First City Monument Bank (FCMB) continues to solidify its reputation as a driving force in Nigeria’s financial sector, recently earning two distinguished awards at the Development Bank of Nigeria (DBN) 2024 Annual Lecture Series and Awards. The bank was honoured with the Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria and the Highest Disbursement to Sustainability Projects awards, further highlighting its commitment to financial inclusion and sustainability.
Between January and June 2024, FCMB provided loans worth N180 billion to over 800,000 Micro, Small, and Medium Enterprises (MSMEs) across various sectors. This effort has significantly contributed to the growth and resilience of MSMEs in Nigeria, reaffirming the bank’s dedication to supporting small businesses and promoting economic development.
Mrs. Yemisi Edun, the Managing Director of FCMB, expressed her pride in the bank’s achievements, stating, As Nigeria’s MSME-friendly bank, we are honoured to win these awards and to continue leading the charge in supporting businesses across Nigeria. MSMEs are vital to economic development, and we are committed to providing them with the necessary financial and non-financial support to reach their full potential.
This focus on MSMEs aligns with FCMB’s goal of fostering inclusive and sustainable growth. In a country where over 41 million MSMEs contribute nearly half of Nigeria’s GDP, FCMB’s strategic approach ensures that these enterprises receive both financial and non-financial tools to succeed.
FCMB’s sustainability efforts are equally commendable. In 2023, the bank secured over $280 million from Development Financial Institutions (DFIs) to support MSMEs, including women-led businesses and enterprises within critical sectors. Moreover, FCMB has actively financed renewable energy projects, helping customers adopt solar energy solutions, furthering the bank’s alignment with global sustainable development goals.
One of the key factors in FCMB’s lending success is its digital innovation. Through its Quick-Loans platform, the bank has streamlined the loan disbursement process, allowing for quick and efficient lending. Between January and June 2024, billions of naira were disbursed via this platform, helping thousands of entrepreneurs gain access to essential funding.
The recognition FCMB received at the 2024 DBN Annual Lecture Series and Awards is not its first. The bank was similarly honoured in 2023 for its impact in DBN focus states and its dedication to green projects, further cementing its role as a leader in sustainable and impactful growth.
As a member of FCMB Group Plc, First City Monument Bank remains committed to fostering inclusive growth within its communities, creating a robust ecosystem that connects people, capital, and markets across Nigeria and Africa. The bank’s consistent focus on MSMEs and sustainability demonstrates its dedication to shaping a prosperous and environmentally responsible future for the nation.
FCMB’s success is a testament to the power of innovative banking solutions that prioritize both economic development and environmental responsibility, setting a benchmark for other financial institutions in Nigeria.