Good risk management is a valuable skill for PR projects By Kim Harrison
Risk concerns have been pushed into our thinking, especially since 9/11 in 2001. We are much more aware and concerned about the risks to ourselves, our organization and our community. Reflecting this, risk management is becoming an integral part of good public relations practice.
Risk is defined as the chance of something happening that will have an impact on objectives. Risk is measured in terms of likelihood and impact. Some people think public relations practice doesn’t involve much risk, which they think is more about operational matters such as safety and security. However, there is an element of risk in all public relations activity. Think of the risks to the organization inherent in a bad reputation, in controversial public issues, corporate crises, sponsorships turning bad, poor counsel to senior management, hyped product claims in marketing communication, use of celebrities in marketing, and in corporate events that go wrong. Many risk management experts believe that reputational risk is the most important of all – a PR risk that has dollar value. Just this week, Goodyear Tyres Australia was forced into a humiliating backdown when the federal government ordered the company to pay for “corrective advertisements” in major newspapers about its false and misleading marketing hype. Goodyear had claimed in 2007 and 2008 that one of its tyres was “environmentally friendly,” had “minimal environmental impact,” its production process resulted in reduced carbon dioxide emissions and the tyre technology “increases the life” of the tyre and “improves fuel economy.” No doubt the company’s reputation will suffer, along with its sales. Clearly there was no risk management process in place to prevent such unsubstantiated hype from going public.
Probably the most common risks encountered in PR life are in corporate events, which range from the formal – such as annual general meetings, conferences, staff and client briefings – to the informal – such as social events and staff recognition activities. The risks in these events can be predicted and minimized with a little thought. In addition to the potential risks in public relations activities, risks are prevalent in all areas of corporate life. We should be alert to these because communication may be needed to address internal and external corporate and operational risks.
Key benefits from risk management:
- It reduces the likelihood of unpleasant and costly surprises.
- It provides better information for strategic planning and decision-making.
- It leads to more realistic allocation of resources, especially financial resources.
- It generates better results from communication programs and projects.
- It creates better compliance with regulatory requirements.
- It helps to more accurately define the scope of required insurance cover, which can lower insurance costs.
Risk management comprises the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects. The role of risk management is to identify potential risks and take action to reduce the chances of those risks becoming reality and to reduce the magnitude of incidents if risks do turn into reality. Note also that the risk management process can identify potential opportunities from risk, just as issues and crises can create opportunities as well as problems.
In simple terms, risk management is intended to answer three questions:
- What can go wrong?
- What is the likelihood and impact of something going wrong?
- What can we do about it?
Risk management should be a continuing process starting at the planning stage of all significant communication and public relations programs and projects.
Seven steps are commonly used for risk management:
- Establish the context.
- Identify the risks.
- Analyze the risks.
- Evaluate the risks.
- Treat the risks.
- Monitor and review.
- Communicate and consult.
- Published in Blog
FCMB Group Completes 88.2% Acquisition of Legacy Pension Managers Limited with Completion Board Meeting
FCMB Group Plc has successfully completed the acquisition of an additional 60 percent equity stake in Legacy Pension Managers Limited (Legacy). The acquisition, which increases the holding company’s interest in the company from 28.2 percent to 88.2 percent, was concluded at the Completion Board Meeting of Legacy on Tuesday, November 21, 2017 in Abuja. The completion of the transaction follows the approvals of the Central Bank of Nigeria, the National Pension Commission, and the Securities and Exchange Commission. FCMB Group’s acquisition of Legacy is set to open a new vista of sustained growth for Legacy through the enhanced distribution and market presence.
Analysts have hailed the decision of FCMB Group to acquire majority stake in Legacy Pension as a significant development that would enhance the future performance of both organizations. They anticipate that Legacy Pension will be better positioned to grow its market share, compete effectively upon the onset of Retirement Savings Account portability, and also enter the micro-pensions segment in the informal market by leveraging on the network of First City Monument Bank, the retail and commercial banking arm of FCMB Group.
FCMB Group Plc’s subsidiaries include: First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, First City Asset Management Limited, FCMB Microfinance Limited and now, Legacy Pension Managers Limited. FCMB Group has over 4.3 million customers and 204 branches in Nigeria and a banking subsidiary in the United Kingdom through FCMB Bank (UK) Limited (which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA in the United Kingdom). Legacy Pension Managers Limited is licensed by the National Pension Commission, to carry on business as a Pension Fund Administrator (PFA). It has over N220 billion assets under management comprising, retirement savings accounts, retiree accounts as well as privately managed pension funds for institutions. It has over 350,000 pension contributors which it services from 48 locations across the country.
