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Tag: FCMB

  • Back-to-school: FastCash offers parents up to N200,000 loan in five minutes

    Back-to-school: FastCash offers parents up to N200,000 loan in five minutes

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

    Commenting on the back-to-school offering of FastCash, the Divisional Head of Personal Banking at FCMB, Shamsideen Fashola, said: “We understand that back-to-school season can be financially challenging for many families. That’s why we’re offering FastCash to help make it easier. We want to ensure that all our customers have the resources to give their children the best possible start to the new school year. FastCash is a convenient and affordable way for parents to get the money they need to make back-to-school a success.”

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

    Read Also: Households, SMEs to get N10m FCMB energy facility

    It is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion. Customers can conveniently access the loan through the FCMB New Mobile App or by dialling the Bank’s USSD code, 32911#.

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

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

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

  • FCMB, Tulsi Chanrai Foundation restore sight of over 2,000 in Kebbi

    FCMB, Tulsi Chanrai Foundation restore sight of over 2,000 in Kebbi

    First City Monument Bank (FCMB) and Tulsi Chanrai Foundation (TCF) have restored the sight of over 2,000 visually impaired people in Kebbi State.

    The beneficiaries received free eye testing, optical services, surgeries, glasses, and other preventive/corrective treatments for various eye defects.

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

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

    Read Also: Households, SMEs to get N10m FCMB energy facility

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

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

    The Programme Manager of TCF, Mr. Chandarkne Deshpande, also thanked FCMB for sponsoring the programme since 2009.

    He said: “Our partnership with FCMB has been a very healthy relationship. We have reached over 350,000 people across Nigeria, providing free testing, optical services, surgeries, glasses, and eye disease management. Through this, we have been able to turn around the lives of people for the better.”

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

  • FCMB rewards 644 Millionaire Promo winners

    New set of 644 customers of First City Monument Bank (FCMB) have emerged winners in the ongoing reward scheme of the bank tagged: ‘’FCMB Millionaire Promo Season 6’’.

    The winners emerged after a successful draw in Lagos. The exercise, the second since the season 6 of the promo began in March, this year, was held at the regional and zonal levels of the bank across Nigeria. It was witnessed by officials of Consumer Protection Council (CPC), National Lottery Regulatory Commission (NLRC), community leaders, customers of FCMB and other dignitaries from all walks of life.

    The latest lucky customers to win N1 million each at the regional draws are Chimel!ue Nwamarabi (Lagos); Sadi Abdullahi (Abuja & North); Amusanya Oluseyi (Southwest) and David Tariah Mary (Southeast & Southsouth). In addition, 640 other customers of the bank smiled home with various exciting gift items such as LED televisions sets, power generating sets, decoders, tablets, smart phones and other consolation prizes at the electronic selection exercise that took place in Lagos, Kaduna, Ado-Ekiti (Ekiti State) and Enugu.

    The ‘’FCMB Millionaire Promo Season 6’’, which is on till November 2019, has been designed to provide extra empowerment and create value for customers of the Bank, while encouraging financial inclusion and savings culture. The promo is targeted at all segments of the society, especially existing and potential savings account customers of the Bank. This, however, excludes salary and domiciliary account holders.

    Speaking on the ‘’FCMB Millionaire Promo’’, and the draws, Executive Director, Retail Banking of the Bank, Olu Akanmu, appreciated customers for their unalloyed loyalty and patronage.

    He said: ‘’As a friendly Bank, we are delighted to produce another set of millionaires and winners of other prizes in the second draws of the promo. We will continue to reward and enhance the experience of our customers through this promo and other offerings, aimed at further empowering and adding value to them in line with our core values.

    “We are also committed to distinguish our offerings in the retail banking space by delivering exceptional products and services that would ultimately ensure the growth and achievement of the personal and business aspirations of our customers. All our customers need do to win in the millionaire promo is to keep on saving with FCMB.”

     

     

     

  • FCMB UK CEO seeks more wealth for Africa

    The Chief Executive Officer (CEO) and Executive Director of FCMB Bank (UK) Limited, James Benoit, has urged African economies to look more inward by creating wealth that will ensure sustainable development of the continent and reduce over reliance on foreign remittances.

    Admitting Nigeria’s dependence on diaspora remittances may not disappear any time soon, he advised that its proportion in the total budget has to reduce as soon as possible to achieve the country’s growth agenda in the near future.

