Tag: FCMB

FCMB Group Plc doubled its pre-tax profit by  108 per cent to N55.1 billion in the third quarter of 2023 amid increasing market penetration.

Interim report and accounts of FCMB Group for the nine-month period ended September 30, 2023 showed that profit before tax rose from N26.5 billion in third quarter 2022 to N55.1 billion in third quarter 2023.

The company attributed its strong financial performance to the collective strength of its diverse business segments.

The report showed that banking group recorded a growth in earnings of 130.1 per cent; consumer finance, 32.6 per cent; investment management, 38.7 per cent and investment banking, which also rose by 27.6 per cent.

Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun, said the group continued to leverage its unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities it serves.

According  to him,  this strategy enables the group to deliver robust performance despite the challenging domestic and global environment.

“Barring unforeseen circumstances, we believe this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation,” Balogun said.

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

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

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

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

In addition, the group completed the issuance of a Series 2 Additional Tier 1 Capital Bond under its N300 billion Debt Issuance Programme for its banking subsidiary, bringing the total Additional Tier I Capital raised during the year to N46.7 billion. Its consumer finance business, Credit Direct Limited, also completed its maiden commercial paper issuance to further diversify the company’s funding base.

Hi-Tech, led by Afolabi Ayanfe and Sophia Ezeh, has won the top prize of N3 million in the FCMB Hackathon Challenge. Their win followed the creation of the digital financial solution, Padi4Life.

Other winners include Rita Onwudiwe and Augustus Shaminga of Team KoloPadi, who secured the N1 million first runner-up prize for their KoloPadi solution. 

The second runner-up prize of N500,000 went to Victor Tochukwu of Team Xperia for its Money Minder solution. 

The total prize allocation was N4.5 million. Initially, each competing Team had five members, with some dropping off and reducing the Team. Yet, resilient members like Victor of Team Xperia were undeterred and made the final shortlist as a one-person team.

A partnership with Ingressive For Good (I4G), the hackathon launched a new cohort of techies and fostered innovation and creative problem-solving. 

With over 2,900 entries and 60 competing teams participating in a 72-hour hackathon, Team Hi-Tech’s Padi4Life made the final shortlist. It stood out for its peer-to-peer lending, asset tokenisation, and blockchain-based investment and engagement features. 

 Team Lead of Hi-Tech, Afolabi Ayanfe, expressed gratitude to FCMB, saying, “Padi4Life is designed to build a community of trusted financial partners, meeting the needs of Nigerians.” The Team affirmed its commitment to building a robust platform that meets the needs of Nigerians. They thanked First City Monument Bank for providing them a platform to launch themselves. 

Divisional Head of Transaction Banking at FCMB, Rolayo Akhigbe, expressed the bank’s commitment to innovation through Open Banking. She urged FinTechs, developers, and start-ups to utilise First City Monument Bank’s Application Programming Interface (API) to develop inclusive and sustainable solutions.

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Group Head of Corporate Affairs at FCMB, Diran Olojo,  encouraged winners and participants to collaborate with the bank, saying that Open Banking is the future.

 ”The future is connected, and open banking is key to unlocking this potential. With our APIs and more in development, we are addressing challenges and creating a more inclusive and sustainable financial system for everyone. We are ready to work with innovators and call on new-generation techies to join us on this journey of building the connected future of finance.”

The hackathon judges, led by Rolayo Akhigbe, included Diran Olojo, Shamsideen Fashola, Divisional Head of Personal Banking, Bipul Deka, Chief Digital Officer, Rotimi Famuwagun, Chief Information Officer, all of FCMB and the Ingressive for Good CEO, Sean Burrowes.

The FCMB and I4G Hackathon showcased inventive concepts and technical skills. It fostered collaboration and networking among participants, creating an interactive ecosystem for knowledge exchange. First City Monument Bank, a member of the FCMB Group Plc, remains dedicated to fostering inclusive and sustainable growth within its communities. 

First City Monument Bank (FCMB) has rewarded winners in its  ongoing Millionaire Promo Season 9 with cash prizes. 

This time, the two lucky winners of the N1,000,000 grand prize are Inspector Afolayan Kayode, an Officer of the Nigeria Police Force based in Lagos, and Brigadier General Umar Abdulkadir, an Officer of the Nigerian Armed Forces in Kaduna State. They emerged as winners during the fourth electronic draw of the Promo, which took place last month in Lagos.