A Feature Story: PFAs as the Next Investment Destination, FCMB Group’s Example with Legacy Pension
Group Chief Executive (GCE) of FCMB Group Plc, Mr. Ladi Balogun
MD of Legacy Pension, Mr. Misbahu Yola
If a pension is deemed to be an invaluable source of income for the retired, and the Federal Government of Nigeria so motivated, introduced the Pension Reform Act of 2004, it should not be a surprise that within 13 years from inception, the pension industry has already risen to N6.02 trillion assets under management. The rate of growth is quite remarkable when compared to the 125-year-old Nigerian banking industry that stands at slightly over N30 trillion. Putting aside, the rapid growth of the sector, to what extent have the Pension Funds Administrators delivered on the expectations of their retiring beneficiaries? What stands out about Legacy Pension Limited? Why has FCMB Group Plc decided to increase its stake from 28.2% to over 88% equity holding in this pension firm?
Our guest Market Opinions Analyst, Emefu Ibeayoka, writing from Abuja, the Federal Capital Territory reflects on FCMB Group’s history from City Securities Limited and First City Merchant Bank to its current form of a diversified financial services group with its deep knowledge and experience in the investment space. The recent announcement on the floor of the NSE of its intention to increase participation in the pension industry seems a natural next step for the group as the pension industry is set to rival the banking sector in terms of size and economic importance over the next decade. The Pension Reform Act has restored discipline and trust for retirement savers. It has also limited employers’ pension liability and enhanced retirement benefits administration. No Pensioner has lost their savings due to mismanagement and the industry continues to grow at a healthy pace. A lot of this credit accrues to the National Pension Commission (Pencom). A cursory survey of stakeholders would probably score Nigeria’s pension reform and pension industry performance high. The only complaint seems to be coming from capital market operators and providers of infrastructure, that are clamouring for pension fund managers to allocate more of their resources to these sectors in need of further development. Looking at the volatility of our stock market and the challenges of power sector privatisation (due largely to non-cost reflective tariffs), we must commend the PFAs and their regulator that they have remained conservative in their investment strategy.
Further reports are quoted to reveal that in spite of the macro-economic headwinds experienced last year, the Nigeria Pension Industry’s AUM grew by 16%, one percent higher than growth in the previous year. Despite the contraction in monthly contributions, growth in AUM was largely driven by the higher yield offered in the fixed income market. Figures from May 2017, Nigeria Pension Industry Survey revealed 12.1% of respondents have decided to move to another PFA when the transfer window opens whilst 35.4% remain undecided. The level of competition amongst PFAs in Nigeria is set to intensify, with the opening of the transfer window and implementation of the Micro Pension Scheme (MPS). FCMB Group’s announced intention to acquire a super majority of Legacy Pension Limited will broaden its service offerings with the group already offering commercial and retail banking, investment banking, asset management, and trusteeship services. The successful completion of this transaction will bring FCMB Group’s shareholding in the company to 88.2%, thus becoming its largest shareholder. The development follows months of negotiations, regulatory reviews, approvals and pending final clearances of all relevant authorities. it is on record that FCMB Group Plc, which is a holding company, has one of the richest predigrees in financial services in Nigeria. The broadening of its holdings to include a controlling stake in a PFA will most certainly open a new vista of growth and stability to its income streams. The bank’s reported 4 million customers, 200+ branch network and strong digital presence are fertile grounds for the rapid growth of this new addition to its portfolio.
On the other hand, Legacy Pension Managers Limited, whilst being a conservative player with a strong presence in Abuja and the North has steadily grown its assets under management to over N220 billion. The company has maintained a strict investment policy and achieved decent returns since inception. Co-incidentally, FCMB Group’s equity mutual fund (known as the Legacy Equity Fund), won the BusinessDay Best Managed Fund (Equity Based) Award in October 2017, returning 52% year to date. It is expected that FCMB’s over 40 years of investment experience will complement and enhance Legacy Pension Managers proposition to existing and prospective customers. with the synergies from enhanced distribution and investment expertise, analysts have hailed the decision of FCMB Group to acquire majority stake in Legacy Pension Managers by describing it as a significant development that would not only shake up the pension industry, but also enhance the future performance of FCMB Group. Analysts anticipate that Legacy Pension Managers will be better positioned to grow its market share, compete effectively upon the onset of Retirement Savings Account portability, and also enter the micropensions segment in the informal market that will leverage the distribution and marketing muscle of a commercial bank within the group. These are interesting times for FCMB Group, Legacy Pension Managers and the pension industry as a whole.