    The International Banker and Investor, while fielding questions from reporters, stressed the need for African countries and their leaders to eschew excessive regulation which is responsible for unnecessary bureaucracy hindering growth. Speaking about what is needed to be done to fast-track growth in Africa, Benoit said:

    “There is no fast-track because it is part of the problem. We need to stop thinking of fast track, one-off game changers. Africa has a major demographic challenge which will be its growth engine or else drown it. Red tape bureaucracy must be cut, youth must get education or trade, and other skills and the empowerment of women must all be addressed. The continent must also be joined up to trade among itself rather than just export which is low value-added,”he said.

    The FCMB Bank (UK) CEO, whose 27 years of international banking experience spanning North America, Asia Pacific, Africa, Middle East and Europe, has impacted on the inroad the financial institution is making in the UK and across the African continent, emphasised that the critical role of technology in Nigeria’s economic growth and advancement must be accorded priority consideration.

    He explained that the extent of adoption of technology would depend a lot on its accessibility, with requisite infrastructure deliberately built for that purpose. The nanker added that technology will not serve any major purpose if it is not used by Nigeria’s growing middle class or deployed to produce services for export, among others.

    Benoit reiterated the importance of training the youth and ensuring that medical care is accessible to them, so that they could healthily contribute.

    FCMB Bank (UK), an award-winning trade finance bank is said to have financed over hundreds of millions of dollars trade across nearly two dozen countries in the past 24 months.  The institution’s vast knowledge of those markets helps it to manage transactions that many other banks, including big global banks will not do. The Bank has the compliance and credit appetite to do so since it is an African bank by shareholding and with experience of the African market.

    FCMB Bank (UK)  had obtained the Variation of Permission (VoP) from the UK Regulators: The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) last year; allowing the Bank to include retail (deposit and investments) servicing in its product offering. The approval extends the bank’s services from its corporate, commercial and institutional customers to include High Net Worth Individuals (HNWI) and Small and Medium Enterprises (SMEs).

    The bank’s CEO said the approval and extension of services was a major achievement which has equipped the Bank to deliver its promise of being the Corporate and Private Bank for African-oriented and Africa-based entrepreneurs, investors and professionals across all their banking needs.

  • FCMB empowers Race to China promo winners

    First City Monument Bank (FCMB) has rewarded new set of its Small and Medium Scale Enterprises (SMEs) customers that won different prizes in the Season 2 of its reward scheme tagged “FCMB SME Race to China Promo”.

    The winners emerged through rounds of electronic selection from the pool of qualified SME customers in the first draws of the promo (for the months of March and April) held in Lagos, Kano, Abia and Oyo states on May 21.

    Among the winners are eight customers who each won the star prize of an all-expense paid trip (return flight ticket to China and hotel accommodation for seven nights) to participate in the 2019 edition of the Canton Trade Fair, one of the world’s biggest import and export trade fairs, scheduled to hold later this year. In addition, several other SME customers won various exciting items. These include, $500 pre-loaded shopping cards, business enablers (such as, power generating sets, laptops) and other consolation prizes.

    At the Lagos regional draw, Eternal Fabrics Enterprises and Gold Tech Multi-Global Limited, won the star prizes for the months of March and April, respectively, while Jahved Ventures and Sapart Integrated Services Limited  in Gombe State emerged winners at the Northern regional draw which took place in Kano.

    Similarly, Soupah Farm-En-Market Limited and Lade Olagbenro & Company were the star prize winners at the regional draws for South-west, held in Ibadan, Oyo State. Ife Progress Resources Limited and The Congregation of the Mission emerged lucky winners at the South-east/South-south regional draw held in Aba, Abia State.

    Among the winners of $500 preloaded shopping cards, power generating sets and laptops are Suraj Furniture Limited, Smoothie Express Limited, Pisces OEA Multibil Limited, Goldmet Ventures, Exclusive Champion Limited, Kingdom Ideas Integrated Limited and Brands Yard Limited.

    Speaking on the Season 2 of the ‘’FCMB SME Race to China Promo” and on the draws, the Executive Director, Business Development of the Bank, Mrs. Bukola Smith, said, “this is part of our initiatives to demonstrate our commitment to the growth of SMEs, which are key drivers of economic development.

