The Nation Newspaper

Category: Money

  • World Bank: least developed countries’ debts hit $744b

    World Bank: least developed countries’ debts hit $744b

    By Collins Nweze

     

    The least developed countries’ debts rose  to $744 billion in 2019, the World Bank said yesterday.

    According to the 2021 International Debts Statistics (IDS) report the total external debt of Debt Service Suspension Initiative (DSSI)-eligible countries climbed 9.5 per cent to a record $744 billion from the previous year.

    In Africa, Angola, Benin Republic, Burkina Faso, Chad, Eritrea, and 26 others are among the least developed countries. Nigeria is not on the list of least developed countries.

    The rising debt for the countries  highlighted an urgent need for creditors and borrowers alike to collaborate to stave off the growing risk of sovereign-debt crises triggered by the COVID-19 pandemic.

    The pace of debt accumulation for these countries was nearly twice the rate of other low- and middle-income countries in 2019.

    Read Also: Dickson tackles ex-aide over debts in leaked audio

     

    According to the World Bank, in response to an urgent need for greater debt transparency, the latest edition of the IDS report provides more detailed and more disaggregated data on external debt than ever before in its nearly 70-year history—including breakdowns of what each borrowing country owes to official and private creditors in each creditor country, and the expected month-by-month debt-service payments owed to them through 2021.

    Before the onset of the COVID-19 pandemic, rising public debt levels were already a cause for concern, particularly in many of the world’s poorest countries as discussed in our Four Waves of Debt report published last December.

    Responding to a call from the World Bank and the International Monetary Fund, the G20 endorsed the DSSI in April 2020 to help up to 73 of the poorest countries manage the impact of the COVID-19 pandemic.

  • Winners emerge in Wema Bank’s annual Royal Kiddies Award

    Winners emerge in Wema Bank’s annual Royal Kiddies Award

    By Collins Nweze

    Nigeria’s long-standing innovative bank, Wema Bank, has rewarded twenty of its Royal Kiddies account holders through an announcement made during the virtual selection which held on the 2nd of October 2020.

    As the bank had earlier announced to make provision for educational support for its customers, a total of twenty winners emerged with six winners from the Lagos region, five from south west region and three each from the South East, South-South and Northern Nigeria.

    Speaking during the selection which happened virtually, Dotun Ifebogun; Divisional Head, Retail Banking commended the efforts put in by customers of the Bank’s Royal Kiddies Account. According to Mr Ifebogun “The Royal Kiddies annual award demonstrates the banks unwavering support for its customers especially at a time when most families are facing the financial hardship posed by the global outbreak of COVID-19. We also know it’s “back to school” season and we believe this will contribute to the educational needs of the winners as they go back to school.

    Read Also: Wema Bank appoints two directors

    He further stated that because of the cash prize, many parents now look forward to the annual award with the expectation of having their wards among the lucky winners. He went on to say the annual Royal Kiddies Award is here to stay and encouraged parents who are yet to open a Royal Kiddies Account for their children ages 0-12 years to do so.

    Similarly, Funmilayo Falola, Head Brands & Marketing Communication, Wema Bank commended the initiative, she said “the Bank prides itself in constantly devising means of rewarding customers across all segments and the annual Royal kiddies Award goes a long way to show this. As a bank we believe children are the future leaders of any nation and the need to invest in their education cannot be overemphasized”

    Mrs Falola further described the annual Royal Kiddies Award as an avenue through which the bank supports the cause of education in the nation and specifically within families. Children get an early start to financial freedom at Wema Bank with the Royal Kiddies Account designed for ages 0 to 12.

  • Independence Promo: Union Bank set to reward customers

    Independence Promo: Union Bank set to reward customers

    By Collins Nweze

    In commemoration of Nigeria’s 60th Independence anniversary, foremost financial institution, Union Bank, has announced plans to reward its teeming customer base in an Independence promotion which will run during the month of October.

    The promo is part of Union Bank’s efforts to acknowledge and reward the indefatigable, enduring Nigerian spirit, and celebrate both new and existing customers during this special season.

    As part of the campaign, each weekday in October, the first 60 customers to activate their debit cards and spend a minimum of N1,000 will receive a N2,000 cashback reward. In addition, the promo offers all Union Bank customers ‘Independence from Charges’, throughout October, as they will enjoy zero fees on bill payments made via the UnionMobile App or the Bank’s USSD Code, *826#.

