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Development bank recognises FCMB for supporting SMEs and green projects

Asset Finance: FCMB Offers N100m to SMEs

First City Monument Bank (FCMB), a leading supporter of small and medium-sized enterprises (SMEs) in Nigeria, has extended credit totalling N1.343 trillion to over 98,000 SMEs across diverse sectors since 2018. This includes N3 billion in credit disbursed to over 50 firms promoting clean energy solutions.

In recognition of these exceptional contributions, FCMB was honoured by the Development Bank of Nigeria (DBN) at its 2023 Service Ambassadors Awards in Lagos. The bank received accolades as the “Deposit Money Bank with the Highest Impact in the DBN Focus States” and “Participating Financial Institution with the Highest Disbursement to Green Projects.” These awards underscore FCMB’s commitment to impactful lending, actively driving economic growth and job creation across Nigeria.

Commenting on the awards, Mrs. Yemisi Edun, the Managing Director of FCMB, said:

“We are honoured to be recognized as the Deposit Money Bank with the Highest Impact in the DBN Focus States and the Participating Financial Institution with the Highest Disbursement to Green Projects. Our partnership with the Development Bank of Nigeria empowers SMEs to scale up and contribute significantly to Nigeria’s economic development. These awards affirm our commitment to meeting the expectations of our customers and the broader business community.”

FCMB’s target is to train over 1 million SMEs through Technical Assistance worth €325,000 granted by Proparco (the private-sector arm of the French Development Agency) and another $275,000 from the African Development Bank (AfDB). These will facilitate the successful onboarding and empowerment of SMEs, including women entrepreneurs, under its SheVentures proposition and those operating in high-impact sectors (agriculture, renewable energy, digital).

First City Monument Bank is a member of the FCMB Group Plc. FCMB is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem rooted in Africa and connecting people, capital, and markets.