     

  • FCMB, SystemSpecs unveil payroll solution

    First City Monument Bank (FCMB), has partnered SystemSpecs to introduce a payroll solution designed to meet the yearnings of thousands of its SME customers seeking efficient, easy-to-use and affordable business tools to seamlessly operate their businesses.

    The product tagged, “FCMB Payroll” comes with exciting features that enable SME owners to easily process payroll; pay employee salaries into commercial/micro-finance bank accounts or wallets and issue them regular pay slips. To all staff of any customer or registered SME, the solution also over-rides collateral requirements even without the traditional documentation to access loans from FCMB. The product enables these customers easily maintain historical personal and payment records of all employees, including their taxes, pensions and other possible transactions among other numerous benefits.

    FCMB Payroll is delivered in partnership with SystemSpecs, one of Nigeria’s leading payroll solution and services companies with over 25 years’ experience of providing payroll solutions and services to public and private sector organisations in Nigeria and other African countries. The company is also the provider of Remita Payments Application, Payment Gateway and Payment Infrastructure.

    Read also: Shareholders laud FCMB over N2.77b dividend

    FCMB Executive Director, Retail Banking, Olu Akanmu, said the introduction of the FCMB Payroll initiative is in line with the commitment of the Bank to grow the nation’s economy by providing SMEs with cutting-edge business tools to support their operations and help them build scale. Akanmu said, “We are pleased to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address some of the challenges confronting SMEs. The FCMB Payroll platform is designed to provide a more convenient and modern business tool for business owners and their employees. As a Bank that is continually innovating to meet our increasingly dynamic customer base, we are confident that the FCMB Payroll initiative will go a long way to boost the operations of SMEs and improve their productivity.’’

    Managing Director of SystemSpecs, John Obaro, said, “As an organisation, our aim is to continue to provide individuals and organisations with innovative tools to help them become more productive and take full charge of their operations. We are delighted at the opportunity to partner FCMB to extend our experience and expertise in payroll solutions to FCMB customers. We are convinced that FCMB Payroll would help SME customers improve their processes, maintain a satisfied workforce, boost margins and increase scale speedily.”

  • Shareholders laud FCMB over N2.77b dividend

    Shareholders of FCMB Group Plc at the weekend approved the payment of N2.77 billion as cash dividend for the 2018 business year amid commendations for the board and management of the financial services group.

    At the Annual General Meeting (AGM) in Lagos, shareholders approved the 2018 financial results and payment of a cash dividend of 14 kobo per ordinary share, totaling N2.77 billion.

    Key extracts of the audited report and accounts of FCMB Group for the year ended December 31, 2018 showed that profit before tax rose by 73 per cent to N18.4 billion in 2018 as against N11.5 billion in 2017. Gross revenue grew to N177.4 billion, an increase of 4.3 per cent compared with N169.9 billion in 2017. Net interest income rose by three per cent to N72.6 billion while deposits also increased by 19 per cent to N821.7 billion. Loans and advances stood at N633 billion while total assets grew by 21 per cent to N1.43 trillion. Capital adequacy ratio stood at 15.9 per cent.

    Speaking at the meeting, shareholders commended the group for its impressive performance in spite of the challenging macroeconomic and regulatory environment.

    Chairman, Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, said the increased dividend payment was a delight to shareholders given the low economic activities in the country.

    “I am highly impressed with the group’s balance sheet quality which witnessed a high growth. This shows vigorous policies that have positively impacted on and optimised the balance sheet. Another significant aspect of the performance of FCMB is the growing contributions of the subsidiaries in the profit margin.  The 14 kobo dividend declaration signals FCMB’s commitment to improving the lots of shareholders,’’ Mukhtar said.

    Progressive Shareholders Association of Nigeria (PSAN) Chairman, Mr. Boniface Okezie, said FCMB and its subsidiaries have done very well in terms of dividend payment and the overall performance.

    According to him, the loans portfolio of the bank is also encouraging while the fact that it has been able to increase its branch network is an indication that it is expanding.

    “I believe that FCMB will build on this performance,’’ Okezie said.

    Addressing the shareholders, FCMB Group Plc Chairman, Mr. Oladipupo Jadesimi, said the group has continued to move forward on the path of good governance, strengthening and improving its corporate governance structure and bringing it into line with its long-term strategy and the highest international standards.