In addition to these grand prize winners, approximately 920 other FCMB customers got cash prizes of N100,000, N50,000, N20,000, N10,000, and N5,000, respectively. The latest draw was overseen by officials from the Federal Competition and Consumer Protection Commission (FCCPC) and the National Lottery Regulatory Commission (NLRC). 

“This is a miracle,” exclaimed Inspector Afolayan, one of the N1 million winners, as he received his prize. He added, “The FCMB promo is real, and I can attest to it. I am also determined to make a positive impact in society, much like the bank has done for me with this delightful and unexpected N1 million”.

Brigadier General Umar Abdulkadir shared his delight, saying: “I am happy. Winning was beyond my expectations. I encourage fellow FCMB customers and Nigerians to trust the bank, participate in the Promo, and embrace a culture of saving. I will keep the money in the same account until I decide how to utilise it”.

Speaking on the Promo and the emergence of the new set of 922 winners, Mr Shamsideen Fashola, the Divisional Head of Personal Banking at FCMB, stated:

Read Also: FCMB gets Agribusiness Investment Award

“We are pleased that our millionaire promo is making a meaningful difference in people’s lives because our customers’ success is our success. We sincerely congratulate Mr Afolayan Kayode and Umar Abdulkadir for joining the N1 million winners’ club and encourage more Nigerians to participate in this Promo.”

To participate in FCMB Millionaire Promo Season 9, customers must increase their balance by N10,000 and maintain it for 30 days. This can be done with a new, existing, or re-activated account. Customers can multiply their entries in the draw by saving in multiples of N10,000. For instance, a customer who saves N20,000 will have two entries in the draw.

A total of 3,690 FCMB customers will emerge as winners at the end of the eight-month Millionaire Promo Season 9 in December. For savings account holders, this Promo has been changing lives since its commencement in 2013, with thousands of Nigerians winning exciting prizes, including vehicles, cash, televisions, refrigerators, power-generating sets, phones, tablets, and decoders.

First City Monument Bank (FCMB) has been honoured with the Nigeria Agribusiness Investment Award 2023.

The award followed the bank’s  outstanding contribution to transforming agricultural finance and supporting the sustainable, long-term change needed to end chronic hunger and poverty in Nigeria.

The award, presented by Feed the Future Nigeria, the U.S. Government’s Global Hunger & Food Security Initiative, celebrates innovative and impactful partnership with FCMB.

 “We are immensely proud to receive this recognition. This award emphasises the importance of responsible investment in agriculture and reaffirms our commitment to transforming Nigeria’s agriculture value chain,”  Managing Director of First City Monument Bank, Mrs. Yemisi Edun, said.

Over the past five years, FCMB and Feed the Future Nigeria have joined forces to revolutionise agricultural finance and investment, enhancing the agribusiness landscape in Nigeria. Through this collaboration, they have successfully reduced agribusiness credit risks, paving the way for financial growth and stability within the sector.

“Our partnership with Feed the Future Nigeria demonstrates the potential of innovative financing models in agriculture. “We believe that responsible persuasion and creative solutions can lead to a brighter future for agribusiness in Nigeria,” Divisional Head of Agribusiness and Non-Oil Exports at FCMB, Kudzai Gumunyu, said.

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The partnership has focused on five key value chains – rice, maize, soybean, cowpea, and aquaculture – across seven strategic regions: Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger. Recognising that smallholder farmers and micro, small, and medium enterprises (MSMEs) are the backbone of the agribusiness ecosystem, the partnership has prioritised capacity-building, equipping these vital stakeholders with the tools and knowledge they need to access the financing and financial services they deserve.

One innovative method used to expand access to financial services is utilising local lead businesses, known as Aggregators, who serve as intermediaries. This strategy efficiently connects smallholder farmers and SMEs to economic opportunities while reducing operational costs.

This symbiotic relationship has led to new, groundbreaking funding approaches that have expanded access to capital, benefiting more than 3,000 smallholder farmers. It’s a testament to the power of collaboration and responsible persuasion, which can drive transformation within the agricultural sector.

The Nigeria Agribusiness Investment Award 2023 celebrates the synergy between USAID Feed the Future Nigeria and First City Monument Bank, showcasing the profound impact of responsible investment in agriculture.

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Over 2, 000 programmers have signed up for the upcoming FCMB Hackathon slated for between October 27 and 29, 2023.

According to a statement by the financial institution, in just one week, the high enrolment showed the programme’s broad appeal among techies and confirmed the commitment of the FCMB Group, to nurturing innovation at scale.