    While unveiling the Independence Campaign, the Bank’s Head of Retail Banking and Digital, Lola Cardoso, praised Nigerians for their tenacity and focus, despite often tough conditions. She explained that the promo is a part of Union Bank’s efforts to reward her customers as they celebrate Nigeria’s 60th Independence anniversary. According to Mrs. Cardoso,

    “Union Bank is excited to give back to her customers through this Independence Promo. This month, as we celebrate Nigeria at 60, it presents a wonderful opportunity to reward our customers in ways that matter, as we continue to deliver products and services that enable them to achieve their personal and business goals.

    The Independence promo offer is open to both existing and new Union Bank customers. Prospective customers can now open Union Bank accounts at their convenience via the UnionMobile App, or by visiting the nearest Union Bank branch.

    Union Bank remains committed to providing simpler, smarter services and enabling success for the average Nigerian.

  • What you must consider before Investing Online in Nigeria

    What you must consider before Investing Online in Nigeria

    The trend of online investment has been catching up around the world since the introduction of the internet, this has contributed to the growth of trading figures worldwide.

    Likewise, here in Nigeria, online trading and investing have been continuously booming for the last two decades, which can be witnessed by a continuous surge in the average daily trading volume in the capital markets. This has encouraged growth of local investing & fintech sector with the launch of local investing apps like Chaka, Wealth.ng, which have received multi-million-dollar investments to cater to this market.

    Online investing platforms and apps have enabled Nigerian investors to have ease of access to the financial markets worldwide, online trading tools have helped reduced the time & effort involved in market analysis and order execution; which has helped many investors take timely market opportunities.

    However, for an uneducated or beginner investor, investing in financial instruments or capital markets can be highly risky. This risk increases ever more when they are doing it online as it puts them at risk of scams & frauds.

    Investors need to take care of certain factors before exploring the online investment opportunities for their safety & security.

    Most of the new investors fail to achieve their financial targets or face drastic outcomes as they lack guidance and experience of trading & investing.

    Following are the points which must be considered by every individual in Nigeria before investing online.

    7 Factors to Consider while Investing Online

     

    1. Start with a Financial Plan & Realistic Target

    Investing without a plan or without setting an objective is similar to searching for a treasure without a map. We cannot achieve our target if we don’t know the destination or lack the discipline to achieve it.

    New investors should make a well-defined financial plan before investing online. The ideal financial plan should take care of the monthly expenses and liabilities along with a separate allocation for an emergency fund.

    You must prepare a budget to check how you can keep aside funds or save funds from your income for investing after fulfilling all your liabilities.

    For this, you need to start saving early. If we do not save from what we earn, we can never grow our earnings in the future.

    Famous investor Warren Buffet says – “Do not save what is left after spending, but spend what is left after saving”.

    The financial targets should be realistic and achievable after considering the volatility and inflation in the market. No one can become rich like famous billionaires Jeff Bezos or Aliko Dangote in a week or a month. It requires planning, discipline and consistency.

    Your financial investment plan should be made according to your objectives and your risk appetite. Discipline and persistence can play a major role in turning your monthly savings into wealth.

    A monthly investment of N5000 at an annual compound interest rate of 15% can nearly become N1.2 million in 10 years and more than N6.2 million in 20 years.

    1. Check all the Available Investment Options & Financial Instruments

    The online mode of investment has brought a variety of financial instruments to our fingertips. This does not mean that we should choose the one that supposedly pays the best returns on paper.

    Each financial instrument has different pros & cons, and involves different magnitude of risk factors. Investors must be insightful enough to choose the financial instruments that are best suited for oneself according to financial literacy and risk appetite.

    According to ForexTrading.ng, “Beginners should start with less risky and less complex financial instruments like saving or recurring deposit accounts, mutual funds, etc. It is important to know about the potential returns, but even more important to be aware of the risk factors involved in the financial instrument before investing in it, to make a better plan and achieve the goal.”

    Generally, the financial instruments that deliver higher returns involve higher risk, while the ones that have low risk factor offer lower returns. Stocks, Bitcoin, Forex involve much higher risk but they have the ability to provide higher returns.

    The risk and returns go hand in hand in the world of investments.

    However, investors should always seek for the instruments that can deliver better returns at lower risk to achieve the financial objective.

    1. Learn About the Financial Market and the Basics of Investing

    Before any making investment, it is important that you invest your time in the education and research of the financial markets, instruments, and basics of investing.

    The financial instrument that you have chosen must be analyzed profoundly to get an idea of the possible returns and all the involved risk elements.

