The Nation Newspaper

Tag: FCMB

  • FCMB kicks off training for SME owners

    First City Monument Bank (FCMB) Limited has commenced an empowerment programme for Small and Medium Scale Enterprises (SMEs) to enhance their financial, marketing and management skills.

    The exercise is aimed at equipping operators with the necessary skills they can readily deploy to effectively operate, grow their businesses and profitability.

    Tagged ”FCMB Capacity Building Initiative: Empowering the Nigerian SMEs”, the empowerment programme is in partnership with Shopp!ng Internet Services Limited. It involves series of free training and radio programmes cutting across various topical issues concerning SMEs.

    The pilot phase of the exercise, which the Bank, has aptly christened cluster marketing, kicked-off in Lagos and will last for five months after which it will be extended to other parts of the country for another 18 months.

    Apart from Shopping Internet Services Limited, the training has been endorsed by stakeholders such as the Lagos Chamber of Commerce & Industry, Jobberman Limited, House of Tara and Metro FM, which will broadcast the training on radio.

    The bank’s Executive Director, Lagos and Southwest, Mr. Olufemi Bakre, said at a briefing in Lagos that the training was conceived by the bank to build the capacity of SMEs by exposing them to modern and innovative skills that would help them realise their objectives. This, he added is in line with one of the Corporate Social Responsibility (CSR) focal areas of the Bank and its value as a helpful financial institution.

    ”FCMB realises that SMEs play pivotal roles in the growth of the nation’s economy.We also understand that a number of factors combine to determine the success or failure of SMEs,” Bakre assured.

    Senior Economist at the Lagos Chamber of Commerce and Industry (LCCI), Mr. Sunny Michael, endorsed the initiative, stating that all hands must be on deck to build the capacity of SMEs.

    ”While it is very important to provide financial support to SMEs, we must also consider their ability to make judicious use of such funds to achieve the desired result. If SMEs are not effectively equipped with the right training and skills, it will be difficult for them to utilise the funds made available to them. This is why we strongly believe in this initiative of FCMB,” he stressed.

     

  • FCMB advocates financial literacy among students

    irst City Monument Bank (FCMB) Limited has held an interactive session on Financial Literacy for pupils of Government Girls College, Dala and the unbanked in Kano Sstate.

    This is part of the bank’s contributions towards securing the future of youths, through the adoption of savings and investment culture, by expanding their knowledge base on financial literacy and its principles.

    The session, which was anchored by the Executive Director, Abuja/North of the Bank, Mr. Adam Nuru, was held  as part of activities commemorating the Global Money Week and Financial Literacy Day celebration.

    An initiative of the Bankers Committee in collaboration with the CBN, the financial literacy programme is focused on educating youths in Nigeria on the economic environment, impressing upon them the importance of saving, entrepreneurship and financial creation to empower the next generation to be self-reliant and money savvy global citizens.

    Nuru, who took the over 200 pupils that attended the session through the topic, ‘’Growing your money’’, advised them to avoid spending money on frivolities.

    He counselled them on the need to open accounts and develop the  habit of saving part of their income, no matter how small. ‘’Saving your money in a box, wallet or home is a good starting point. However, this method of saving does not grow your money. Money saved at home should be transferred to a financial institution or invested after a while. This reduces the risk of spending, theft and gives your money the chance to grow,’’ he said.

    FCMB is determined to ensure that youths understand the importance of prudent management of resources, he said.

    He said ‘’by being financially literate, youths will be able to build their capacity for future business endeavours thereby securing their future and be free from poverty’’, adding that this will also help to fast-track socio-economic growth of the country.

    Mr. Nuru announced that FCMB has adopted the school for a full year financial literacy programme support, part of which will involve the participation of the bank’s staff in providing tutoring to the students and other support activities during the period. In addition, he also announced that the bank will renovate the school hall as part of measures to provide a conducive environment for the students and further enhance the status of the school.

    In her response, the Principal of Government Girls College, Dala, Hajiya Aishatu Ahmed Tukur, commended the CBN and FCMB in particular for committing both human and financial resources to bring the financial literacy initiative to life. She described the project as an important step in nation building, saying if maintained could serve as the much needed solution towards the eradication of poverty in the country. According to her, “the students will really benefit from this programme as it will serve as a kind of career guidance, source of empowerment and skill acquisition in order to make sound financial decisions and right choice of occupation in life. We are very grateful to CBN and FCMB for this intervention”.

