Tag: FCMB

First City Monument Bank (FCMB) has unveild-  another value-added initiative called SheVentures for women-owned Small and Medium Scale Enterprises (SMEs). The initiative will provide enhanced support to existing and upcoming women-owned SMEs through access to finance, training and mentoring to boost their business in a sustainable manner. This initiative is the FCMB Women in Business Unit, and was launched at an impressive ceremony on March 7 in Lagos as part of the Bank’s activities to celebrate this year’s International Women’s Day under the theme Balancing for Better.

At the ceremony, some women SME operators received loans ranging from N500,000.00 to N5,000,000.00.

In a statement, FCMB explained that SheVentures is anchored on a unique selling proposition of ‘’Be You’’, which connotes confidence, independence and the courage required by women to fulfill their aspirations.  It is designed to engage, inspire and equip potential and existing women entrepreneurs to take bold steps that would launch their business to greater heights.

SheVentures comes with several cutting-edge features and benefits for women-owned SMEs. One of such is the zero-interest rate for an initial period of three months.  In addition, FCMB will organise free training and mentoring  programmes  for 80 women entrepreneurs  every quarter, out of which 40 of  them will  access this loan.

Women entrepreneurs in Nigeria, who desire affordable and convenient funding to boost their respective businesses, can now do so. This is because Women in Business at First City Monument Bank Limited (FCMB) is set to launch a proposition that offers zero-interest rate on loans to Small and Medium Scale Enterprises (SMEs).

The development is in line with the commitment of the bank to empower women-owned SMEs (existing and start-ups), through financial support, advisory and value-added products, to enhance customer experience and overall contribution to the growth of the country and its economy. FCMB has established a dedicated desk for women-owned businesses, under its Business Banking Group and equipped this unit with highly professional personnel to meet the needs of this segment.

In a statement, the bank explained that the zero-interest rate product, which is for an initial period of three months, is designed as an all-round programme structured to prepare and equip the Bank’s female owned SME customers to take their business to greater heights. “This product comes with additional benefits, such as capacity building programmes through trainings and financial advisory services., 80 women every quarter, will have access to mentorship and training and 40 of these women will benefit from the loan. This means that by the end of the year, we would have mentored 320 women and 160 women would have enjoyed the facility,” the bank stated.

FCMB Executive Director, Business Development, Mrs. Bukola Smith, said women have become important assets for social and economic growth, going by their business undertakings and exploits in the establishment and management of SMEs.

According to her, ‘’at FCMB, we recognise and appreciate the noble efforts of women entrepreneurs in the areas of job and wealth creation, poverty reduction, empowerment and the overall socio-economic development of Nigeria”. “Our zero-interest loan product is tailored to offer sustainable benefits and increase the productivity and contributions of women-owned SMEs. It will further unravel and unleash the true potential of women in entrepreneurship so they can take their respective businesses to greater heights and compete favourably in the global environment. We have also put in place, structures and processes to ensure transparent selection of the beneficiaries. We will hopefully increase the number of beneficiaries on a yearly basis and will keep enriching the other value-added advisory services to cater for emerging and pressing challenges women face in their businesses,”she said.

The bank’s Group Head, Business Banking and SMEs George Ogbonnaya said: ‘’We understand certain factors, including lack of access to prompt funding, access to market and other support systems, which combine to determine the success or failure of an SME. We will continue to support our customers operating in the SMEs segment .”

First City Monument Bank (FCMB) has sponsored the Financial Literacy Television show.

The television show, which will soon commence operation is a demonstration of the bank’s passion for the empowerment and realisation of the aspirations of youths.

The 13-episode programme will start showing weekly from September 13, 2018 on Silverbird television, BusinessDay television and the FCMB YouTube channel.

The Bridge, organised by BusinessDay Media Limited and powered by FCMB, is a web series aimed at improving financial literacy amongst Nigerian millennials and bridging the gap between young Nigerians who wish to start, grow and build a successful business and those who are already accomplished in their respective fields of endeavor.