    He said the group has taken initiatives to increase the confidence of its shareholders, investors and other stakeholders in an environment that is demanding even more transparency.

    ‘’The board of directors, fully engaged and committed to the group’s corporate culture and strategy, has the experience, knowledge, dedication and diversity needed to accomplish our objective of making FCMB one of the leading financial services groups of African origin, helping people and businesses prosper and upholding our adopted of execution, professionalism, innovation and customer focus,’’ Jadesimi said.

    FCMB Group Chief Executive Mr. Ladi Balogun, outlined that the commercial and retail banking group, which includes First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited, grew its profit by 61 per cent, driven by improved performance in consumer finance business and increase in fees and commissions.

    He added that commercial and retail banking remains the largest group, contributing 83 per cent of profit while the group’s banking franchise continued to grow as reflected by a 20 per cent increase each  in deposits and customer base, which rose to 4.9 million customers.

    He pointed out that the pre-tax profit of investment banking group, which includes FCMB Capital Markets Limited and CSL Stockbrokers Limited, increased by 24 per cent in 2018, a performance driven by higher conversion of investment banking deal pipeline as well as cost efficiencies.

    He said the asset and wealth management franchise, which includes FCMB Pensions Limited, First City Asset Management Limited and CSL Trustees Limited, increased combined assets under management to over N310 billion, an increase of 24 per cent.

    According to him, in spite of the reduction in fees charged by pension fund administrators by the primary regulator, asset management businesses increased pre-tax profits by 15 per cent while the group also acquired additional shares in FCMB Pensions Limited to increase its stake from 88.2 per cent to 91.6 per cent in 2018.

    He assured shareholders and other stakeholder that 2019 would see continued growth along all key indices for the Group, especially those around profitability, deposits, customer numbers and assets under management.

  • FCMB urges SMEs to promote economic growth

    First City Monument Bank (FCMB) has urged small and medium scale enterprises (SMEs) to take the lead in driving the diversification and growth of the Nigerian economy. This, according to the bank, is due to the catalytic role they play in the lives of people and the society.

    The SMEs over the years, have stimulated national and economic development in the areas of production, employment and income generation. This is while making serious contribution to exports as well as facilitating equitable distribution of income, among other significant impacts.

    Towards this end, FCMB has reiterated its commitment to sustain the level of its support to SMEs through increased lending, capacity building, advisory and value-added offerings that would boost their performance.

    The bank gave the assurance during the fifth in its series of free capacity building programmes, tagged ‘’Business Enterprises and Sustainability Training (BEST)’’ organised for existing and start-up SMEs in Lagos. This followed the success of the previous editions of the training last year across the country.

    The initiative, led by FCMB Training Academy, the bank’s Business Banking Group and seasoned facilitators, focused on business and skills development, marketing, finance and accounting for SMEs. It covered various topical areas such as identifying business opportunities, surviving in a harsh business environment, improving productivity, raising capital, optimising sales, cost and revenue management, among others.

    Speaking on the BEST initiative, the Executive Director, Business Development of FCMB, Mrs. Bukola Smith, said the bank recognises the increasing role and impact of SMEs.

    According to her,  the BEST initiative is one of the innovative ways we support the growth of our SME customers because without effective training and exposure, resounding success could be quite difficult to achieve. In FCMB, we are passionate about helping our customers thrive in a sustainable manner.

    “We believe this comprehensive training programme will go a long way to impact positively on the SME operators who have participated in our training. It will propel them to further develop themselves. This will also help them take their respective businesses to the next level and compete favourably within and outside the Nigerian market. We, therefore urge participants to take advantage of the unique opportunities provided by FCMB,’’ she said.

    Also commenting, the Head, Training Academy of FCMB, Sola Oyegbade stated that, “one of our goals for organising this free training for the SMEs was borne out of  our commitment as a Bank to continually seek different avenues and innovative ways we can empower, promote and support start-ups and entrepreneurs. This is to help them grow their businesses and further stimulate real growth in our economy’’.

     

  • FCMB posts N177.4b gross earnings

    First City Monument Bank (FCMB) Group Plc has released its financial results for the year ended December 31, 2018, reporting a gross revenue of N177.4 billion, an increase of 4.3  per cent compared to the N169.9 billion for the same period in 2017.

