The Nation Newspaper

Tag: FCMB

  • FCMB begins personal, business banking in UK

    Individuals and Business Enterprises, who seek to transact their banking services between Nigeria or other African countries and those who desire to maintain banking relationship in London, United Kingdom (UK) now have the opportunity to do so.

    FCMB Bank UK Limited recently obtained a variation of its banking permission to include retail (investments) services. The permission was granted by the Prudential Regulation Authority and was effective on June 8, 2018.

    Based on the approval, FCMB Bank (UK) Limited is now able to extend the level of excellent banking services its Corporate and Institutional Customers currently receive to High Net Worth individuals (HNWI) and Small and Medium Business Enterprises.

    The bank’s Chief Executive Officer, James Benoit, said: “This approval and extension of services is a major achievement, which will enable the Bank deliver its promise of being the Corporate and Private Bank for African-oriented entrepreneurs, investors and professionals across all their banking needs. The Bank will be expanding its premises and entering into partnerships with Fintech providers to open up service options to our clients and enhance their overall banking experience.”

    The bank’s Chief Risk Officer, BC Achary, said with the extension of its services, the bank is able to receive deposits from both customer segments as well as provide them bank loans to enable them meet their financing needs. “The deposit products on  offer include current, notice savings and fixed deposit accounts at competitive rates; while its lending products include Buy-to-Let Mortgage Loans enabling target customers to acquire property in London.”

    FCMB Group  CEO Ladi Balogun, added: “Our successful UK platform has proven to be of great importance to the Nigeria stockbroking and international trade finance activities of FCMB Group.

    “Leveraging our deep networks in Africa’s biggest economy, the importance of a London presence to many of our Personal and Business banking customers, and technological innovation, we welcome this opportunity to meaningfully serve more of our customers and grow the value of our UK franchise.”

     

  • FCMB wins Great Place to Work in Africa awards

    FIrst City Monument Bank (FCMB) has won two awards at the Best Companies to Work For 2018 Africa Awards organised by the Great Place to Work Institute (GPTW) in Lagos.

    The lender, won the ‘Best Workplace for Females in Africa’ and ‘Second Best Company to Work For in Africa’ in the large corporates category at the fifth edition of the awards.

    The bank was also recognised as a Great Place to Work. The awards are in recognition of FCMB’s achievements in creating an enabling environment where employees can pursue their career goals and thrive. The bank’s positive affirmation and rewards in Africa for consistently enhancing human capital development and welfare among its workforce were also acknowledged.

    For the award of ‘’Best Workplace for Women’’, GPTW institute took particular note of the various empowerments and other support programmes of FCMB Women in the areas of orphanages, girl child education, the less privileged, especially widows as well as the increased female representation in key management roles in the financial institution.

    For the award of ‘’Second Best Company to Work For in Africa’’, the institute considered FCMB’s commitment over the years in championing and executing initiatives that balance the needs of its diverse workforce in key human welfare and career development areas.

    Managing Director of FCMB, Adam Nuru, said the bank would continue to provide the right environment and initiatives, anchored on fairness, respect, camaraderie and credibility, that would enable its workforce confidently pursue their career goals.

  • FCMB unveils Education Advisory Services

    First City Monument Bank has launched the FCMB Education Advisory Service meant to ensure convenient and affordable education support for its customers  or their children who desire to study overseas.

    The support includes 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. Access to customers and other aspiring candidates is said to be available on FCMB website with branches where operational desks are currently located, listed.

    It is part of the Bank’s contributions towards developing a new generation of brilliant minds that would take Nigeria to the next level. The scheme is in partnership with MOD Group, a foremost international education promotion and marketing company with operations deeply rooted in Nigeria and covering the West Africa sub-region.

    Under the initiative which was launched at a ceremony on May 30, 2018 in Lagos, FCMB is offering a full range of core financial services, tailored to meet the needs of its customers in the area of acquiring education abroad. This is in addition to a wide range of benefits that the Bank is providing for potential and existing students under the Education Advisory Service initiative.