Season 2 of The Bridge, anchored by Arese Ugwu, author of the best-selling book, ‘’The Smart Money Woman’’ will feature successful millennial business owners and celebrities every week, and as them about their financial models and important financial decisions in building a successful brand.

Viewers will have the opportunity to relate to and apply the topics discussed on The Bridge to their real life, with topical issues addressed such as money mistakes to avoid, how to tackle common challenges business owners face, business management and other topics that millennials are interested in to live their dreams.

Commenting on The Bridge financial literacy reality show and significance of FCMB’s sponsorship, the Group Head, Corporate Affairs of the Bank, Diran Olojo, said the development is in line with its values as a simple, reliable and helpful financial institution.

According to him, “we are pleased to be part of this initiative, as it is an innovative approach to open a new vista of opportunities in capacity building, job and wealth creation for Nigerians, especially the youth.

First City Monument Bank (FCMB) has sponsored a capacity building programme for almost 1,000 members of the National Youth Service Corps (NYSC) in Abuja.

Tagged: “Youth entrepreneurship and empowerment programme”, it was in partnership with Activate Success Foundation. The  interactive and exciting session provided a platform for the youth Corps members to look inward, develop and deploy their business skills through practical training facilitated by experts and successful business owners.

According to the bank, the development will go a long way to empower them with the requisite resources to start and grow successful businesses during and after their service year in order to become financially independent and contribute significantly to national development.

FCMB Executive Director, Retail Banking, Olu Akanmu, said it is in line with the commitment of the lender to provide opportunities that would inspire and enable youths to be actively engaged and eventually become successful business owners.

‘’FCMB Flexx account empowers Nigerian youths with the entrepreneurial and employability skills they need. Many youths set up their own businesses from their campuses. “FCMB will be there with them to provide the necessary entrepreneurial and business skills they need to make great successes out of their businesses. FCMB will also provide great support for the youth businesses and work with them to nurture and grow the youth entrepreneurial ventures,’’ he said.

Also, Activate Success founder, Love Idoko, said: ‘’I have a penchant for motivating people. There are business-minded youths out there that are just looking for mentorship or business ideas as well as funds to start their businesses.

“The purpose is not just to give grants, it is to also empower and motivate as many youths as possible.”

Among the facilitators at the programme were a Member of the Lagos State House of Assembly, Hon. Desmond Elliot; Chief Executive Officer, Vodi Tailors, Seyi Adekunle and Executive Director, YIAGA Africa, Mr. Samson Itodo, of the #NotTooYoungToRun fame. At the end of the programme, N2.7 million was given as grant to some of the youth corps members with excellent business ideas to enable them start-up.

FCMB has over the years developed various engagement programmes focused on empowering youngsters,  such as #FlexxYourCreativity, #FCMBFlexxtern and the Flexx Youth Entrepreneurship Masterclass.

Through these initiatives, FCMB has given young entrepreneurs and students access to training, funding, mentorship, networking opportunities and jobs. The Bank’s Flexxzone (http://flexxzone.fcmb.com/) also provides useful resources to help young Nigerians build their business and career, while keeping up with latest trends in fashion, lifestyle and entertainment.

The bank’s youth product, Flexx, is one of its innovations to simplify and make banking services exciting. The Flexx proposition has continued to meet the overall financial and other socio-economic needs of young people from the age range of 16 to 30 years. This is summarised in the description of Flexx as, “An app, a card, an account”.

These features give account holders the freedom to bank on the go, using the Flexx Mobile App and also the Bank’s USSD code, *329#.

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.

FCMB Group Plc has recorded a profit before tax (PBT) of N7.1 billion for the half-year ended June 30, 2018. This represents an increase of 86 per cent from N3.8 billion achieved for the same period of last year. The development reflected the improving performance of the financial institution, as well as the effects of diversification through its investments in asset and wealth management.

From the details of its unaudited results announced on the floor of the Nigerian Stock Exchange (NSE), the  Group’s gross revenue rose to N83.9 billion as at the end of June 2018, compared to N77.5billion in the corresponding period of 2017. Similarly, net interest income rose by nine per cent Year-on-Year from N32.5 billion to N35.3 billion, while non-interest income grew to N16.5 billion, an increase of 29 per cent, from N12.8 billion for the same period of last year.

