and via biometric Point of Sales (PoS) terminals available within the Bank's branches.

Beyond this, the 575 biometric ATMs of FCMB can be used by customers for intra and interbank transfers as well as change of PIN and data update. The simple, convenient and secure cardless services are available for use when customers do not wish to go out with their debit cards or these are inaccessible due to loss or damage.

With these innovations, FCMB has again taken a bold step towards driving value-added digital banking solutions in Nigeria that would significantly promote financial inclusion.

Commenting on the introduction of the cardless service, the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, described it as another turning point and milestone in the digital transformation drive of the lender.

According to him, "the FCMB cardless biometric transaction on ATM is a pioneering innovation in digital banking in Nigeria that provides wider access to ATM usage for many more people who may not have debit cards. It delivers greater financial inclusion. Its biometric identity factor also delivers enhanced security and convenience for customers, taking their digital experience to the next level".

Also speaking on the paperless over-the-counter transactions, the Divisional Head, Service Management and Operations of FCMB, Mr. Oluwakayode Adigun, assured that, "we will continue to re-engineer our processes and services by leveraging on emerging technologies and innovation to offer seamless customer experience at all our channels and touch-points".

With customer base in excess of 6 million, over 200 branches spread across Nigeria and upward growth in overall performance, FCMB has consistently upscaled its operations, product and service offerings to empower and delight Nigerians. The Bank's resolve to create a unique user experience for customers has inspired it to successfully create opportunities, while also supporting their individual and business aspirations in various segments.

For more information about FCMB and its unique propositions, please visit www.fcmb.com.

The Founder of FCMB Group and notable philanthropist, Otunba Olasubomi Balogun (CON), has formally handed over his Otunba Tunwase National Paediatrics Centre (OTNPC), located at Ijebu Ode, Ogun State, to the management of the University of Ibadan and the University College Hospital (UCH). The gesture is part of his conscious efforts towards ensuring that Nigerians, especially children, have access to world class healthcare facilities and specialised treatment services. The cost of the hospital is estimated at over N5 billion.

The transfer of the hospital to UI and UCH was preceded by the signing of a Memorandum of Understanding (MoU), which clearly states how the Centre is to be managed by the parties, on October 1, 2020 in Lagos.

The formal hand over ceremony, which took place on January 19, 2021 in the premises of the hospital, was attended by the Group Chief Executive, FCMB Group and Board Chairman, Otunba Tunwase Foundation, Mr. Ladi Balogun; the Group Head, Corporate Affairs of FCMB, Mr. Diran Olojo; the Acting Vice Chancellor of the University of Ibadan, Professor Adebola Ekanola, (who was unavoidably absent), was represented by the Provost of the College of Medicine, Professor Yinka Omigbodun; the Management of University College Hospital, led by its Chief Medical Director, Professor Abiodun Otegbayo; the Interim Transition Management Committee of OTNPC led by the Chairman, Dr. Adeyinka Hassan, as well as other eminent personalities.

In his address, the Group Chief Executive, FCMB Group, Mr. Ladi Balogun, who represented the Founder of FCMB Group, Otunba Olasubomi Balogun, gave an insight to what inspired the business mogul to take up the extraordinary philanthropic project almost 11 years ago.

He recalled that, "the inspiration by Otunba Olasubomi Balogun to build this great establishment started when he took over the children's hospital at the UCH Ibadan, where he was exposed to the true plight of sick children and the high demand for world class facilities to cater for their needs in a sustainable manner. An interaction with the then Minister of Health, late Professor Olikoye Ransome-Kuti, further propelled Otunba Balogun to do more in terms of the provision of world class medical facilities. The exposure and interaction later became the brainchild of this N5 billion establishment, credited as a prototype of the Ormond Street Children's Hospital in London, United Kimgdom".

Speaking on the Banking icon's decision to hand over the control and management of the Centre to UI and UCH, Mr. Balogun disclosed that, "at the end of its construction, some institutions requested to manage the hospital, but Otunba Balogun strongly believes that the University of Ibadan and University College Hospital are in a better position to do that effectively and further raise its status, considering their respective pedigrees.”