    The investor must know what factors throughout the world can affect the financial markets or the chosen instruments. The knowledge of factors affecting the chosen financial market/instrument can allow the investors to make better investment decisions at the right time to make higher profits or to avoid losses.

    Investors should also possess knowledge of the terminologies and available tools & features that can help with their trading positions like margin, stop loss, etc.

    Suppose, if you have decided to invest in a mutual fund, you should know about the types of funds available in Nigeria and the best performing mutual funds. Before investing in any of the mutual funds, it is important to know where the fund manager is investing and his track record in the past. Investors should be able to identify whether the fund is suitable for their investment objective or not.

    1. Consider and Manage the Risk Factor

    Each financial instrument carries multiple types of risks. A successful investor must be able to identify each and every risk element and should try to mitigate them to the lowest levels. The risk should be evaluated thoroughly – constituting the market risk, leverage risk, liquidity risk, credit risk, inflation risk, and various other types.

    Every investor must be aware of the risk threshold that can be tolerated and the maximum amount of investment one can lose. The ability to identify the risk factors of an instrument and knowing one’s capacity to take the risk as an investor, can make the selection of investment instruments easier.

    Analysis of the potential risk elements can play a vital role in reaching the financial objective and avoiding unwanted outcomes.

    Each identifiable risk factor can be mitigated to the lowest levels by taking concerning steps and applying risk management strategies. Investors should carefully examine the risk to reward ratio and opt for the most productive instrument at the expense of a suitable risk factor.

    If the chosen financial instrument involves a higher risk, the investors should limit the losses by avoiding to invest more than one is willing to lose, or consider diversification or allocation of funds across different instruments.

    1. Choose the Best Suited Trading/Investing Apps

    Choosing the investment application or online broker is one of the most important parts of online investment. There are lot of scams & frauds that are happening in online investing that you need to avoid – by choosing a reliable or trusted trading app.

    A trading or investment application must be chosen wisely after checking its reputation, history, features, fees, tools, instruments available, safety, customer service, and various other aspects.

    The app or broker must be regulated by the instrument’s concerned regulatory authority. Investors must spend time and effort to check and compare the available trading applications to choose the most suitable broker for oneself.

    Some brokers offer multiple financial instruments to invest while many are specifically chosen for particular instruments due to specialization. Following are the commonly chosen investment applications in Nigeria for various instruments.

    • Forex & CFDs: Online Forex trading and Forex brokers are not yet regulated by any regulatory authority of Nigerian jurisdiction. Most of the brokers offering forex and CFD trading services in Nigeria are based in foreign jurisdictions and are regulated by foreign regulatory authorities. For their safety and security, traders must ensure that their broker is regulated by a foreign top tier regulatory authority like FCA of UK or ASIC of Australia. Some of the top tier/FCA regulated forex brokers that accept Nigerian clients include ForexTime, Hotforex, Plus500, etc.

    Forex and CFDs are complex capital market instruments and involve significant risk which is not suited to most investors. Traders and investors must only invest in FX after learning the basics, terminologies, strategies, features and gaining appropriate experience. Beginners should trade with a demo account to gain experience before making actual trades.

    • Foreign and Nigerian Stocks:The stock market investments in Nigeria are regulated by the Nigerian Stock Exchange (NSE), Security & Exchange Commission (SEC). Every broker offering – stock brokerage & investment needs to be licensed by NSE & SEC. While investing in foreign stocks must only be done through brokers regulated in the relevant jurisdiction like – SEC, FINRA for US stocks.

    Stock trading or investment can be risky but keeping a track of the market, research, and analysis along with disciplined investing can give you returns in the long term.

    To start stock investment in Nigeria, potential investors should look out for NSE registered brokers or online investing platforms like Piggyvest, Bamboo, Wealth.ng, Chaka, Rise etc.

    • Bitcoin & Cryptocurrencies: These are the high-risk financial instruments that are currently not regulated in Nigeria. The price movement can be sudden and can occur at any time due to any economic or political reason that affects its supply & demand. Traders and investors with very high-risk appetite can either directly buy and sell cryptocurrencies or can speculate the price movement through CFDs on cryptocurrencies. Popular trading platform offering cryptocurrency trading in Nigeria are Luno, Paxful, etc.
    • Mutual Funds or Unit Trusts: This is the ideal investment instrument for beginner investors. A pooled sum of money from various investors is allocated in multiple instruments by the fund manager. Different mutual funds have different objectives and risk factors. But it is important to check that the fund is regulated & approved by financial regulators like SEC.