    Among these are, up to N5million school fees support to customers from the Bank and Credit Direct Limited, one of the subsidiaries of FCMB Group Plc (the holding company), Flexx account (in foreign exchange) for students going abroad to study, prompt and secure international funds transfer through internet banking platforms for the payment of school fees and other educational expenses abroad.

     

     

  • FCMB promo produces four millionaires

    Four new millionaires yesterday emerged in the first draws of First City Monument Bank’s (FCMB) bumper reward scheme, tagged, ‘ ‘FCMB Millionaire Promo Season 5 .

    Also, 640 other customers of the bank won various exciting gifts, ranging from LED televisions, power generating sets, decoders, tablets, smart phones and other consolation prizes.

    The winners emerged through electronic selection of qualified customers at a colourful ceremony held at the four regions and 25 zones that make up the financial institution’s footprint. In attendance were officials of the National Lottery Regulatory Commission, Consumer Protection Council, community leaders, thousands of customers of the financial institution and other dignitaries.

    At the Lagos regional draw which took place at the Sanusi Fafunwa branch of the Bank in Victoria Island, Lagos, Mourence Oluwatoyin Ibitola emerged winner of N1million, while Mr. Murphy Onminyi won N1million at the Abuja/North regional draw held at Wuse Zone 4 in Abuja. In addition, Binabi Miller smiled home with N1million at the South-East/South-South draw held at Effurun town in Delta State, just as Mrs. Moriliat Ajerinola was rewarded with the same amount at the South-west  regional draw that took place at Ojoo branch of FCMB in Ibadan, Oyo state. One of the winners of N1million, Mrs. Moriliat Ajerinola, a teacher, commended FCMB.

    According to her, ”I am on top of the world. This is a marvellous experience. To FCMB, thank you very much and God will continue to bless the bank”.

    The ‘FCMB Millionaire Promo Season 5″, which commenced in March and will run till October 2018, is part of the various initiatives of the financial institution to reward customers for their loyalty and patronage during the year. It is targeted at all segments of the society and for existing as well as potential savings account customers. The eligible products or accounts for the promo include FCMB basic savings, kids account, Nairawise, e-savings and premium savings.

    Speaking on the latest draws of the promo, the Executive Director, Retail Banking of the Bank, Mr. Olu Akanmu, said, “we are delighted to produce another set of millionaires and winners of varuous gift items. We will continue to reward and enhance the experience of our customers through this promo and other offerings that will further empower and add value to them. All they need to do to be a winner in the promo is to keep on saving with FCMB”.

  • FCMB gets ISO certification

    First City Monument Bank (FCMB) was yesterday awarded the International Organisation for Standardisation (ISO) 9001:2015 certificate for Quality Management System.

    The bank was presented with the certificate by the Standards Organisation of Nigeria (SON), following an audit and evaluation exercise conducted by the Organisation. The exercise covered departments and branches of the lender, nationwide.

    The development is coming on the heels of the renewed strategic focus of FCMB, which has significantly deepened its core values of professionalism, sustainability, customer focus and excellence. Through this process, it was observed the bank had successfully overhauled and streamlined its processes, procedures and systems to meet best global standards.

    The ISO 9001:2015 is the most widely used quality management system globally. It provides a framework that ensures that organizations are able to meet customers’ and other applicable requirements consistently. It consists of policies, processes and procedures required for planning and execution that guarantee continuous improvement and operational efficiency in the core business areas of an organization. This helps to mitigate risks, optimise opportunities and the organisation is able to deliver better products/ services and sustainable excellent stakeholders experience.

    The SON audit of FCMB covered key areas including context of the organisation, leadership, planning, support and operation. Others were performance evaluation and improvement. Following this, SON stated in its report that, it discovered that the bank had put in place and implemented, ‘’good practices, high quality management system awareness and risk/mitigation inbuilt in each process activity’’.

    It added that the lender also ensured, ‘’adequate evaluation of performance monitoring, measurement, reporting and reviewing against key performance objectives, service provision was under control and customer satisfaction monitored and analysed’’.

    Speaking on the award, the Managing Director of FCMB, Adam Nuru, described the laurel as another milestone in the commitment of the Bank to attain excellence in all aspects of operations and service delivery.