He further explained that, "following the signing of the MoU last year by all the concerned parties, the resolution is that while the University College Hospital has been mandated to provide clinical services, the University of Ibadan will engage in research and other academic works, whilestudents from UI would also be involved as part of the training".

Appreciating the gesture, the Chief Medical Director, UCH Ibadan, Professor Otegbayo, said that it is an indisputable fact that the health and welfare of society are critical to the development of any community.

According to him, "we at the UCH are grateful for this opportunity to contribute to the well-being of residents in Ijebu community, Ogun State and Nigeria at large. We promise that as soon as all the legal nuances are sorted out, we shall fully move in and continue with what UCH is known for; unequalled provision of health care services, research and training”.

Commenting further on Otunba Balogun’s continuous generosity, he stressed that, "the UCH is not just witnessing the generosity and benevolence of Otunba Balogun now. Many years ago, he endowed the Otunba Tunwase Children Emergency Ward in UCH and he has been funding the Ward since then. A lot of children have been saved there, whiletraining and research in Paediatrics have been going on unhindered.”

In her remarks, the Provost, College of Medicine, Professor Omigbodun, expressed delight at the official hand over of the hospital to both the university and UCH. She lauded Otunba Balogun for handing over the management of the hospital to the institutions.

According to her, "we are extremely grateful to Otunba Subomi Balogun for this generous contribution to the medical sector. This Centre would certainly contribute immensely to the training and research activities carried out by our academics. It is our hope that other Nigerians who have achieved greatness in their various fields would emulate him”.

Otunba Subomi Balogun is a well-known statesman, entrepreneur and philanthropist with several charitable projects and programmes for the people of his hometown of Ijebu-Ode, as well as many other parts of Nigeria. His philanthropy ranges from the provision of this world class medical facility to education, capacity building, youth empowerment and other socio-economic initiatives, aimed at enhancing the development of humanity and society in general.

.........Legal expert says bank can take action against peddlers



The Bank Customers Association of Nigeria (BCAN) late Sunday detested in unequivocal terms the attempt by some social media commentators and publishers to disparage the image of the First City Monument Bank (FCMB) in the face of the ongoing controversies over alleged extra-marital affairs of the bank’s Managing Director, Mr. Adam Nuru, describing the act of the commentators as unjustifiable.

The National President of the umbrella body of bank customers in Nigeria, Dr. Uju Ogubunka, in a chat with BRTNews.ng, condemned the ongoing efforts of some agents on social media platforms to denigrate the FCMB brand through photo-shopped posts that don’t represent the ideals the bank had been noted for over the years.

The chartered banker and former Registrar/Chief Executive Officer of the Chartered Institute of Bankers of Nigeria (CIBN), while reacting to enquiries by our correspondent on the alleged infidelity of the bank’s chief and raging calls for his sack and other issues relating to the saga, said most of the calls were not logical when analysed within the context of professional ism and implications for the financial system.

According to him, since the issues being raised remain just allegations there is need for everyone to wait until investigations promised by the bank’s board on the matter are completed and the findings made known that passing judgment on the embattled Mr. Nuru can be reasonable.

He said: “This is, according to you, an allegation. No right thinking person relies on allegation to take action. Perhaps, the exception is investigative action. As per the question on people calling the CBN to sack the MD, CBN is not the employer of the CEO. So, action, if there is any to be taken, is not for the CBN to take.

“Again on the denigrating postings by some Nigerians or commentators on social media about FCMB, I want to say it is not the business of bank customers to take position on issues that are said to be allegations. So, it will be honourable for BCAN members to ‘mind their business’

“The Nigerian banking industry has a Code of Ethics which can situate the issue when or if investigated and results show a breach of the ethical code. I suggest that premium should not be placed on the unverified and unconfirmed “allegation”. Science and technology have advanced that determination of paternity can easily be ascertained.