    Last year, FCMB carried out a similar project in Akwa Ibom state when it adopted Community Secondary School (CSS), Aka-Offot in Uyo, the state capital. Beyond organising a mentoring session for the students on financial literacy, the bank went further by renovating the school’s computer library and donated 30 new computer systems to the school. The gesture is aimed at building the capacity of the students to facilitate knowledge and skill, particularly on the use of information technology devices.

     

     

  • FCMB supports social media week

    First City Monument Bank  (FCMB) Limited has continued  to demonstrate its strength in the delivery of cutting-edge, prompt and cost effective solutions that meets the needs of its customers.

    This was displayed during the 2015 Social Media Week (SMW) Lagos conference held last month, where the lender showcased its various e-banking products, apps     and social media advancements.

    The conference, sponsored by the bank, brought together thought leaders, innovators and business practitioners who interacted and offered insights, ideas, inspirations and trends that enabled participants leverage the benefits of social media to realise their respective individual and business aspirations.

    During the five-day conference, the bank exhibited its newly enhanced mobile banking channel, known as FCMBMobile. The product now has a better look and feel, user friendly and more secured features for customers to carry out payments and other  transactions. Some of the transactions that can be performed on FCMBMobile include, funds transfer, checking of account balance, bills payment (e.g Dstv and Gotv subscriptions) and top up of air time on mobile phones, among others. Participants at the conference had an opportunity to download the FCMBMobile app and test firsthand how the product worked.

    Commenting on the bank’s e-payment and other electronic channels, the Group Head, Cards and Electronic Banking Group, Mr. John Iwuajoku, said ‘’the added security benefit on FCMBMobile is to ensure that our customers use the channel with peace of mind’’.

    He assured that, ‘’we will continue to enhance the security and other capabilities of our e-banking channels be it in fixed locations or on-the-go. With FCMBMobile, our customers can now conduct their transactions from the comfort of their homes or offices without visiting any of our branches. We will continue to encourage our customers to use these convenient and self-service channels’’.

    According to FCMB’s Head of Communications and CSR, Mrs. Uchenna Mojekwu, ‘’social media is the way to go in the modern world and we are going with the times. We recognise that a comprehensive online presence is becoming increasingly crucial to the success of a business’’.

     

  • FCMB promises more loans to agric sector

    FCMB promises more loans to agric sector

    Group Managing Director/Chief Executive of First City Monument Bank (FCMB) Limited, Mr. Ladi Balogun, has assured that the bank will intensify its support to the agricultural sector and its value chain including lending more to the subsector in the interest of the economy.

    The bank chief spoke yesterday during the ‘FCMB Agric Business: Diversifying the Nigerian Economy’ conference held in Lagos.

    He said the lender is focused on being a strategic partner to the government and other stakeholders in the agric sector to ensure food sufficiency, employment and revenue generation.

    Mr. Balogun assured that the lender will continue to provide credit to the sector and its value chain, including small and medium scale businesses. He said the 30 per cent of Nigeria’s Gross Domestic Product (GDP) come from the agricultural sector, and was 40 per cent before the economy was rebased last year.

    “The agric transformation is real. It is not rhetoric. We built agric business that is at the centre of transforming the economy. If we really want to continue employing the growing population, we need to not only feed Nigeria, but feed the world,” he said.

    He said the bank realises that there are millions of farmers across the country that need credit at affordable rates, considering the level of attraction the agric sector has garnered. That is why we are increasing our level of support.

    Also, speaking the Chairman of Tractor Owners & Hiring Facilities Association of Nigeria (TOHFAN), Alhaji Danladi Garba, commended FCMB for its support to the agric sector and farmers. He said that Nigeria can produce its own food and that agric business remains profitable.

  • FBN Capital wins award

    FBN Capital wins award

    FBN Capital Limited has been awarded the ‘Africa Oil and Gas Deal of the Year Award’ for the Oando Energy Resources $350 million Conoco Phillips assets acquisition deal. The award was conferred at the IJGlobal Europe & Africa Awards 2014, organized by the Infrastructure Journal & Project Finance Magazine yesterday at the Natural History Museum in London.