Prepare Yourself for the Future Through Savings, FCMB Urges Youths
First City Monument Bank (FCMB) has tasked youths in Nigeria to key into the financial system by adopting savings culture and other financial management techniques that would help secure their future. The Bank made the clarion call at an outreach programme it organised for thousands of students in thirty secondary schools spread across the six geo-political zones in Nigeria to commemorate this year’s World Savings Day on October 31, 2017 The highly exciting and educative mentoring sessions, which are in line with FCMB’s Corporate Social Responsibility (CSR) and sustainability philosophy, were anchored by top executives of the Bank at the thirty schools. This is the second consecutive year the lender is carrying out this exercise in partnership with the Bankers’ Committee of the Central Bank of Nigeria (CBN), under the theme, ‘’Learn, Earn, Save’’. Last year, FCMB executed a similar programme in twelve schools nationwide.
The World Savings Day is aimed at teachingand reinforcing the key fundamentals of financial literacy, savings culture as well as entrepreneurial skills in theyouth. This is part of the Bank’s strategic contributions towards securing the future of young Nigerians by encouraging theadoption of savings and other financial management techniques at an early age to enhance their general well-being. Speaking during the mentoring session for students of Holy Child Girls College, Calabar in Cross River State, FCMB’s Manager, Calabar Road branch, Mr. Charles Emefiele, said that imbibing financial principles at an early age will go a long way to help students and young ones manage their resources effectively, appreciate how money works and how it can be channeled to productive ventures now and in the future. ‘’When you regularly put aside a portion of the money you are given or earn in a safe place that pays interest, this is what is known as savings. Saving money from early age guarantees financial independence, prudent management, planning and overall success of individuals and society’’, he explained. Mr. Emefiele further told the students that, ‘’the money saved should be placed in a financial institution for safekeeping and to earn interest on your money. This reduces the risk of spending, theft and gives your money the chance to grow’’.
Also mentoring the students of Government Science School in Lafia, Nasarawa State, the Manager, Lafia branch of FCMB, Mr. Ibrahim Ogah, pointed out that,‘’by being financially literate, students and indeed youths will be able to build capacity for future business endeavours, thereby securing their future and guaranteeing freedom from poverty’’. He advised the students to pass the message to their friends, parents and other family members. Commenting on the significance of FCMB’s involvement in the annual World Savings Day, the Group Head, Corporate Affairs of the Bank, Mr. Diran Olojo, said that it is an extension of its commitment to drive and deepen prudent and effective management of resources among the populace, especially youths. ‘’We want our young ones, who are the hope and future drivers of Nigeria, to understand and appreciate the importance of prudent management of resources and other initiatives that have the capacity to positively impact lives and by extension, the society. This is to ensure their financial security and independence in future’’, he added. Mr. Olojo assured that FCMB will sustain its support to the promotion of financial literacy and inclusion because, ‘’this is one of the most effective ways to build and empower a new community of Nigerians and a robust country through the very important initiative’’.
Over the years, FCMB has been actively involved in the efforts towards enhancing financial literacy and inclusion among various segments of the population by organising mentoring and capacity building programmes. The Bank has also raised the bar in this direction by donating various items to schools to boost teaching and learning. For instance, in 2016, the FCMB adopted Government Girls Secondary School, Akure in Ondo state and donated a power generating set to the school as part of the Financial Literacy Day. In 2015, the Bank organised a mentoring session for students of Girls College, Dala in Kano state. It used the opportunity of the programme to renovate and equip the school hall as part of measures to provide a conducive environment for the students. First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
FCMB Group Plc Wins Big at BusinessDay Banking Awards
The number of awards in the kitty of FCMB Group Plc has received another boost. This is because, two of its subsidiaries, First City Monument Bank (FCMB) and First City Asset Management Limited (FCAM), have emerged as the, ‘’Most Improved Retail Bank in Nigeria’’ and ‘’Best Managed Fund in Equity’’, respectively, at this year’s BusinessDay Banking Awards held on October 14, 2017 in Lagos. In 2015, FCMB won the “Most Customer Friendly Bank” award at the BusinessDay Banking Awards. The latest development is a confirmation of the giant strides being recorded by FCMB Group and its subsidiaries in the Nigerian financial services industry. It is also a testimony that the various initiatives being driven by the subsidiaries in the areas of service, products offering, operations and value addition to enhance customer experience are yielding the desired results and appreciated. While First City Monument Bank (FCMB) is the retail, commercial and corporate banking arm of the Group, First City Asset Management Limited (FCAM) is the investment management services arm of CSL Stockbrokers Limited, another subsidiary of the Group.