    A fund manager must register themselves with SEC Nigeria, and currently there are around 125 registered fund/portfolio managers. Many mutual funds are now also listed on NSE’s ETF index. There are also some online platforms like Cowrywise that allow investing in different mutual funds.

    1. Diversify your Investment for Long Term

    Investing the whole amount in one single financial instrument can increase the risk factor. The volatility in price movement of any financial instrument can be controlled and mitigated by diversifying the invested amount. Diversification is considered one of the most important risk management techniques as it helps to reduce the risk associated with individual instruments.

    The division of the invested amount can be done according to the risk and return preference of the investors. In worst cases, if any of the instruments deliver unwanted outcomes, it can be neutralized if the other elements in the portfolio are performing well.

    1. Monitor Portfolio Regularly

    Regular monitoring of the investment portfolio is important and can be crucial in garnering consistent gains from the portfolio.

    Some instruments perform well for a certain period and through regular monitoring and updating, investors can add better performing elements and remove the ones that are pulling down the portfolio returns.

  • Standard Alliance Insurance appoints Awodiya as Managing Director

    Standard Alliance Insurance appoints Awodiya as Managing Director

    By Collins Nweze

    Standard Alliance Insurance Plc, a leading provider of General, life and Non-life insurance with special risk insurance business such as its renowned Salary Protection Insurance Scheme (SPIS), has announced the appointment of Omotayo Awodiya as its new Managing Director.

    The announcement was made at the Company’s 22nd Annual General Meeting (AGM), which took place virtually on September 30, 2020

    Awodiya, is a seasoned Insurance Practitioner, an Associate Member of Chartered Insurance Institute of Nigeria and Chartered Institute of Insurance Brokers as well as a Fellow of the Institute of Corporate Administration.

    He has over 30 years’ experience in the Insurance industry, having worked in Managerial cadre of companies like Executive Insurance Company Limited and Industrial & General Insurance Company Limited, among others. Prior to his appointment he was the Managing Director of Global Allianz Insurance Brokers Nigeria Limited, a position he held for over a decade.

    “Coming to work for the company is like homecoming, I was with the Company for more than 10 years before I left as a General Manager. So, there is nothing unfamiliar to me about the company’s operations and her great team of professional staff,” Awodiya said.

    He also assured that the Management and Directors are working assuredly to meet the recapitalization deadline as well as position the company’s operations for post recapitalization competition.

    While appreciating the unwavering support of all stakeholders, he assured shareholders that they would soon get good returns on their investments as immense efforts are being made to improve the Company’s profitability.

    Also, at the AGM Johnson Chukwu was re-elected as the Company’s Chairman and the appointments of Oduniyi Odusi-Executive Director; Agnes Umukoro -Non-Executive Director; Uzoma Igbonwa – Non- Executive Director and Uwais Haruna Mohammed- Independent Director, were approved.

  • Balogun donates N5b medical centre to UCH

    Balogun donates N5b medical centre to UCH

    By Collins Nweze

     

    The founder of FCMB Group, Otunba Olasubomi Balogun, has  donated the Otunba Tunwase National Pediatrics Centre (OTNPC), worth about N5billion, located at Ijebu-Ode in Ogun State to the University of Ibadan (UI), its College of Medicine and the University College Hospital (UCH), Ibadan, Oyo State.

    At the handover in Lagos, a Memorandum of Understanding (MoU) was signed by Otunba Balogun; the Group Chief Executive of FCMB Group Plc, Ladi Balogun, who is the Chairman of the Board of Otunba Tunwase National Pediatrics Centre, the Management of the University of Ibadan (UI) and its College of Medicine, led by the Vice Chancellor, Prof. Idowu Olayinka as well as the Management of the University College Hospital, led by its Chief Medical Director, Prof. Abiodun Otegbayo.

    Balogun said: ”When I took over the equipment of the children’s hospital in the UCH Ibadan, I was exposed to the true plight of sick children. The late Professor Olikoye Ransome-Kuti had attended a function where I was honoured for my philanthropic activities.”

    He said although some  institutions had requested to manage it, the former minister suggested that he gave the facility   to UI, and that the university would bring UCH into managing it.

    Until recently, it was discovered there were some administrative frictions between the beneficiary institutions, which now necessitated, a formal signing of an MoU.