    FBN Capital Limited, a subsidiary of FBN Holdings Plc acted as Joint Mandated Lead Arranger and financial modeling bank for the corporate facility to part-fund purchase of Conoco Phillips’ participating interest in OMLs 60, 61, 62, 63, 131 and 145 by Oando Energy Resources.

    The total consideration for the acquisition of approximately $1.6 billion was financed via a combination of debt and equity, with the debt portion of the acquisition facility comprising of a $450 Million RBL Facility provided by both Nigerian and offshore banks; and a $350 Million Corporate Facility provided by Nigerian banks.

    The funds were provided by First Bank of Nigeria, Diamond Bank, FCMB, Ecobank, Zenith Bank, UBA, Vitol and Enterprise Bank. Other financial parties to the transaction include FBN Trustees as Security Agent; First Bank of Nigeria as Hedge Provider; and FCMB Capital Markets also as Joint Mandated Lead Arranger.

    Speaking on the award, the Managing Director, FBN Capital Mr. Kayode Akinkugbe said the company would continue to strive to deliver deals that justify the confidence of the clients.

    “We are very pleased to have won this award, and remain inspired by the trust our clients place in us to help them achieve success.  We will continue to strive to raise the bar on industry standards with regard to deal-making and structuring,” Akinkugbe.

    Director and Head, Debt Solutions, FBN Capital, Patrick Mgbenwelu, also expressed his pleasure on winning the award.

    “We feel honored to be recognized for the effort that the client, every member of the team, as well as every party to the transaction put into making this deal a reality,” Mgbenwelu said.

  • FCMB rescues traders from pains of fire disaster

    FCMB rescues traders from pains of fire disaster

    First City Monument Bank (FCMB) Limited has intervened to salvage traders from the harrowing experiences they usually encounter when their shops are gutted by fire.

    The bank’s solution to this reoccurring calamities that cost traders their resources is in its product,  FCMB Personal Business Account (PBA). The FCMB Personal Business Account, which was introduced in November, last year, guarantees traders, merchants, self-employed professionals and artisans, who operate businesses in their personal names, security in the conduct of such businesses in the event of unexpected disasters such as fire and flood incidents.

    It is a current account designed for traders and merchants with reduced cost of banking so as to protect and boost their businesses.

    Stakeholders insist that whether to a business or residence, fire disaster has the capacity to wreck or slow down economic development of an individual and nation.

    Statistics indicates that there are no less than 100 major yearly fire incidents in Nigeria, especially in markets and other business outlets, with losses running into billions of Naira. Indeed, individuals, traders and small businesses, organisations and governments all fall victims at various levels.

    Invariably, the risks of trading at markets are very high and it is further aggravated by the fact that no formal insurance system exists to cover these market fire incidents and other unexpected disasters, like flood, due to their informal nature. The poor insurance culture in Nigeria is beginning to take its toll as cold dry winds stoke fire outbreaks, raising the number of occurrences, especially during the harmattan season. This usually shoots up the damages to lives, properties and other valuables.

    Last January was no exception. In Lagos alone, there had been two major market fires and many house fires all resulting in loss of lives and property estimated at billions of naira. For instance, the Director of Lagos State Fire Service, Mr. Rasak Fadipe, said the service responded to 685 fire incidents out of 922 emergency calls received between January and June, last year. This year, three major fire incidents occurred in Lagos and Anambra state

    On January 12 this year, traders and other business owners at the popular Balogun Market in Lagos Island watched in shock as their goods and properties were destroyed by an early morning inferno. At least 10 buildings, 100 shops and makeshift structures within the axis, were razed during the incident. Four days after this sad loss, the Berlin Market, also on Lagos Island, went up in flames, consuming goods and properties worth millions of naira.  One of the victims of the Balogun market fire outbreak, Mrs. Vera Ezenwa, lamented thus amid tears: “I received a call at 5:00a.m on that day that my shop and warehouse had been gutted by fire. I quickly rushed down there to salvage some of the goods, but when I arrived, I could not salvage any. These were goods my husband who went to China last year sent to me two weeks ago. At the moment, I don’t know where to turn to for help.’’

    After a devastating fire incident, traders are forced to raise new capital to erect new stalls, pay their distributors and purchase new merchandise for trading. The psychological and economic trauma associated with this pathetic situation is one that very few are lucky enough to overcome. As urbanisation continues to increase and the informal sector continues to be a dominant feature of the urban economy, tackling this issue becomes paramount.