The BusinessDay Banking Awards, organized annually by BusinessDay (Nigeria’s premier financial newspaper), identify, acknowledge and commend those who have contributed tremendously to the nation’s banking sector and the growth of the nation’s economy in each financial year. The Awards Committee employed qualitative and quantitative criteria in the process of identifying and selecting winners. The parameters used for the conferment of the awards on FCMB and FCAM include loan growth, loan/deposit ratio, capacity adequacy ratio, analysis of distribution of loans across sectors, return on average assets, performances across business segments, timely release of financial results and presence of investor/analyst’s presentation on corporate website. According to the organizers, FCMB was adjudged as the, ‘’Most Improved Retail Bank in Nigeria’’ as a result of its remarkable transformation from an investment bank to become a leader in the retail banking segment in less than 10 years. For instance, the Bank has increased the number of its branches nationwide to over 200, while its alternate channels provide prompt, secure and convenient banking services, among other benefits to millions of customers on the conferment of the award as ‘’Best Managed Fund in Equity’’ on FCAM, the committee said that the company’s flagship product, Legacy Equity Fund, had witnessed consistent growth in unit price and net asset value to become the best performing, predominantly equity-based mutual fund in Nigeria.
Speaking on the award, the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said, “we are proud to have come tops as the Most Improved Retail Bank in Nigeria at the 2017 edition of BusinessDay Banking Awards. This goes a long way to confirm our unequaled commitment in offering exceptional quality service to our teeming customers and the Nigerian public. Our retail banking capability enables us to offer excellent and value-added services to millions of Nigerians directly and indirectly, whilst also supporting their personal and business aspirations. We dedicate this award to our customers who have made FCMB what it is today’’.
Mr. Akanmu assured that, ‘’we will continue to expand our reach and upscale the simple, helpful and reliable banking services we are known for at all our touch points, which are driven by excellent technology and inclusive lending practices’’. On his part, the Chief Executive Officer of FCAM, Mr. James Ilori, said that, ‘’we dedicate this award to investors in Legacy Equity Fund, and thank them for believing in our ability to generate superior return for unit holders, safely. Legacy Equity Fund is a well-diversified portfolio of high quality stocks, with relatively lower volatility. The Fund seeks to achieve capital growth and generate stable income over the long-term, and is a good hedge against inflation’’.
He added that, “at FCAM, our team of skilful and internationally experienced investment professionals understand that products should always be matched with the investment objectives of investors. Our products, including Legacy Short Maturity (NGN) Fund, are designed with the investor in mind. We will continue to act in the best interest of our clients’’. FCMB has transformed itself over the last 10 years from Nigeria’s leading investment bank to a leading retail bank with a valuable franchise in this space. It has raised the bar in products and service offerings which resonates with the needs and lifestyles of the various socio-economic and demographic segments in Nigeria. The Bank acquires an average of 55,000 new customers and disburses 20,000 new loans monthly.
First City Asset Management Limited (FCAM), as an investment management company, provides services that cut-across collective investment schemes such as mutual funds and investment plans, which are predominantly for retail investors, as well as specialised discretionary portfolio management, for high networth individuals and institutional investors, within and outside Nigeria. FCAM has consistently focused on delivering superior wealth and investment management services, aimed at meeting investors’ desire for safety of investment and good return.