“There is no need to tarnish or damage peoples’ and institutions’ names, based on allegation(s)”, Ogubunka stressed.

Over the past few days, some social media abusers and commentators have thrown caution to the winds by ‘photo-shopping’ the FCMB logo and inscribing ‘Your wife and I’ rider on it thereby portraying the bank in bad light.

Commenting on such acts from a legal perspective, a legal practitioner, who spoke on the condition of anonymity, said “all those engaging in that type of act are actually ignorant of the law.

“In all honesty, such acts are libelous and if the FCMB board or even shareholders decide to take legal action against any of them, including those sharing such detestable messages through their platforms, they will all be in serious trouble.

“For God sake, how could anybody descend so low to be tampering with the image of a legal person all in an attempt to validate an allegation against the MD which is yet to be legally proved?”, the lawyer queried.

Let me first out myself. I am a former Employee of FCMB. I worked there for a bit in the securities trading arm, CSL. CSL is a legendary institution that continues to be the corner piece of the Nigerian Capital Market. I was the Head of Local Business.

One thing that attracted me to the firm was its legacy. Its founder, Chief Subomi Balogun was a hero of sorts to young Stockbrokers like myself. He had built the institution from his boot straps to the behemoth it is today with over 50,000 Shareholders.

My first day at work, I was taken in a ride by the then Managing Director Ladi Balogun on his way to a meeting with Aliko Dangote and in those few minutes he perfectly situated the values that drove the institution. Ethical standards and integrity were the words he kept repeating as he stressed the need for me to join as he attempted to reclaim market share in the Local Securities market.

I stayed with the Bank for over 15months and having worked in several financial instutions including about four Banks and several stockbroking and Asset Management Firms, I can safely say that the ethical standards at FCMB stand shoulder high above its peers. The FCMB woman is well regarded, with access to the very top to discuss her issues. They even have the FCMB Woman Platform which seeks to build cohesion and gives the FCMB woman the much needed push to fulfil whatever it is is her career goals.

That said, the news of the alleged dalliance between the well regarded MD Mr. Nuru and the former staff leading to the supposed siring of two kids by him while still in her marriage and ultimately leading to her husbands passing has captured the imagination of Nigerians powerfully.

Daily the keen observer is assailed with all sort of social media commentary, memes and the rest on the matter. I hear an online petition has been in circulation with varied numbers being quoted as signatures asking both the FCMB and the CBN to act on the matter. A memo allegedly sent out by Group Managing Director Ladi Balogun quoting that the issue could derail the achievements’ of the Bank in the just concluded year is leaked, fueling calls for his removal.

All these have thrown up very important questions on the ethical behaviors of Bankers and its effect on the Bank’s public image and much more importantly the profitability of the Bank on the one hand and the safety of public funds in its custody on the other. It is also putting the regulator to task on the issue.

But tarry awhile. Why all these fervor on an unsigned petition innocuously posted on social media. How do we move against a Man based on a mere allegation without anybody coming out to own up to the allegations. Up until this point as I write, I have not seen a signed petition accusing the man of all of these allegations. What we are seeing so far are online petitions from people on the back of the anonymous triggerr post. Should we now then hang a man based on this? Based on public push which is as is the case quite emotional.

The arbitrariness of this matter and others like this especially on social media is scary. What this portends is that if Nuru falls then anybody can fall based on any story thrown up there just by anybody. Before I am castigated, please note that I am not taking a stand as to Mr. Nuru’s innocence or not or if he breeched Banks ethical rules or what not. All I am just saying is that there has been no concrete complaint from either the Mr. Thomas accusing this man of this heinous crime, nor an official complaint from the Woman alleging rape, forceful sex or any type of abuse using his power as a boss over her. We have not even seen DNA certification confirming the parentage of the children. All that is in the public domain are pictures of children who have an uncanny resemblance to Mr. Nuru. Are there sufficient factual and legal evidence to begin to push for the Mr. Nurus head.