    Director General/Chief Executive, Standards Organisation of Nigeria (SON), Osita Aboloma, commended FCMB for distinguishing itself as an organisation committed to a culture of continuous improvement, professionalism and best practices.

  • FCMB promises better returns as shareholders get N1.98b dividend

    The board and management of FCMB Group Plc at the weekend assured shareholders that the group is stronger to add value and increase returns to shareholders.

    The assurance came as shareholders at the annual general meeting in Lagos approved the payment of N1.98 billion as cash dividend for the 2017 business year. They will receive a dividend per share of 10 kobo, the same amount for the 2016 business year.

    FCMB Group Plc Chairman, Mr. Oladipupo Jadesimi said though the company met with a number of challenges last year, it was able to surmount them due to the commitment of all the personnel of the group.

    The directors of the company, he said, have continued to take proactive measures to ensure that the group remains strong and in a better position to withstand regulatory and economic headwinds.

    ‘’We will continue to shore up the capital of the bank through profit retention in preparation for the growth opportunities that we expect as the economy recovers,’’ Jadesimi said.

    In his remarks, Group Chief Executive, FCMB Group Plc, Mr. Ladi Balogun, noted that in spite of the reduction in headline numbers, the group performance in 2017 was an improvement over the previous year after adjusting for the significant foreign exchange revaluation income booked in 2016.

    According to him, the key drivers of the group’s performance include increase in income from non-banking activities, lower impairment charges from the bank and its subsidiaries, and improved operating efficiencies through more pervasive use of technology.

    He added that the FCMB Group’s successful acquisition of the 88.2 per cent majority stake in Legacy Pension Managers Limited will go a long way to help achieve further diversification of service offerings and consequent earnings within the FCMB Group.

    “We see significant growth opportunities in the pension management industry in Nigeria as it is yet to achieve maturity and will support and facilitate strategic organic and inorganic growth initiatives that will position Legacy in the top-tier of its industry over the next few years,’’ Balogun said.

    He pointed out that companies within the group have shown improvements and are well-positioned to deliver more cutting-edge solutions that will provide the best customer experience in their respective target markets.

    Key extracts of the audited report and accounts of FCMB Group for the year ended December 31, 2017 indicated that the financial services holding group struggled with constrained top-line and bottom-line in 2017, but its underlying fundamentals remained strong.

    Group deposits grew to N689.9 billion in 2017, an increase of five per cent on N657.6 billion recorded in 2016. The Group’s capital adequacy ratio also improved to 16.9 per cent in 2017 as against 16.7 per cent in 2016. Asset base also increased to N1.19 trillion in 2017 compared with N1.17 trillion in 2016. Non-interest income stood at N32 billion in 2017 while loans and advances totalled N649.8 billion during the year.

    Headline figures, however, showed a top-down decline in actual figures. Gross earnings dropped from N176.35 billion in 2016 to N169.88 billion in 2017. Profit before tax declined from N16.25 billion to N11.46 billion. Profit after tax also dropped from N14.34 billion to N9.41 billion. Consequently, earnings per share dropped from 72 kobo in 2016 to N48 kobo in 2017.

    FCMB Group comprises eight subsidiaries including First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, Legacy Pension Managers Limited, FCMB (UK) Limited, First City Asset Management Limited and Credit Direct Limited.

     

  • Investors swap major stakes in FCMB

    Investors swap major stakes in FCMB

    Investors staked more than N2.35 billion on the shares of FCMB Group yesterday at the Nigerian Stock Exchange (NSE), closing voluminous deals that saw transfer of 4.8 per cent equities of the financial services holding group.

    Trading on FCMB Group accounted for about 60 per cent of the total turnover volume at the stock market yesterday. Investors staked N2.352 billion on 952.58 million ordinary shares of FCMB Group. The board of directors of FCMB Group has recommended distribution of N1.98 billion as cash dividend for the 2017 business, representing a dividend per share of 10 kobo. It had paid the same amount for the 2016 business year.