FCMB Deepens Support for Small and Medium Enterprises (SMEs) with Business Finance Training
Leading financial services provider, First City Monument Bank (FCMB), organized the first in a series of free training programs for small and medium business owners. The initiative, led by FCMBs Training Academy and the Banks SME Segment Managers, was attended by existing and start-up firms in the SME sector as well as seasoned facilitators cutting across spheres of business development, accounting, marketing and strategy. The training, which focused on Business Finance Optimization for SMEs, covered various areas such as Budgeting, Cost Management in Challenging Times, Raising Capital for Businesses, Getting Businesses Ready for Loans or Investments, as well as Managing Credit Sales. Speaking at the opening of the programme, the Divisional Head, Corporate Services of FCMB, Felicia Obozuwa, stated that the Bank recognizes the role of entrepreneurs in the society and their capacity in driving economic growth. According to her, ‘’it is just one of the ways we support the growth of our SME customers. We realize that many small businesses can have the dedication to succeed, but without training and business experience, it can be a challenge to achieve results. Business acumen and day to day operational skills are essential for any small business owner to have when seeking out their next venture or sustaining their current business. In FCMB, we are passionate about helping our customers to be as educated as possible. Our comprehensive training programme for SMEs will establish a foundation for small business owners to develop themselves, learn new skills, better serve their customers, and stay relevant to their niche’’.
In addition, the Executive Director, Business Development of FCMB, Mrs. Bukola Smith, explained that the Bank realises that SMEs play critical roles in the growth of the nation’s economy. She added that, ‘’we understand that a number of factors combine to determine the success or failure of SMEs. We will continue to support our customers operating in this segment to overcome the challenges they usually face. We want to be part of their success story’’. Mrs. Smith listed some of the offerings of the Bank in the SMEs segment to include the e-invoicing platform – a unique solution, designed to help businesses monitor and control their cash management, especially as it affects payments, receivables, reconciliation and other financial transactions, through the internet and other mobile channels among others. In addition, the Bank offers free banking transactions for a period of three months for new-to-FCMB SME customers. In line with FCMB’s drive to partner with value content from the Fintech space, the Bank is also collaborating with Paystack to provide an innovative online collections platform to merchants and other businesses focused on enabling them to provide their customers with a seamless payment experience. The Bank is steadily building bridges between SMEs and investors, national and international developmental agencies to facilitate and unlock opportunities for SMEs.
The participants at the capacity training expressed gratitude to FCMB for living up to its value as a simple, reliable and helpful Bank that creates opportunities. A beneficiary, who is also the Managing Director of Festival Designs Limited, Mr. Shola Paul, had this to say: ‘’This training is very essential and a great initiative on the part of FCMB. I appreciate the efforts of the Bank to ensure customers succeed in their various businesses by providing tools that facilitate growth’’. In the same vein, the Managing Director of Honey Adeniyi Products, Mrs. Yemisi Ladejobi, stated that, ‘’what FCMB has done by putting together this capacity building programme is very encouraging. I have learnt a lot from this programme and kudos to the Bank’’.
FCMB Celebrates Customer Service Week, Commits to Excellent Service Delivery
First City Monument Bank (FCMB) has restated its commitment to attain the highest level of customer advocacy by leveraging on its solid business models, bespoke solutions, excellent service delivery, highly professional staff and technology to turn the aspirations of its customers to opportunities. Consequently, the Bank is set to further enhance the experience of its customers by rolling-out series of exciting and rewarding initiatives to celebrate this year’s international Customer Service Week, holding from October 2 to 6, 2017, across its branches in Nigeria. The theme of this year’s celebration is, ‘’Building Trust’’. The theme recognizes the importance of trust in forming strong, productive, and lasting relationships with customers and co-workers. The Customer Service Week, which started 33 years ago, is a unique period when service organisations and global agencies extol the patronage and loyalty of their esteemed customers by introducing several unique and special activities to appreciate them. It is celebrated annually during the first full week in October, and has grown into a global event.
In a statement, FCMB said that the celebration of this year’s Customer Service Week promises to be memorable as it offers another opportunity to connect and put a smile on everyone’s face to appreciate their loyalty and patronage over the years. The activities lined-up by the Bank include; a youth empowerment and internship competition with some partner organisations tagged #FCMBFlexxternship, a toll-free line for Customers to call and speak to the Managing Director, Mr. Adam Nuru, the reward of the bank’s oldest/loyal customers, visits to customers by the Management of the Bank, the hosting of the Igbo Community day at Coker OrileIganmu, and gifts to customers across all the branches. E-mailers and messages will also be sent to customers to appreciate them.