    Its Profit Before Tax (PBT) rose by 73 per cent to N18.4 billion as against N11.5 billion in the preceding year. Following these, the bank has recommended a dividend of 14 kobo per share to shareholders.

    The Group, a holding company  divided along three business groups; Commercial and Retail Banking (First City Monument Bank Limited; Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, First City Asset Management Limited and CSL Trustees Limited) also reported  appreciable growth in key operating areas going by the audited results.

    Net interest income as at the end of 2018 rose by three per cent  Year-on-Year (YoY) to N72.6 billion. In demonstration of the enhanced customers’ confidence in FCMB, deposits also increased by 19 per cent to N821.7 billion, while loans and advances stood at N633 billion. Total assets went up by 21 per cent year-on-year to N1.43 trillion, just as capital adequacy ratio was 15.9 per cent.

    In a statement, the FCMB Group said: ‘’The Commercial and Retail Banking Group (which include First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited) grew its profits by 76 per cent, driven by improved performance in retail lending and increase in fees and commissions. Our banking franchise continued to grow as reflected by a 19 per cent rise in deposits and our customer base also grew by 20 per cent to 4.8 million customers.’’

    The Group further reported:  ‘’The pre-tax profits of our Investment Banking businesses (FCMB Capital Markets Limited and CSL Stockbrokers Limited) grew by 18 per cent in 2018. This performance was driven by higher conversion of our investment banking deal pipeline as well as cost efficiency. Our stockbroking business also maintained its position as a top-tier player in its sector.

    “Our Asset & Wealth Management businesses (FCMB Pensions Limited, First City Asset Management Limited and CSL Trustees Limited) increased combined assets under management by 24 per cent to over N310 billion.

    “However, in spite of the reduction in fees charged by pension fund administrators by the primary regulator, our asset management businesses increased pre-tax profits by 271 per cent. We acquired additional shares in FCMB Pensions Limited (formerly Legacy Pensions Limited) to increase our stake from 88.2 per cent to 91.6 per cent in 2018.’’

    FCMB Group assured that ‘’2019 should see continued growth along all key indices for the Group, driven by anticipated growth in our balance sheet, customer numbers and assets under management as well as rising commissions and improving unit economics from digital financial services’’.

  • FCMB unveils Easy Account

    First City Monument Bank (FCMB) has  launched FCMB Easy Account.

    In a statement, the bank said a significant and value-added feature of the product is that the telephone numbers of the customers, without the first digit, serve as their respective account numbers. The Account is an enhanced version of its *329# Unstructured Supplementary Service Data (USSD) platform.

    The bank explained that FCMB Easy Account has been designed to make banking accessible to all Nigerians and will help to achieve the laudable goal of financial inclusion for most Nigerians as set by the Central Bank of Nigeria (CBN).

    It is a product open to all, particularly to meet the needs of low-income earners and the unbanked segment of the society. It enables the account holders have access to convenient and secured financial services, irrespective of their locations.

    The bank stated that the self-service, stress-free and secured FCMB Easy Account, available on all the Global System for Mobile (GSM) networks in Nigeria, (Globacom, MTN, 9Mobile and Airtel), enables everyone anywhere in Nigeria open an FCMB Easy account from his or her location, by dialing *329# from their mobile phones and following the instructions.

    The development enables Nigerians who wish to open accounts and carry out banking transactions on their mobile phones do so from any location-rural, urban and remote, even if there are no banks physically located at the area. Internet service availability which has been a major constraint to mobile banking service access is not required for FCMB Easy Account as the account operates on the USSD platform.

    FCMB Easy Account customers can send and receive money to and from friends, families and business partners across all banks in Nigeria.

    FCMB Easy Account customers can also deposit funds into their accounts at more than 100,000 agents and banking locations of FCMB and other banks and mobile money operators in Nigeria. FCMB Easy account customers can also use their accounts for airtime purchase, bill payments and other payments.

    FCMB’s Managing Director, Adam Nuru, commenting on the new offering said what the bank has unveiled is a part of its long-term strategic plan to embark on a digital transformation initiative where it aspires to scale business operations, build capabilities and find the best way to simplify banking for customers, using technology.

    The Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, also commenting, said the FCMB Easy Account  forms part of the Bank’s core strategy to innovate and expand its service channels by promoting and deepening financial inclusion and the cashless policies of the Central Bank of Nigeria (CBN).

    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.