In the last five years, Nigerians have witnessed the growth of what some of us have called digital mobs who unlike their physical counterparts who roast with used tyres and bonfires, these ones do thier with words on social media. The arbitrariness and disregard for processes and institutionalized structures for arbitration continues to weaken the levers that hold society together pushing us closer to anarchy.

The FCMB I know have well tested and well-ordered structures for getting relieve if your rights have been trampled. I have gone through it as a boss. I had lost my temper during a heated meeting and unwittingly threw a pencil at a junior staff. She went through the process and I faced a disciplinary Committee and was found guilty. The system didn’t care that as at that time I Was number 3 in hierarchy in our subsidiary and that this lady was very near the bottom in hierarchy, I was made to face the music. Same I am very confident would be the case if there is an official approach to this matter by any complainant even if it is me being Mr. Thomas Landlord.



The major issue here is not even Mr. Nuru and his supposed errant private member but our societies’ eagerness to throw caution and common sense into the gutters in matters like this while putting on the toga of arbitrariness in pushing this types of issues. I fear that our institutions for fear of Market share can bow to public pressure and take decisions that would further weaken them and infringe on the human rights of their people.

Please in conclusion, where is Mrs Thomas in all of these for only she can solve this problem. Her position would either indict or free Mr. Nuru, she has to answer some very salient questions – was she in an affair with Mr. Nuru while at FCMB, was she in that affair willingly or not and who truly is the father of the child and where she has no answer to the last question, would she willingly take a DNA test on this matter.

My advise to FCMB is to stand firm by its rules, do not be pressured to take hasty decision by a fickle social media crowd who will move on to the next hot gist, while you would have destroyed not only the career of a man who is possibly innocent and in the same vein destroy the fabrics that hold your institution together. Seek the facts and base your decision on those facts.

I wish you a fruitful review of the matter. But will I close my account with FCMB cos the MD has two children with a married staff? I think not. Thank you



*Written By Joseph Edgar

First City Monument Bank (FCMB) has again proved its mettle as a customer-centric financial institution that cares for the comfort of its customers by opening a world class Cash Centre at Ikorodu, Lagos.

The ultra-modern Cash Centre, located at Oluwarotimi Adeola Street, Ori Okuta Junction, Off Isawo Road, Ajaguro-Owutu, Ikorodu, takes into consideration the convenience of residents and businesses present within Owutu and its environs, including the popular Ikorodu garage, Agric Junction and Haruna areas. The development, which is coming two weeks after the Bank opened another Cash Centre at Ipaja, a suburb in Alimosho local government in Lagos, is in line with the commitment of FCMB to bring financial services closer to the populace to deepen financial inclusion, especially in densely populated areas like Ikorodu where a large number of people desire excellent banking services.

The Cash Centre, which commenced operations on December 21, 2020, is powered by solar energy, and equipped with latest traditional and digital banking infrastructure that ensures convenient and secured financial transactions for customers in a relaxed and tranquil environment. This is in addition to the team of highly experienced staff deployed to attend to the needs of existing and potential customers of the Bank.

Speaking on the opening of the FCMB Cash Centre at Owutu, Ikorodu, the Managing Director, Mr. Adam Nuru, reaffirmed the commitment of the Bank to grow its network to meet the individual and business aspirations of its ever-increasing customer base across segments.

According to him, "this is another turning point in our commitment to ensure that Nigerians enjoy the very best of Banking experience from FCMB. We consider our presence at Owutu, Ikorodu as another great opportunity to further cement our relationship with Lagos and in turn, drive development in this part of the state. Ikorodu is one the fastest growing residential and business hubs in Lagos. As an inclusive lender, we recognise that the only way we can succeed is when we engage and support our customers to succeed.'’.

Also commenting, the Divisional Head, Service Management of FCMB, Mr. Oluwakayode Adigun, said, "having a second physical outlet in Ikorodu to support our long existing Branch in the town reinforces our customer-centric approach. We assure that individuals and businesses at Owutu and its environs will enjoy the valued-added offerings which FCMB has been known for since its establishment 37 years ago. We will also use the opportunity to further optimise our strategic digital transformation drive by deploying channels that would promote rapid growth in the area. We urge existing and potential customers to take advantage of the benefits which the Cash Centre offers by banking with FCMB".