    Addressing journalists on the lingering management challenge prior to the new MoU, after the signing, the Vice Chancellor, University of Ibadan, Professor Idowu Olayinka said, “there was no crises but a mere administrative discrepancy arising from the previously signed MoU. As you are aware, Otunba Balogun donated the Otunba Tunwase National Pediatrics Centre at Ijebu Ode to the University of Ibadan, a few years ago, almost 10 years ago. We have had some structural problems as to how to provide clinical services and other medical services to the inhabitants.”

    Also speaking with journalists, the Provost of University of Ibadan’s College of Medicine, Professor Olayinka Omigbodun, expressed joy over the resolution reached. She said, ”for many years, we had difficulties running the centre. Note that the University is known for education, research and other academic works”.

     

  • FATE Support Fund okays COVID-19 grant for NIMR

    FATE Support Fund okays COVID-19 grant for NIMR

    FATE Philanthropy Coalition for COVID-19 (FPCC) Support Fund, a philanthropic unit of FATE Foundation, has provided research grant that supported Nigeria Institute of Medical Research (NIMR) to design and develop the SARS-CoV-2 Isothermal Molecular Assay (SIMA) to contain Covid-19.

    Coordinator of the FPPC Support Fund, Fola Adeola, said: “Pioneering this research led by some of our nation’s leading public health researchers at NIMR exemplifies the potential of  health innovation when supported.’’

    He said the group was excited about the possibilities of this innovation in containing the COVID-19 spread and identifying people infected.

    He noted that the FPCC Support Fund was set up  on March 23, 2020 to support  national and community efforts to ameliorate the impact of the COVID-19 pandemic on Nigeria by keying into local and national government’s efforts to properly equip public health facilities and front-line personnel.

    “Till date, the investments fund have supported other public health institutions including the Lagos University Teaching Hospital and the National Ortheopeadic Hospital, Igbobi, Lagos,” he added.

    The SARS-CoV-2 Isothermal Molecular Assay is a Point-of-Care molecular test kit that can detect COVID-19 in real-time in less than 40 minutes, compared to at least two hours that it takes the  testing protocols.

    SIMA is the first of its kind and was fully funded by the FATE Philanthropy Coalition for COVID-19 Support Fund (PFCC).

    Also speaking, Director General, NIMR, Prof. Babatunde Salako, said: “the impact of this innovation is a fast and sensitive point-of-care test for SARS-CoV-2 using molecular technique. Its also a very reliable test kit and not just for antibodies or antigen testing. With the Ribonucleic Acid (RNA) extraction system, NIMR can achieve some a total 32 tests result in one hour.”

    He also noted that with relevant support, the test kit reagents can be produced in country with 80-90 per cent locally sourced materials.

  • NSE celebrates World Investor Week

    NSE celebrates World Investor Week

    The Nigerian Stock Exchange (NSE) has joined the International Organisation of Securities Commission (IOSCO) to celebrate World Investor Week (WIW), which started on October 5. It will end to Friday.

    World Investor Week is a week-long global campaign organised by IOSCO to raise awareness on the importance of investor education and protection, and highlight the various initiatives of securities regulators in these two critical areas.

    The NSE yesterday stated that it would embark on a fully virtual campaign to further promote smart investing and amplify the opportunities for retail investor participation in Nigeria’s capital market.

    Activities lined up include an awareness programme across its social media platforms on NSE’s retail-focused products and services; trivia contests to reward winners with investments in available products; and virtual engagements with leading financial experts to drive the conversation about financial literacy. These activities will culminate in a virtual Ring the Bell for Financial Literacy.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema said financial inclusion is a priority for stakeholders in the capital market.

    He said the NSE makes it a primary concern to contribute towards the achievement of Nigeria’s National Financial Inclusion Strategy of reducing the proportion of adult Nigerians that are ûnancially excluded to 20 per cent in the year

    “We recognise that the ability to make well-informed financial decisions plays an important part in the ability of individuals to properly manage their financial affair s, a factor that can have either a negative or positive ripple effect on the economy.

    ‘’At the NSE, we are, therefore, excited to once again be a part of WIW 2020 and remain committed to promoting financial literacy in the capital market,” Onyema said.

    According to him, as a member of IOSCO, the Exchange continues to implement and support initiatives that encourage the wider investing public to develop sustainable investment habits.

    He noted that efforts being made by the NSE included the introduction of innovative products and services, execution of product-specific trainings and workshops, commemoration of Global Money Week, excursions to the Exchange under the X-Tours programme, and the yearly national NSE Essay Competition.