The Commercial & Retail Banking group (which comprises First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited) generated a 32.2 per cent  increase in  PBT to N2.9 billion for half year 2018 from N2.2 billion at the end of first quarter 2018. Revenue increased by 3.7 per cent year-on-year, driven by an 8.1 per cent increase in non-interest income and an 8.7 per cent increase in net-interest income.

The latter’s increase was largely due to reduction in cost of funds from growth in Personal Banking and SME deposits. This increased net interest margin to 7.7 per cent for half-year 2018 from 7.5 per cent in 2017. Moreover, non-interest income increased by 6.3 per cent quarter-on-quarter to N6.7 billion, due to mobile banking income earned.

First City Monument Bank (FCMB) has started its nationwide Education Advisory Service (EAS) to guide Nigerians, who wish to study abroad on how to prepare and get necessary support from the bank, colleges and universities abroad.

The programme is part of the bank’s contribution to quality education for national development.

The EAS is said to also include overseas admission information services, school fees remittance, school living allowances and travel fares, loans to support school fees payments, visa process, travels and examination preparation.

FCMB also disclosed that customers and intending candidates for the EAS can access its website for additional information. Also, the bank has designated branches nationwide, with specialised desks and highly professional staff to effectively respond to inquiries.

The bank’s Executive Director, Retail Banking,Olu Akanmu, said a schools’ exhibition fair was being organised by the lender in Port-Harcourt, River State capital, began from July 21, at Golden Tulip Hotel. In Abuja, the exhibition held last Monday, July 23 at Transcorp Hilton Hotel, while in Kano, Tahir Guest House hosts the event today.

FCMB further said those in Lagos Island and Lagos Mainland should visit Eko Hotels, Victoria Island and Sheraton Hotel Ikeja on July 27, and July 28, 2018 to interact with international delegates from Ireland, United Kingdom (UK), Canada, Australia and United States under the EAS.

Akanmu said: “At FCMB, we walk and work with our customers to fulfil their life aspirations, their families and their businesses, including the provision of the best education. The FCMB Education Advisory Services in partnership with MOD Services and international partners also cover school admission process, Visa processing, travel and examination preparation.

“We recognise that knowledge of what to do and how to do it matters in securing good overseas education. FCMB will also be providing prompt school fees and living allowances remittance, loans to support school fees payment and international cards to support living overseas for Nigerian students.”

Akanmu added: ‘’We have Lufthansa Airline, beside other partner airlines on board to offer students, discounted fares under this scheme. This also covers their guardians accompanying them. In addition, we have AXA Mansard coming on board to provide medical cover for the students to the tune of $60,000 a year.’’

First City Monument Bank (FCMB) has held free trainings for its customers in the Small and Medium Enterprises (SMEs) segment of the economy. The lender has also promised to lend more to the sub-sector.

The capacity building programme is in line with the lender’s plan to support and nurture SMEs to enable the operators achieve growth and stability in their businesses.

The lender has re-assured its customers it would sustain the tempo of support to existing and upcoming SMEs through increased lending, capacity building, free advisory, value-added products, as well as providing them services capable of increasing overall performance in business.

At the event which held in Lagos and tagged “Business Empowerment & Sustainability Training for SME Customers”, the bank focused on budgeting, cost and budget management. Facilitators also took participants through the intricacies of raising capital for business and getting businesses ready for loans as well as preparing them for other investors’ invitation in partnership.

Addressing the participating SME customers of the Bank, Divisional Head, Corporate Services, FCMB, Felicia Obozuwa, said the bank recognised the role of entrepreneurs in the society and their capacity in driving growth and sustaining the economy.

“This is one of the ways we support the growth of our SME customers. We are conscious of the fact that many small businesses could have the dedication to succeed, but lack adequate training and experience to make the business thrive. This gap is capable of hindering operation and thereby limiting the achievement of targeted results. Business acumen and day to day operational skills are very essential for business owners particularly when venturing into new or sustaining already existing businesses.