FCMB, as a foremost financial institution in Nigeria, has continued to wax stronger by re-engineering its processes and leveraging on emerging technologies to offer seamless customer experience at all channels. This is in line with its values of Execution, Professionalism, Innovation and Customer-focus (EPIC)". With its more than 6 million customer base, over 200 branches spread across Nigeria and upward growth in overall performance, the Bank has consistently proved its mettle as a resilient and dominant player in the Nigerian financial services industry.

These strides have earned the Bank several accolades and awards. The Bank recently emerged as winner of the prestigious award of Best SME Bank in Africa at the Asian Banker Middle East and Africa Regional Awards. In 2019, the lender was conferred with the award of "Most Business-Friendly Bank" at the BusinesDay Banking and Finance Awards. It equally bagged the award of "Excellence in Customer Experience" at the Finnovex Award held last year. In addition, FCMB was rated as the number one Bank for SMEs in Nigeria, courtesy of the Nigeria Banking Industry Customer Experience Survey report by KPMG.

With a clear understanding of its market and environment, FCMB is well positioned to continue to create value by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.

For more information about FCMB and it's wide range of financial services, please visit www.fcmb.com

First City Monument Bank (FCMB), a foremost financial services provider in Nigeria, has been voted as the Best SME Bank in Africa. The Bank won the prestigious award at the Asian Banker Middle East and Africa Regional Awards held virtually on November 5, 2020. The development is another confirmation of FCMB’s outstanding performance in offering exceptional services, including funding, capacity building and other value-added supports, to Small and Medium Scale Enterprises (SMEs).

The Asian Banker is an authoritative platform for strategic business information for the financial services industry worldwide. The annual Awards organised by the firm is one of the most comprehensive, transparent and respected in the industry covering the full spectrum of topics and areas that constitute the financial services system.

According to the Asian Banker, FCMB emerged as the Best SME Bank in Africa following, “series of online surveys across the region to gather feedback from thousands of customers per market. In the survey, we also asked customers to rate how well their main Banks have helped them during the crisis. The results and rankings are a true reflection of the voice of the customers”.

The organisers further stated that, “FCMB has introduced various digital initiatives into the SMEs segment, such as digital loan products (Quickloans) and its New Mobile banking platform. In addition, the Bank launched a platform, which was a first of its kind, to help women owned businesses scale up, by leveraging access to financing schemes, mentorship programmes, as well as training and networking opportunities. FCMB has equally helped SMEs to enhance capacity, thereby improving their business operations, connect with peers and access to trusted service professionals. The Bank has a 25% market share in the SME business, and in 2019 had more than 300,000 new accounts in this segment. We commend FCMB for its incredible contributions towards ensuring the growth and sustainable development of SMEs within the region”.

Commenting on the award, the Managing Director of FCMB, Mr. Adam Nuru, described it as another milestone and a clear demonstration that the various strategic initiatives and solutions offered by the Bank are yielding the desired results and appreciated in Nigeria and internationally.

According to him, “we are excited to have been recognised by the Asian Banker for our market leading propositions and support to SMEs, which continue to make real impact on businesses and the economy in general. This award is another validation that we are on track in our customer-centric approach to financial services delivery. We will continue to expand the frontiers of our innovation and go the extra mile to deploy offerings that consistently enhance customer experience. We thank the Asian Banker and the respondents for considering us worthy as the Best SME Bank in Africa. We dedicate this award to our customers who have made FCMB what it is today’’.