    FCMB Group’s share price appreciated by 5.0 per cent or 12 kobo to close at N2.52 per share, indicating a positive underlying sentiment for trading in the shares of the holding group. Key extracts of the audited report and accounts of FCMB Group for the year ended December 31, 2017 showed that group deposits grew to N689.9 billion in 2017, an increase of five per cent on N657.6 billion recorded in 2016. Group capital adequacy ratio also improved to 16.9 per cent in 2017 as against 16.7 per cent in 2016. Asset base also increased to N1.19 trillion in 2017 compared with N1.17 trillion in 2016. Non-interest income stood at N32 billion in 2017 while loans and advances totalled N649.8 billion during the year.

    Headline figures however showed a top-down decline in actual figures. Gross earnings dropped from N176.35 billion in 2016 to N169.88 billion in 2017. Profit before tax declined from N16.25 billion to N11.46 billion. Profit after tax also dropped from N14.34 billion to N9.41 billion. Consequently, earnings per share dropped from 72 kobo in 2016 to N48 kobo in 2017.

    Trading in FCMB Group boosted the momentum of activities at the Exchange as total turnover jumped to 1.60 billion shares valued at N10.91 billion in 4,729 deals. United Bank for Africa was the second most active stock with a turnover of 382.47 million shares worth N4.21 billion while Zenith Bank placed third with 65.23 million shares valued at N1.76 billion.

    Benchmark valuation indices at the Exchange showed a positive overall market situation, with most deals closed at premium. The All Share Index (ASI)-the value based index that tracks share prices at the Exchange rose by 0.63 per cent to close at 40,788.68 points as against its opening index of 40,533.37 points. Aggregate market value of all quoted equities rose from its opening value of N14.641 trillion to close at N14.734 trillion, representing net capital gain of N93 billion. Average year-to-date return trended upward to 6.66 per cent.

    With nearly two gainers for every loser, most sectoral indices closed on the upside. The NSE Oil & Gas Index appreciated by 2.0 per cent. The NSE Banking Index rose by 1.3 per cent. The NSE Consumer Goods Index inched up by 0.6 per cent while the NSE Industrial Goods Index posted a modest gain of 0.1 per cent. However, the NSE Insurance Index declined by 0.7 per cent.

    “In line with our projection, we expect market performance to remain buoyed by increased bargain hunting as investors take advantage of attractive entry prices in the market,” Afrinvest Securities stated.

    Nestle Nigeria-NSE’s highest-priced stock led the 33-stock gainers’ list with a gain of N12.50 to close at N1,422.50. Beta Glass followed with a gain of N3.55 to close at N75.50 while GlaxoSmithKline Consumer Nigeria rose by N2.65 to close at N34. On the negative side, Okomu Oil Palm led the 18-stock losers’ list with a drop of N3.15 to close at N73.50. Presco followed with a loss of N1.35 to close at N68.65 while Cement Company of Northern Nigeria lost 65 kobo to close at N19.50 per share.

     

  • FCMB secures affordable travel fares for customers

    Customers of First City Monument Bank Limited (FCMB) who plan to travel abroad for personal or business purposes at very affordable fares, now have an opportunity to do so.

    This is because, the bank and Etihad Airways have launched a partnership that offers discounted, highly affordable and convenient travel packages, including flight tickets, to existing and potential customers who fly on Etihad Airlines to any part of the world.

    To benefit from the package, all an existing customers of the bank needs do, is to visit a dedicated website, log in to complete a form and submit.

    The discounted fares come with various benefits in the bank’s financial products and services stable to enhance the travel experience of customers. These include Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) services, complimentary platinum cards and priority passes, complimentary lounge access at departure in Lagos, among other benefits.

    There is also the USA Immigrations clearance at Abu Dhabi for travelers going to the US and a dedicated service for customers who intend to travel to the Holy land in Mecca for Hajji and Umrah.

    FCMB Managing Director,  Adam Nuru praised Etihad Airways for the quality of service it offers its customers, noting that the brand, within a few years of its establishment, has achieved a very robust international image with a high level of global acceptability within the aviation circles.

    Nuru said, “I thank the representatives of Etihad Airways Group. We do not take our partnership with you for granted. We take it seriously knowing that it will surely strengthen our course and increase the range of valuable products we can offer our loyal customers”.

