FCMB recognised for lending to 800,000 MSMEs in six months

First City Monument Bank (FCMB) has earned recognition in Nigeria’s financial sector, winning two prestigious awards at the Development Bank of Nigeria (DBN) 2024 annual lecture series and awards in Lagos.

The bank was named the ‘Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria’ and the ‘Highest Disbursement to Sustainability Projects.’

These awards highlight FCMB’s commitment to financial inclusion and sustainability in Nigeria. Between January and June 2024, FCMB disbursed loans worth N180 billion to over 800,000 Micro, Small, and Medium Scale Enterprises (MSMEs) across various sectors, significantly bolstering their growth and resilience. This affirms FCMB’s commitment to helping MSMEs succeed through specialised financial tools and support, ultimately boosting the nation’s economy and sustainability efforts.

Yemisi Edun, managing director of FCMB, said, “As Nigeria’s MSMEs-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. Our efforts reflect our purpose of fostering inclusive and sustainable growth by creating a robust ecosystem that connects people, capital, and markets in Africa.”

The National Bureau of Statistics (NBS) said that over 41 million MSMEs operate in Nigeria, contributing 48 percent of the country’s gross domestic product (GDP). FCMB’s strategic focus on this segment, recognising its crucial role in economic development, affirms the bank’s deep commitment to Nigeria’s economic growth and development.

In 2023, FCMB secured over $280 million in funding from Development Financial Institutions (DFIs) to support MSMEs, including those led by women and enterprises in critical economic sectors, aligning with sustainable development goals. The bank has also actively financed renewable energy projects, granting credit to customers in need of solar energy solutions.

FCMB’s innovative approach to lending is driven by the digital and automated processes of its Quick-Loans platform, which enables rapid and substantial loan disbursements to entrepreneurs. This digital transformation has resulted in billions of naira being disbursed between January and June 2024, with thousands of digital loans processed monthly.

The DBN Annual Lecture Series and Awards celebrates financial institutions that deliver exceptional service and impact within Nigeria’s MSME sector.

At the 2023 edition, FCMB was similarly recognised for its impact in DBN focus states and its commitment to green projects, reinforcing its reputation as a bank committed to sustainable and impactful growth.

First City Monument Bank, a member of FCMB Group Plc, remains steadfast in its dedication to fostering inclusive growth within its communities, connecting people, capital, and markets across Nigeria and Africa.