Traders, SMEs hail FCMB’s PBA in nation’s markets

Traders and other business owners across the country have continued to commend First City Monument Bank (FCMB) Limited over the introduction of a Personal Business Account (PBA) product, which comes with a free insurance cover of up to N1 million in case of loss of goods/stock due to fire or flood disaster.

The product 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.

Speaking at the launch of the PBA at the Onitsha Main Market in Anambra State, recently, Innocent Agudiegwu, chairman of the traders association, described the product as ‘fantastic.’

According to him, “by coming up with a product like this, FCMB has demonstrated that it is responsive to the needs of not just businessmen and women, but to the people and society.’’ He said it will solve the financial difficulties usually faced by businesses in the event of hazards, saying “I therefore advise all my fellow businessmen and women to take advantage of this unique product, because it will help to protect our businesses and also make them grow faster.’’

On her part, Grace Okonkwo, leader of the women wing of the Onitsha Market Traders Association, thanked the bank for putting the overall wellbeing of traders into consideration while designing the PBA. “The addition of a free insurance cover as part of the benefits of the product shows that FCMB is a partner concerned about the sustainability and growth of one’s business,’’ she said.

Speaking in the same vein at the unveiling of the product at Aba in Abia State, Lucky Akubueze, chairman of the Ariara International Market Traders Association, 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 Account will help to reduce the pains and costs associated with such situations.’’

In his response, Okey Ezeala, regional director, South East and South South of FCMB, said the bank introduced the product to further demonstrate its value as a helpful financial institution, saying “apart from giving traders peace of mind, this product will go a long way to grow businesses thereby contributing to national economic development.’’

Ezeala assured the traders that graced the events that, “we will continue to design products and services that will protect and lift our customers to enable them achieve their objectives.’’

According to FCMB’s divisional head, retail banking, Olu Akanmu, the PBA is a current account designed for traders and merchants with reduced cost of banking. To him, the product 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/withdrawals for a fee as low as N1,500. It also reduces the cost of banking for customers with heavy and daily transactions.

The business account was first unveiled at the Oluwole Market on Lagos Island and Alade Market, Ikeja, Lagos, in December 2014. At the occasion, Folashade Tinubu-Ojo, Iya Oloja general of Nigeria, various market associations and business owners hailed the bank for its foresight in developing a product that aimed at protecting businesses.