Speaking while receiving the award, the Executive Director, Business Development, FCMB, Mrs. Bukola Smith, stated that, “as a resilient, inclusive and responsive institution, we have continued to deploy solutions to transform the challenges posed by COVID-19 to opportunities for our customers by leveraging on our robust technology, digital transformation drive and highly professional team. Our SME Banking offerings have significantly changed lives through job and wealth creation, among other benefits. This is because, we believe that the only way we can succeed is when our customers succeed. We are very proud to be the Best SME Bank in Africa, particularly coming after KPMG rated us as the Best SME Bank in Nigeria in the 2019 Nigeria Banking Industry Customer Experience Survey report. This latest award will undoubtedly inspire us to perform better”.

For more information about FCMB and its propositions for SMEs, please visit www.fcmb.com/business-banking.

First City Monument Bank (FCMB) has restated its commitment to provide the very best of service delivery and value-added offerings that will consistently enhance the experience of its teeming customers at every touch point. The Bank further assured that it will continue to leverage on its solid business models, highly professional staff, innovation, bespoke solutions and technology to turn the aspirations of customers to life changing opportunities.

FCMB gave the assurance in a statement to commemorate this year’s international Customer Service Week, holding from October 5 to 9, 2020, under the theme, “Dream Team”. The theme essentially highlights the importance of teamwork in providing outstanding service to all customers at this challenging period.

In the statement, FCMB announced several exciting activities to make this year’s Customer Service Week memorable, including a customer appreciation drive whereby customers who buy airtime worth N500 and above via the Bank's *329# USSD channel get a 10% bonus add-on all through the week; and a virtual question and answer session between customers and the Divisional Head, Service Management & Technology. In addition, cakes will be delivered to children who operate kiddies account with FCMB and whose birthdays fall within the customer service week.

Employees of the Bank are also not left out of the customer service week celebration. A virtual party will hold on Friday, October 9, during which some employees will be recognised and celebrated for their achievements and overall championing of FCMB’s core values of Execution, Professionalism, Innovation and Customer-focus (EPIC).
Commenting on the 2020 edition of the Customer Service Week, the Divisional Head, Service Management & Technology of FCMB, Mr. Oluwakayode Adigun, said “This year's Customer Service Week resonates deeply with us, because we pride ourselves as an institution that is made up of world class professionals driven by a culture of excellence. In addition, we consistently go the extra mile to develop and offer solutions that align with the lifestyle and aspirations of the various segments of the population we serve. For all of these, we are again using the opportunity of the customer service week to express our appreciation to our stakeholders".
With over 6 million customers as well as over 200 branches spread across Nigeria and consistent growth in overall performance, FCMB has proved to be a resilient and dominant player in the Nigerian financial industry.
The Bank has deepened and sustained its support to Nigerians and the economy, through various interventions, to mitigate the effect of the pandemic in the country, including the recent reduction of interest rates on all consumer loan products, to help customers free up extra income to meet other expenses in a convenient manner. FCMB also recently launched a Health Advisory Service, an on-demand health information service in collaboration with Wellvis.org, which makes it easier for Nigerians to access quality healthcare from the convenience of their homes, offices or even on the go.

First City Monument Bank is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. For more information about how FCMB can support fulfilment of your aspirations, please visit www.fcmb.com.

First City Monument Bank (FCMB) has again lived up to expectation as a customer-centric and responsive Bank. The latest in the series of actions taken by the financial institution is a reduction of interest rates on all consumer loan products.

The reduction, which took effect from August 12, 2020 applies to all Salary Plus Loans, including Premium Salary Plus, Auto Loans and Home Loans, of FCMB, whether they are newly disbursed or already running loans. The slash of interest rates means that customers will be repaying lower amounts each month and can also borrow higher amounts than previously. In addition to the benefits of interest rates reduction, customers also have the option to restructure their consumer loans by opting for reduced tenure instead of reduced repayment amount.

In a statement, FCMB explained that the decision to reduce interest rates and restructure its consumer loan products in a more flexible manner are the latest initiatives in response to the current economic realities induced by the novel COVID-19 (coronavirus) pandemic, which has impacted negatively on personal and households income and expenditure, as well as on businesses and the socio-economic environment in general.