Commenting on the Customer Service Week, the Head, Continuous Improvement and Service Management of FCMB, Mr. Moshood Adelotan, said the Bank recognise the importance of the annual Customer Service Week and the contributions of its customers in making FCMB a success.‘’As an institution that is customer-focused, we have set high standards and always aim for continuous improvement in our pursuit of excellence. We will continue to celebrate our customers by offering them the very best in service delivery and lots of value-added solutions in a sustainable manner. We are determined to be the bank that everyone wants to bank with, do business with, and where opportunities are turned into realities’’, he added. FCMB has over the years introduced a number of initiatives to enhance customer experience. Among these are the strategic growth of its branch network, ATMs and PoS Terminals for accessibility to more people, a new addition to its contact centre numbers – 07003290000 – to make it easier for customers to reach the Bank. The lender has also initiated FCMB Microfinance Bank to provide simple banking solutions to the unbanked, under-banked and low income segments, especially women in the rural parts of the country. FCMB has in place a team of highly dedicated and professional staff that go the extra mile to give its customers a sustainable excellent customer experience.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria, with subsidiaries that are market leaders in their respective segments. Following a successful transformation into a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
FCMB Excites More Customers with Cash, Gifts at ‘’Millionaire Promo Season 4’’ Third Draws
First City Monument Bank (FCMB) on September 20, 2017 delighted and empowered another set of 644 customers with cash and various exciting gifts at the third draws of the Bank’s ongoing bumper reward scheme tagged, ‘’FCMB Millionaire Promo Season 4’’. The electronic selection of the winners took place at the regional and zonal levels of the Bank across Nigeria and was witnessed by officials of the National Lottery Regulatory Commission, Consumer Protection Council, thousands of customers of the financial institution and other dignitaries.
While four lucky customers were rewarded with the sum of N1million each at the regional draws held in Abuja, Lagos, Enugu and Ogun states, 640 others smile home with LED televisions, generating sets, decoders, tablets, smart phones and other consolation prizes. At the Abuja & North Regional draw held in Abuja, Pindar Fatsuma Saidu won the star prize of N1million, while Sanusi Amadu was rewarded with the same amount at the Lagos Regional draw which took place at the Agege branch of the Bank in Lagos. In the same vein, Joy Ottonah Ben emerged winner of N1million at the South-East/South-South draw held at the Garden Avenue branch of the Bank in Enugu, Enugu State, just as Ayodeji Ogedengbe smiled home with N1million at the South-West regional draw in Ijebu-Ode, Ogun state.
The ‘’FCMB Millionaire Promo Season 4’’, which commenced in March 2017 and will end in November, has been designed to provide extra empowerment and create value for customers of the Bank, while encouraging financial inclusion and savings culture. It also forms part of the various initiatives of the financial institution to enhance customer experience and reward them for their loyalty and patronage over the years. The promo is targeted at all segments of the society and for existing as well as potential savings account customers. The eligible products or accounts for the promo include FCMB basic savings, kids account, Nairawise, e-savings and premium savings. The promo is targeted at all segments of the society, especially existing and potential savings account customers of the Bank. This however, excludes salary and domiciliary account holders.
Speaking on the latest draws of the promo, the Executive Director, Retail Banking of the Bank, Mr. Olu Akanmu, assured that, ‘’we will continue to appreciate and empower our customers to fulfil their aspirations. This is why we encourage them to save through programmes like our promo. The draws are unique because they take place in several cities and zones across our branches nationwide. The chances to win are therefore quite high for our customers, many of whom have been rewarded today. The fact that the lives of thousands of many of them have been positively changed through the promo speaks volume about its impact’’. He added that it is the desire of FCMB to ensure that more customers (both existing and potential) benefit from the promo. ‘’We therefore encourage Nigerians to partake in this exercise’’, he added
On how to participate in the ‘’FCMB Millionaire Promo Season 4’’, Mr. Akanmu, explained that all an existing or a new customer of the Bank needs to do is to increase his or her balance by N10,000.00 in any of the eligible savings account and maintain it for 30 days to qualify for the Zonal and Regional electronic selection of winners where the star prize of N1million and other fantastic prizes will be won. Multiple savings of N10,000.00 will increase the probability of winning. To qualify for the grand finale draws in November 2017, where four customers will win N2million each, existing and new customers are to increase their balances up to N50,000.00 and maintain it for 30 days. Multiple savings of N50,000.00 will also increase the chances of winning.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
Standard Chartered celebrate Liverpool FC’s 125th anniversary through the power of numbers
To commemorate Liverpool Football Club’s 125th anniversary, Principal Club Sponsor Standard Chartered is today launching a season-long digital campaign which celebrates the power of numbers. The bank will take Liverpool FC fans on a journey to understand the meaning of significant numbers in LFC’s history. This will be told through a series of films as well as a unique 360° audio match-day experience. It will also feature interviews with Reds Manager Jürgen Klopp as well as LFC Legends, current First Team players and fans from around the globe.