    Among other features, the FCMB PBA offers a zero Commission on Turnover (COT) charge, which is replaced by a small monthly service fee. Customers can also carry out an unlimited volume of debit transaction and withdrawals for a fee as low as N1,500. The account reduces the cost of banking for customers with heavy and daily transactions.

    The most outstanding benefit of this product is the fact that FCMB will support the customer with a free cover of up to N1 million in case of loss of goods/stock due to fire or flood disaster that affects his or her business.

    FCMB’s Divisional Head, Retail Banking, Mr. Olu Akanmu, explained that the Personal Business Account is aimed at encouraging business owners and Nigerians on the need to safe-guard their businesses against disasters, considering the spate of fire incidents and other disasters recorded in recent times. ‘’We want our traders to do their business with peace of mind with the FCMB Personal Business Account knowing that their bank FCMB is behind them with bancassurance services that protect them from unforeseen incidents like market fire or flood’’, he stated.

    The FCMB Personal Business Account product has continued to receive massive endorsement and patronage across the country. At the unveiling of the product at the Alade Market, Ikeja in Lagos last December, the Iya Oloja-General of Nigeria, Mrs. Folashade Tinubu-Ojo, joined various market associations and business owners to commend the Bank for its foresight in developing a product that aims to protect businesses.

    Describing the product as ‘’a brilliant initiative’’, she urged business owners to take advantage of, ‘’this unique opportunity being provided by FCMB’’, to safeguard their business from hazards that usually leads to the collapse of businesses.

    The Chairman, Ariara International Market Traders Association, Chief Lucky Akubueze,  said: ‘’This is a step in the right direction. Most of our traders are now out of business or struggling to come back because of the harm done by unforeseen circumstances like fire outbreaks. I strongly believe that a product like the FCMB Personal Business Account will help to reduce the pains and costs associated with such situations’’.

  • FCMB PayPad makes its debut

    FCMB PayPad makes its debut

    First City Monument Bank (FCMB) Limited has unveiled a Mobile Point of Sale (MPoS) terminal, which it has aptly tagged FCMB PayPad.

    The product, the lender said, is in demonstration of its commitment to further support the growth of Small and Medium Scale Enterprises (SMEs) and the success of the cashless policy initiative in Nigeria.

    It described the product as a portable device that allows merchants securely process payments in a seamless manner, driven by a robust mobile application on a smart phone or tablet.

    The product, it added, can easily be customised to suit the needs of merchants which could entail inventory management or airtime vending. The device can be obtained from any FCMB branch across the nation at no cost to the merchant.

    The FCMB PayPad provides a more secure, simple and efficient payment solution to merchants in the Nigerian market. “It easily synchronises with any smart phone or tablet running the customised application that is freely downloadable from the app store. The benefits of the device, includes availability of transaction details via SMS, email and paper print and long lasting rechargeable battery which ensures fewer recharging frequency. It is also portable (smaller than a mobile phone) which makes handling very convenient,” it said.

    FCMB’s Executive Director, Service Management and Technology, Mr. Nath Ude said the robust nature of the product makes it very reliable for secured transaction processing for merchants that run mobile businesses and also for small, midsize and large merchants.

    He added that, ‘’it is also the device of choice for businesses in the e-commerce space that operate door-to-door delivery and need secured payment processing’’.

    Mr. Ude continued by saying, “the FCMB PayPad is truly a payment device that will revolutionize how secured payment processing is done in fixed locations and on-the-go.

     

    It is one of the innovative products from FCMB designed to enhance customer experience across all touch points and help merchants to grow their businesses in a sustainable manner,’’ he said.

  • FCMB begins promo to reward customers

    FCMB begins promo to reward customers

    First City Monument Bank (FCMB) Limited is set to reward more of its customers as the bank commences another promotion tagged, ‘FCMB Millionaire Promo,’ which will run from February to July 2015. This follows the huge successes recorded in the first and second phases of the FCMB 30th Anniversary Promo held between 2013 and 2014 across the country.

    In a statement, the bank announced that the millionaire promo is targeted at all segments of the society and for existing as well as potential savings account customers. The eligible products/accounts for the promo include FCMB basic savings, kids account, Nairawise, e-savings, premium savings, third party and vibe accounts.

