FCMB wins Asian Banker Award for ‘Best SME Bank in Africa’

First City Monument Bank (FCMB) has won the Best SMEs Bank in Africa at the Asian Banker Middle East and Africa Regional Awards which was held virtually on November 5, 2020.

This accolade affirms FCMB’s effort and commitment towards ensuring a smooth operating environment for Small and Medium Scale Enterprises (SMEs).

Asian Banker lauded the awardee for its efforts, such as digital innovations, pioneering woman empowerment and its investment in SMEs.

“FCMB has introduced various digital initiatives into the SMEs segment, such as digital loan products (Quick loans) and its New Mobile banking platform. In addition, the bank launched a platform, a first of its kind, to help women-owned businesses scale up by leveraging access to financing schemes, mentorship programmes, as well as training and networking opportunities.

“FCMB has equally helped SMEs to enhance capacity, thereby improving their business operations, connect with peers and access to trusted service professionals. The bank has a 25% market share in the SME business, and in 2019 had more than 300,000 new accounts in this segment. We commend FCMB for its incredible contributions towards ensuring the growth and sustainable development of SMEs within the region,” Asian Banker said.

The decision to award the recipient was not based on assumption, rather it was informed by a coordinated assessment by the organisers.

In the words of Asian Banker: “series of online surveys across the region to gather feedback from thousands of customers per market. In the survey, we also asked customers to rate how well their main Banks have helped them during the crisis. The results and rankings are a true reflection of the voice of the customers.”

Mr Adam Nuru, Managing Director of FCMB, was thankful to the organisers, expressed delight on how much FCMB has actualised its SMEs objectives through innovations and promised to forge ahead.

In his words: “We are excited to have been recognised by the Asian Banker for our market leading propositions and support to SMEs, which continue to make real impact on businesses and the economy in general. This award is another validation that we are on track in our customer-centric approach to financial services delivery.

“We will continue to expand the frontiers of our innovation and go the extra mile to deploy offerings that consistently enhance customer experience. We thank the Asian Banker and the respondents for considering us worthy as the Best SME Bank in Africa. We dedicate this award to our customers who have made FCMB what it is today.”

Mrs Bukola Smith, Executive Director, Business Development, FCMB, who received the award on behalf of the bank highlighted the significant roles of FCMB’s innovations played in militating against SMEs challenges, especially those caused by COVID-19.

“As a resilient, inclusive and responsive institution, we have continued to deploy solutions to transform the challenges posed by COVID-19 to opportunities for our customers by leveraging on our robust technology, digital transformation drive and highly professional team.

“Our SME Banking offerings have significantly changed lives through job and wealth creation, among other benefits. This is because we believe that the only way we can succeed is when our customers succeed. We are very proud to be the Best SME Bank in Africa, particularly coming after KPMG rated us as the Best SME Bank in Nigeria in the 2019 Nigeria Banking Industry Customer Experience Survey report. This latest award will undoubtedly inspire us to perform better,” she stated.

Amongst FCMB’s innovations concerning SMEs are the Quick loans platform; through which over 5,000 digital loans are disbursed monthly, agribusiness, portfolio in contribution terms at 9% and has recently launched its Business Zone; its on-line community platform for SMEs to interact amongst themselves and to connect them with various experts to help concerning their development.


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