FCMB addresses market-based disasters with N1m cover for trader’s stock loss

Committed to reducing the incessant traders’ stock and goods losses to artificial and natural disasters as a result of sudden fire and flood that may break out in marketplaces and locations, resulting into traders’ losses, First City Monument Bank (FCMB) has launched Personal Business Account for traders, merchants, artisans, among others with a free cover for loss.

The launch of the pilot Personal Business Account by FCMB at Alade Market Ikeja, Lagos, Wednesday, was made for Nigerian traders, merchants, artisans, self-employed professionals among others to offer free cover, in the tune of N1 million, for losses recorded by traders at the marketplace in form of goods and stock, just as it introduced other incentives such as unlimited debit transactions, withdrawals and zero COT charges.

Speaking at the launch in Lagos, Olufemi Bakre, executive director, Lagos and South West, noted: “This product has been designed to guarantee and give you peace of mind as traders and merchants, as you conduct your businesses.

At FCMB, we understand that several factors combine to determine the success and sustainability of any business.

“We always pride ourselves as solution providers and a support base to our customers; knowing that it is their success that ultimately guarantees ours as a Bank equipped with this knowledge, we will continue to design products and services that will protect and lift our customers to them an advantage and ensure they win in the marketplace.

“The Personal Business Account is a current account designed for traders and merchants with reduced cost of banking and protection against the unexpected, arising from a disaster.

It offers a Zero COT charge which is replaced by a small Pmonthly service fee Customers can carry out an unlimited volume of debit transaction/withdrawals for a fee as low as N1,500.

“It reduces the cost of banking for customers with heavy and daily transactions.

In addition to a reduce banking charges, there is a FREE cover for loss to stock up to the tune of N1,000,000 in case of fire or flood. FCMB is here presenting a unique proposition to individuals who operate business accounts in their personal names to enable them to pay a maximum of N1, 500 as a flat monthly fee and while equally enjoying unlimited turnover monthly.”

Responding, Folashade Tinubu-Ojo, Iya Oloja General of Nigeria, said: ”I’m very happy that FCMB has developed this special product. I commend the Bank for doing this. It shows that the Bank knows and is responsive to the need of the people.

“The FCMB Personal Business Account will solve a lot of problems being faced by business operators. It will ameliorate the financial difficulties they usually face in the event of hazards. I therefore urge all our traders and business owners to take advantage of this product in order grow their businesses and also to safeguard them from hazards.”