According to the statement, the  partnership with Ingressive For Good, the 50-hour virtual Hackathon is set to harness the power of FCMB APIs in advancing Open Banking Initiatives.

The programme, the statement added, will foster collaboration and networking among participants, nurturing an interactive ecosystem where like-minded individuals can forge connections, exchange ideas, and mutually enrich their knowledge.

Besides, the collaborative environment the exercise will throw up is expected to yield innovative solutions and forge enduring partnerships that will benefit the Nigerian and African tech ecosystems in the long term.

It reads: ” It will unite a diverse group of tech enthusiasts to collaboratively construct proofs of concept and minimum viable products (MVPs) aimed at solving a specific, predefined challenge.

“What sets the FCMB Hackathon apart is its capacity to serve as a dynamic platform for over 2,000 tech enthusiasts, including developers, engineers, students, designers, idea generators, and other stakeholders in the tech ecosystem.

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“Together, they will craft sustainable innovations and projects to address real-world business challenges and social problems.”

It added that participants will not only unveil their inventive concepts, but will also put their technical skills to the test, fashioning digital solutions while vying for attractive rewards.

It added: “The most outstanding teams will claim cash prizes and valuable items, earning recognition for their groundbreaking solutions.

“Hackathon is set to serve as a launching pad for the next generation of tech visionaries, propelling them towards success and acclaim. It exemplifies a commitment to cultivating a vibrant culture of innovation, propelling tech-driven ideas, and creating unparalleled opportunities for the upcoming wave of tech pioneers.”

First City Monument Bank (FCMB) has designed a comprehensive suite of financial solutions to assist Nigerians build wealth  and improve their livelihoods.

The bank said the  exclusive offerings cover the entire wealth creation process from accumulation to preservation, including target and premium savings, wealth and investment management, pensions, and estate planning (Wills and Trusts). Other value-adds are education, travel, advisory services, and diaspora account management.

According to the bank, the solutions, including   various target and premium savings plans  place upwardly mobile professionals and entrepreneurs on  a strong foundation for financial growth, while wealth and investment management services will help high-net-worth individuals build and protect their assets for the future.

In addition to these core services, the Bank provides education, estate planning (wills and trust), travel, and specialised advisory services to ensure financial well-being in all aspects of life and account management for its global customers.

Commenting on FCMB Premium Banking offering, the Managing Director of the Bank, Mrs. Yemisi Edun, said:

“We are committed to providing our customers with the right products and services to meet their lifestyle needs. Our premium banking proposition offers various innovative and value-added financial services, including wealth and fund management, diaspora transactions, education, and discounted airfares. These benefits are also available to our customers’ families. We will continue to evolve our offering to ensure that we remain relevant to our customers’ changing needs”.

The products and services offered by the Bank in the  segment are the FCMB Gro Suite, I-Nest, Education Investment Plan (EIP), Platinum Mastercard and FCMB e-Wills. They are available on the Bank’s various digital channels, including the FCMB Mobile App, and are structured to meet customers’ unique needs.

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The FCMB GRO product is a digital savings and investment platform that allows customers and non-customers to earn interest without charging them for keeping their money. It comes in four variants, offering Naira and US Dollar investment options. The GROMax NGN is an investment plan with a minimum amount of N1 million at a competitive interest rate. At the same time, GROFlex NGN requires a minimum investment of N100,000 at a competitive interest rate for six months or yearly. This plan allows for automated top-ups either monthly, semi-annually, or quarterly.

Likewise, GROMax Dollar is an investment plan with a minimum amount of $5,000, while the GROFlex Dollar allows customers and non-customers to invest a minimum of $2,000 and yields a competitive interest rate at either six months or 365 days. Customers can conveniently access the Gro suite through the FCMB web platform or Mobile App by downloading the App, navigating to the investments feature and clicking Gro to proceed to any investments or savings plans to start a transaction.

FCMB’s Education Investment Plan (EIP) is another convenient and secure premium banking offering that allows parents or guardians to save for their child’s university education in the USA, UK, South Africa, Ghana, and Nigeria. The product helps parents and guardians build up a lump sum by investing periodically (monthly/quarterly/yearly) into an investment fund, which the Bank will pay out when the plan ends. The initial minimum deposit is between N100,000 and N250,000 for schools in the USA, UK, and South Africa and N50,000 to N100,000 for schools in Nigeria and Ghana.

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

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

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

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

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

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