     

     

    Executive Director, Retail Banking of FCMB, Olu Akanmu, said it is a value-added offering designed to deliver high quality of service and satisfaction for customers. According to him, ‘’what FCMB has done with Etihad Airways gives advantage to our existing customers and prospects who may wish to open account(s) with FCMB. We recognise several business travels our customers do.

     

    A good number of them may be preparing for summer holidays. Some of our customers will also want to fulfil their pilgrimage obligations in the coming weeks”.

  • FCMB Millionaire Promo Season 5 begins

    FCMB Millionaire Promo Season 5 begins

    First City Monument Bank (FCMB) Millionaire Promo Season 5 has commenced. The promo is expected to empower, reward and enhance the experience of its customers.

    Over 20,000 customers of the bank had won various prizes including cars, cash (ranging from N1 million to N5 million), refrigerators, phones, decoders, television and power generating sets at previous draws.

    In a statement, the bank explained that ‘FCMB Millionaire Promo Season 5’, which runs from March to October this year, 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. The promo has been designed to provide extra empowerment value to customers of the Bank, reward them for their loyalty over the years, while also encouraging financial inclusion, the establishment of small scale businesses as well as the development of a savings culture.

    During the promo, various exciting prizes will be won by qualified customers. While four lucky customers of the Bank will each win the star prize of N2 million at the grand finale of the promo scheduled for November this year, 12 others will be rewarded with N1million each at the regional draws that will respectively hold in May, July and September. Other fantastic prizes to be won include 160 units of LED television sets, 160 power generating sets, 640 smart phones, 320 tablets and 800 decoders among other consolatory takeaways.

    To participate, all an existing or a new customer of the Bank needs do is to increase his or her balance by N10,000.00 in any of the eligible savings account and maintain it for 30 days to qualify for the Zonal and Regional electronic selection of winners where the star prize of N1million and other fantastic prizes will be won.  Multiple savings of N10,000.00 will increase chances of winning.

    To qualify for the grand finale draws, existing and new customers are to increase their balances up to N50,000.00 and maintain it for 30 days. Multiple savings of N50,000.00 will also increase the chances of winning.

     

  • FCMB promotes mobile banking

    FCMB promotes mobile banking

    First City Monument Bank (FCMB) Limited has enhanced the level of service delivery and experience for its customers by introducing a mobile banking solution using a dedicated code, *329#. The offering is anchored on the Unstructured Supplementary Service Data (USSD) technology platform.

    The self-service, stress-free and secured solution, which is available on all the Global System for Mobile (GSM) networks in Nigeria namely Globacom, MTN, 9Mobile and Airtel, enables existing and potential customers of the bank to carry-out various financial transactions, using their mobile phones.

    These include enrolment, funds transfer, account opening,  micro loans and top-up, account balance enquiry, airtime and data purchase, bills payment, wallet deposit and withdrawal, sending of cash, withdrawal from agent’s outlet, limit increase ,among other value-added services, on the go and without any hurdles.

    In a statement, FCMB explained that the *329# mobile banking solution forms part of the bank’s core strategy to expand its service channels by promoting and deepening the Central Bank of Nigeria’s (CBN’s) cashless and financial inclusion policies.

    The development will also go a long way to eliminate possible delays experienced by physically visiting a branch of the Bank or outlet to carry-out transactions. In addition, the initiative will reinforce the lender’s commitment to environmental sustainability, geared towards reducing the quantity of paper and other materials usage in the society of which printing of various banking documents forms a substantial part of the process.

    The bank’s Executive Director, Retail Banking, Olu Akanmu, said the service has been designed to meet the needs of its ever increasing customer base that is technology savvy. He added that it was in line with the commitment of the bank to inclusive banking through products and services aligned with the lifestyles of its teeming customers.

    FCMB provides one of the best alternate channels banking services cutting across Automated Teller Machines (ATMs), mobile banking and internet banking. The bank is among the first in Nigeria to deliver Instant Debit card issuance on MasterCard, Verve and Visa card brands in naira, dollar and pound currencies.

    FCMB’s mobile banking penetration has been on the increase since its emergence as a leading retail Bank in the country. The number of active customers using its mobile or internet banking platforms grew by 136.9 per cent from 255,626 in December 2016 to 350,106 by the end of December 2017.