FCMB’s bold move to cut interest rates has been applauded by customers, as it will go a long way in enhancing standard of living by helping customers free up extra income to boost purchasing power and meet other expenses in a convenient manner. The development is also expected to have a multiplier effect on the Nigerian economy in terms of stimulating growth and development.

Commenting on the interest rate reduction and restructuring of repayment tenure, the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said, “we realise the financial challenges confronting our customers due to the prevailing economic situation caused by COVID-19. As a caring and responsive Bank, we are committed to give them all the support needed to ease the situation. This year alone, we have given out more than N30 billion in retail loans to over 475,000 customers. Because we have also digitized the application process for many of our loans, customers can get some loans instantly simply by applying on their mobile phone or the ATM. With
the reduction in interest rates, we expect to make positive impact in more lives by giving our customers the financial support they need, when it matters most”.

With a customer base of almost 6 million as at the end of June 2020, robust digital banking offerings cutting across mobile, internet and ATM platforms, as well as over 200 branches spread across Nigeria, FCMB offers bespoke financial solutions that align with the lifestyles of its existing and potential customers.

The Bank’s giant strides and consistent impressive performance in the retail segment of the Nigerian banking industry continues to receive positive affirmation. FCMB was conferred with the award of “Most Business-Friendly Bank” at the 2019 edition of the Business Day Banking and Finance Awards. It equally bagged the award of “Excellence in Customer Experience” at the Finnovex Award held last year.

In 2018, it won the prestigious award of ‘’Excellence in Retail Banking’’ at the New Age Banking Summit & Awards.

First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.

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

For more information, please visit www.fcmb.com

First City Monument Bank Announces The FCMB Agritech EPIC Pitch 2020, In Partnership With Passion Incubator




Committed to “Redefining and repositioning Agricultural value chains during and post the COVID-19 era”


The agriculture sector in Nigeria and the larger African continent faces a number of challenges including climate and weather, rural-urban migration, lack of expertise and limited access to funding. While solutions to address these challenges have increased year on year with great success, more still has to be done before Africa can fulfil its potential of being the “food basket for the world”.

First City Monument Bank (FCMB), one of the biggest financial players in the development of Nigeria’s agriculture sector, has announced the 2020 edition of the FCMB Agritech Epic Pitch, through which it plans to sustain funding for early to growth-stage entrepreneurs to grow and scale their Agritech businesses.

In its 3rd Year, the FCMB Agritech Epic Pitch 2020 will be implemented through Hub One (the Bank’s tech Hub located in Lagos, Nigeria) in partnership with Passion Incubator, a Lagos-based early-stage tech incubator and accelerator. For this edition, FCMB will be providing grant funding of NGN1.5million to 2 tech start-ups in the agriculture sector to support their business growth as well as access to free word-class workspace, steady market and a robust network that stimulates innovation, collaboration and business growth.

In view of the COVID-19 pandemic, the FCMB Agritech Epic Pitch 2020 is the first virtual edition of the initiative, but is positioned to deliver the same value to participants, as demonstrated in previous editions. According to Rolayo Akhigbe, Divisional Head, Transaction Banking, FCMB“We are passionate about supporting Nigeria’s tech ecosystem and this initiative is one of the ways through which we are building and accelerating the growth of the Agritech Startups in Nigeria, as well as the larger African continent…”

Also according to Kudzai Gumunyu, Divisional Head, Agric Business “This initiative plays an important role in helping young and driven Nigerian entrepreneurs grow their Agric-focused business. This mission would eventually build investible, sustainable and scalable AgriTech businesses that can contribute to the nation’s employment rate as well as the growth of the nation’s GDP”.

Application for the program is currently open. Entrepreneurs in the Agritech space should apply by visiting https://on.fcmb.com/AEP. The deadline for application is July 24, 2020.

The program will also feature a virtual conference with the theme “Redefining and repositioning Agricultural value chains during and post the COVID-19 era”, which will bring together some global experts to discuss and share some insights on the Agricultural value chains.

For more information about Hub One, as well as other FCMB initiatives in support of the tech ecosystem, visit https://www.fcmb.com/hub-one/