    During the promo, various exciting prizes will be won by qualified customers. While three customers of the Bank will each win the star prize of N5million at the grand finale of the promo scheduled for August, 3 others will each be rewarded with N1million at the regional draws in April, June and August. Other fantastic prizes to be won at the regional draws include 120 LED televisions, 120 generating sets, 1000 decoders, 300 tablets and 600 smart phones.

    On how to participate in the FCMB Millionaire promo, all an existing or new customer of the bank needs to do is to Save N10,000 in any of the eligible savings account of his or her choice for 30 days to qualify for the electronic selection of winners where the star prize of N1million and other fantastic prizes will be won.  Multiple savings of N10,000 will increase chances of winning.

    To qualify for the grand finale draws in August, where three customers will each smile home with N5million, existing and new customers are to save N50, 000 in any of the eligible accounts for 30 days. Multiple savings of N50,000.00 increases winning chances.

    According to the Divisional Head, Retail Banking at FCMB, Mr. Olu Akanmu, ‘’the Millionaire Promo is in response to the excitement recorded among our customers about the success and rewards they received during the first and second phases of our 30th Anniversary promo’’.

    He added that, “our customers are the reason why FCMB exists. And as a Bank committed to continually satisfying their needs, this promo is to further empower them, encourage savings culture, engender the desire to establish small businesses with limited capitals and show appreciation through the fantastic prizes on offer’’. Mr. Akanmu pointed out that, ‘’the chances to win are quite high. We therefore encourage everyone to take advantage of the reward opportunities of this promo”.

  • FCMB to unveil business account in Aba, Onitsha

    FCMB to unveil business account in Aba, Onitsha

    First City Monument Bank (FCMB) Limited, will this week unveil its Personal Business Account to traders and other businesses in the commercial cities of Aba, in Abia State and Onitsha in Anambra State.

    The FCMB product, which was introduced last November, guarantees traders, merchants, self-employed professionals and artisans, who operate businesses in their personal names, security in the conduct of such businesses in the event of unexpected disasters such as fire and flood incidents.

    In a statement, the bank said the launch of the product will hold in Aba today, that of Onitsha is slated for Friday, January 30, 2015. The product which was launched at the Oluwole market on Lagos Island and Alade Market, Ikeja in Lagos last year has been described as a positive development by traders.

    FCMB explained that the introduction of the Personal Business Account is in line with its value as a helpful financial institution committed to the protection and growth of the businesses of its customers, adding that the bank will complement its existing wide range of value-added offerings to customers.

  • FCMB secures $300m loans from DFIs, others

    FCMB secures $300m loans from DFIs, others

    First City Monument Bank (FCMB) Limited has secured over $300 million medium- and long-term loans from Development Finance Institutions (DFIs) and international commercial banks in four different transactions.

    This followed an upgrade in its rating by Global Credit Rating (GCR) to A- (stable outlook), the bank has said.

    Securing the loans, the statement said, was a demonstration of the confidence the lenders and the international financial market have in the FCMB management capability.

    It added that the proceeds of the facility would be used for lending to key sectors of the economy, the bank’s branch development and channel enhancement.

    FCMB said the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution; Citibank and Overseas Private Investment Corporation (OPIC), a multilateral finance institution owned by the United States government, provided the loans.

    Other Development Finance Institutions (DFIs) that completed the package are: the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) – the Dutch Development Bank; Société De Promotion Et De Participation Pour La Coopération Economique S.A (PROPARCO), a subsidiary of the Agence Française de Développement (AFD) and the European Investment Bank (EIB), a multilateral finance institution owned by the European Union (EU).

    A breakdown of the facilities showed that the bank secured $100 million Senior Debt Financing from the IFC for five years; another $100 million from OPIC and Citibank for between two to five-year tenor; $60 million from FMO and PROPARCO for a tenor of between three to five years and $32.7 million from the EIB for tenor of eight years.

    The facility from Citibank/OPIC, IFC, FMO/PROPARCO, will provide lending to telecommunications, power and infrastructure  projects, while FCMB will use a portion of the loan from Citibank/OPIC to finance small and medium scale enterprises (SMEs) and other activities that will enhance financial inclusion in Nigeria.