  • DBN gets SSCI accreditation

    From Nduka Chiejina  (Asst. Editor), Abuja

     

    The World Development Finance Forum in Germany has accredited Development Bank of Nigeria (DBN) with Sustainable Standards and Certification Initiatives (SSCI).

    The SSCI is a global initiative for developing and maintaining the first universally accepted, and an executable set of across-the-board sustainability standards.

    A statement from DBN said:  “The standards are established by consensus among stakeholders and adopted voluntarily by the value-driven financial institutions”.

    The certificate was received on behalf of DBN by Nigeria’s Ambassador to Germany, Mr. Yusuf Maitama Tuggar, represented by Mrs. Mobolaji Sakirat Ogundaro, Deputy Chief of Mission of Nigeria to Germany.

    Ogundaro said: “This accreditation demonstrates the level of commitment by the Development Bank of Nigeria in integrating sustainability standards in its operations and also advocating the adoption of principles of sustainability in the financial ecosystem in Nigeria.”

    The bank’s Managing Director, Tony Okpanachi, appreciated the World Development Finance Forum for the accreditation, assuring that the DBN will not relent in efforts aimed at deepening its investments in the area of sustainability.

    “The award shows that we’re doing something right and the international community has acknowledged that. As part of our strategy to deepen the impact on the Nigerian economy, we have equipped our Bank with additional expertise and structures in the area of sustainability,” he said.

    He added that the DBN recognizes “the benefits of acceptance into an elite accreditation forum such as the Sustainability Standards and Certification Initiative (SSCI) and we do not take it for granted.”

  • Customer Week: FCMB commits to better service delivery

    Customer Week: FCMB commits to better service delivery

    First City Monument Bank (FCMB) has restated its commitment to providing the best of service delivery and value-added offerings that will enhance the experience of its customers.

    FCMB gave the assurance in a statement to commemorate the International Customer Service Week, which ends on Friday, under the theme, “Dream Team”.

    The theme highlights the importance of teamwork in providing service to customers at this challenging period.

    Moreover, it serves as a tribute to teams who  provide excellent and magical service to customers,  especially those that have embraced new work arrangements, passionate about what they do, strive for excellence, adapt to change and value teamwork despite the menace of the COVID-19 pandemic.

    The Week, which started 36 years ago, is set aside to appreciate the people in service organisations  to emphasise the importance of customer service in businesses as well as the role of employees towards achieving this.

    FCMB has announced exciting activities to make this year’s Customer Service Week memorable and impactful, as the event offers another opportunity to further connect, engage and appreciate customers for their unbridled loyalty and patronage in its 38 years of existence.

    The activities include, a customer appreciation drive, whereby customers who buy airtime worth N500 and above via the bank’s *329# USSD channel get a 10 per cent bonus through the week; a virtual question and answer session between customers and the Divisional Head, Service Management & Technology.

    The Divisional Head, Service Management & Technology of FCMB, Mr. Oluwakayode Adigun, said the impact of the coronavirus(COVID-19) pandemic has revolutionised the way organisations and their employees engage with customers.

    “This year’s event 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 six million customers as well as over 200 branches spread across Nigeria and consistent growth in performance, FCMB has proved to be a resilient and dominant player in the financial industry.

    The bank’s resolve to create unique user experience for its customers has inspired it to successfully support the individual and business aspirations of customers in various segments.

    Read Also: Pastor, others sue FCMB for N5b over ‘false report on Magu’

    The financial institution has deepened and sustained its support to Nigerians and the economy, through various interventions, to mitigate the effect of the pandemic in the country.

    Among such actions taken by the bank is the reduction of interest rates on consumer loan products for customers. This has tremendously helped individuals to boost their purchasing power and standard of living by helping them free up extra income to meet other expenses in a convenient manner.

    The bank also launched a Health Advisory Service, an on-demand health information service, which makes it easier for Nigerians to access quality healthcare from the convenience of their homes, offices or even on the go.

    These strides, among others, have earned the bank several accolades and awards.

    For instance, FCMB is the number one bank in customer experience for Small and Medium Scale Enterprises (SMEs), based on a survey carried out by KPMG in 2019.

    The lender was also conferred with the award of “Most Business-Friendly Bank” at the 2019 edition of the BusinesDay Banking and Finance Awards.

    It bagged the award of “Excellence in Customer Experience” at the Finnovex Award last year.

    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 segments.

    With an understanding of its market and environment, the bank has transformed to a retail banking and wealth management led group.

    It has also continued to distinguish itself through innovation and the delivery of exceptional services, while enhancing the growth and achievement of the personal and business aspirations of customers.