Small and Medium Scale Enterprises (SMEs) are globally acknowledged as engines of socio-economic transformation. In Nigeria, they’re on the coronary heart of a push for financial prosperity.
Together with micro-scale ventures, these companies contribute virtually half of the nationwide Gross Domestic Product (GDP), make use of 76.5 % of the nationwide workforce and account for 7.64 % of export receipts, a joint survey by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) in 2017 reveals.
They additionally make up greater than 90 % of the whole companies in Nigeria.
Micro, Small and Medium Enterprises, mentioned to be about 41.5 million in
Nigeria, can assist re-distribute wealth, enhance native manufacturing and
diversify the financial system.
As such, the insurance policies and establishments that help their development are vital variables for Nigeria’s financial ends.
One of such establishments is First City Monument Bank (FCMB), a number one monetary companies supplier.
The mid-tier lender final yr proved its mettle within the Nigerian banking business, rising the perfect financial institution in buyer expertise for SMEs.
The financial institution leapt to the primary place within the SMEs class from a third-place rating within the prior yr. FCMB in 2018 additionally emerged the third most customer-focused in retail banking.
This is in response to the 2019 Nigeria Banking Industry Customer
Experience Survey (NBICES) report by KPMG, one of many Big four international
According to the 2019 report, evaluation of efficiency within the SME
section reveals dynamism within the newest rating, with FCMB edging different
Banks to emerge prime.
The 2019 analysis was carried out by way of face-to-face and on-line survey methodology, involving SME homeowners throughout Nigeria. It was anchored on six pillars of evaluation and efficiency, specifically personification, integrity, expectations, decision, effort and time in addition to empathy.
“While the Nigerian banking panorama has consistently been confronted with
steep competitors, the stakes have been raised even greater and
performing nicely on buyer expertise is the brand new minimal normal,’’
mentioned KPMG. “As the race for the client intensifies, front-runners will
be those that show an understanding of the client’s particular
circumstances to persistently ship a personalised expertise”, it
The newest constructive affirmation acquired by FCMB is an indication
that the varied helps the Bank affords to spice up the efficiency of
SMEs and its total contributions to the expansion of the nation’s financial system
are yielding the specified outcomes and appreciated by the market.
FCMB is thought for its bespoke merchandise and wonderful service choices reducing throughout retail, SMEs, transaction, industrial and company.
The leap within the ranking of FCMB because the primary Bank in Customer
Experience for SMEs is a proof that the financial institution is on the proper path
in direction of attaining its objective of achieving the best ranges of buyer
advocacy within the business and a significant contributor to financial
FCMB, on a number of events, has restated its dedication to persistently ship distinctive service and providing the proper propositions to assist SMEs and different buyer segments fulfill their particular person and business aspirations.
For occasion, the financial institution just lately organized a coaching themed, “Supporting Women Businesses to Scale Up in 2020’’, a free and complete capability constructing and empowerment programme for ladies entrepreneurs in Ogun State.
The programme aimed toward enhancing the productiveness and profitability
of Small and Medium Scale Enterprises (SMEs) by funding, capability
constructing, advisory and different types of help, held February 5, 2020, in
partnership with the Office of the First Lady of the State, Mrs.
The financial institution mentioned it will proceed to help SMEs to beat the
challenges they normally face, particularly on the take-off stage, as a result of
it desires to be a part of their success story.
FCMB has constructed a robust base within the SME section by persistently
championing and executing a number of cutting-edge options which have
tremendously impacted on companies nationwide underneath the next
pillars of help; entry to capital, capability constructing, advisory
companies, networking alternative and know-how. The lender is one in every of
the highest collaborating Banks within the numerous intervention funds of the
Central Bank of Nigeria (CBN) and Development Finance Institutions
(DFIs). FCMB has been counseled by the CBN, Bank of Industry,
Development Bank of Nigeria, amongst others, for its sturdy help to
The lender additionally companions native and worldwide DFIs to offer
numerous types of funding, ensures, grants and capability constructing
programmes to entrepreneurs. Also, FCMB affords free banking transactions
for 3 months to new to Bank SME prospects. It additionally has in its
bouquet tailor-made merchandise to swimsuit the wants of SMEs prospects, equivalent to
free accounting purposes, Payroll resolution and so forth.
FCMB has equally automated its lending course of for SMEs by adopting digital banking options to penetrate and deepen its intervention in the section by its Quickloans platform. Since the launch of the platform in July 2019, over N10billion unsecured loans have been disbursed to SME prospects inside three to twenty-four hours of software by the Quickloans platform.
For girls entrepreneurs, FCMB’s SheVentures initiative, launched in March 2019 to supply enhanced help to current and start-up women-owned SMEs by entry to finance, coaching and mentoring, has continued to encourage entrepreneurship, whereas additionally turning across the fortunes of current companies. Apart from different advantages, it comes with a zero-interest price for an preliminary interval of three months for beneficiaries. Also, over 2000 girls entrepreneurs are being mentored by the Bank by the SheVentures initiative.
Beyond monetary help, FCMB has skilled over 10,000 SMEs, whereas
additionally championing and executing a number of value-added capability constructing
programmes which have fast-tracked the expansion of companies, thereby
upscaling their contributions to the event of the nation. The
lender organises a complete programme, tagged, ‘’Business
Enterprises and Sustainability Training (BEST)’’, SME Clinics and
Masterclass for business homeowners nationwide to equip them with administration
expertise and guarantee efficient networking.
FCMB has ensured the event of rising markets, equivalent to renewable power, agribusiness and inventive business. The Bank hosts a number of workshops and exhibitions for these sectors. For occasion, it organised a workshop on Climate Finance Awareness, in partnership with the International Finance Corporation (IFC), underneath the theme, “Energy Efficiency and Solar Energy Solutions for Your Business”. This was a follow-up to the one held in August 2018 on Sustainable Energy Finance (SEFi). There was additionally a seminar on tax issues, in collaboration with the Federal Inland Revenue Service, for SMEs in June.
In the identical vein, FCMB in November final yr hosted a workshop on Energy-Agric Nexus for Rural Economic Development, underneath the theme, “Stimulating the Agricultural Sector through Off-Grid Energy Development”, in Abuja. It was in partnership with the Rural Electrification Agency (REA), The European Union, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), Nigerian Energy Support Programme (NESP), Heinrich Boll Stiftung (HBS) Foundation and Power for All. The workshop supplied a uncommon alternative for operators in agribusiness and the facility sector to interact in constructive and interactive periods with business consultants and decision-makers on harnessing and deploying different, renewable, clear and inexpensive sources of power, significantly off-grid ones, to stimulate agribusiness.
First City Monument Bank (FCMB) Limited is a member of FCMB Group
Plc, which is among the main monetary companies establishments in
Nigeria with subsidiaries which can be market leaders of their respective
Having efficiently reworked right into a retail banking and wealth
management-led group, FCMB expects to proceed to tell apart itself
by innovation and the supply of outstanding companies.
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