Beginning with Number 8, ‘The Captains’, this video will look at the significance of captaincy and how leadership makes a lasting impact, with a specific focus on Steven Gerrard and the impact he had as LFC Captain. Karen Fawcett, CEO, Retail Banking and Group Head of Brand & Marketing at Standard Chartered, said, “Liverpool FC have had some phenomenal players and moments during their 125 year history that have contributed to them becoming one of the most successful English football clubs of all time. This special anniversary is a great opportunity for us to celebrate that success with them.
With the launch of our #8 video, we want to highlight the power of leadership, showcasing how one person can make a positive impact on the people around them, and then go on to achieve success together as a team.”
Billy Hogan, Chief Commercial Officer and Managing Director at Liverpool Football Club, added, “This is a fantastic campaign that uses some really great content. Standard Chartered have really created something our fans will love and won’t have seen before, and we thank the bank for helping us celebrate our 125th birthday in such an exciting and innovative way.”
Useful links:
- #8 The Captains video: https://www.youtube.com/watch?v=URpbQJ4W8bA
- 125 Numbers Campaign trailer: https://www.youtube.com/watch?v=PjwGyu0AtMY
- 125 Numbers Campaign website: sc.com/lfc125
FCMB’s Partnership with Government Stimulates Economic Growth
As First City Monument Bank (FCMB) pushes its Agency Banking and Agribusiness agenda, our reporter, peeps into the Bank’s retail template to expound some of the directions currently being implemented in the examined subject areas………
The main task of governance all over the world is to provide social and economic infrastructure, protect life and property, and also create employment for the unemployed. The government is still expected to manage the economy by strategically formulating and implementing specific policies that can create opportunities for sustainable economic activities for the citizenry. The need for economic development, particularly in areas such as poverty reduction, employment generation and wealth creation focused on improving welfare and raising the general standard of living, has become a challenge that must be squarely guaranteed by government. But to what extent can this responsibility be left to government alone?
The 34-year old financial institution, First City Monument Bank (FCMB) says no, the responsibility, should not be left to government alone to shoulder. For the fact that Nigeria is a country blessed with favorable climatic conditions, ample arable land and fertile soils, some expert solution has been proffered. FCMB has taken a bold step towards empowering small holder farmers as well as micro, small and medium scale enterprises which industry watchers now define as the nucleus of developed economies’ action points. The same aspiration has been found in the heart of the present administration’s economic agenda. The Federal Government is said to have concluded plans to align its fiscal, monetary and trade policies to stimulate economic growth. Meanwhile, the Managing Director, First City Monument Bank (FCMB), Mr Adam Nuru has said that it is a conscious business objective of the Bank to partner with government in various clearly defined economic activities that directly impact positively on the people, particularly the micro, small and medium enterprise segment whose daily activities supply cohesion in the basic energy chain of the nation’s economy. In one of the economic outreaches championed by FCMB, he said,“the Bank has designed a group lending programme which aims at creating financial awareness and empowerment for financially active women through microcredits, procurement and deployment of POS and free mobile phones among these women. These women have been identified in self-organised and homogenous groups that provide support and peer pressure to reimburse loans. It is quite innovative in Nigeria. Our focus on this aspect with the accruing benefits, are the unbanked, under-banked and low income customer segments who are also being acquainted with financial inclusion”. The key objectives of First City Monument Bank (FCMB), it is reiterated, include to bring financial services closer to both urban and rural small income earners. This is to enable them access loans in groups to be able to drive inclusion. The scheme also offers more flexible financial services to small income earners in the market especially women to increase their work capital. It is another opportunity that enables small income earners expand their asset base to finance their household needs.
FCMB’s commitment in the partnership was responsible for the choice to make its operation simple when it comes to reaching out and giving access to the fund-deserving population. For the upcoming, small and medium sized businesses to benefit, prospective participants must be 18 – 60 years of age and also belong to a group. The group’s size must be 5-25 members who enjoy mutual trust, confidence and respect, and live or work in close proximity to one another. The customer must have an income generating activity or business which has been in existence for at least 6 months. The borrower must exhibit the potential to save. And Group members are expected to be residing within a radius of 1km. FCMB is also offering free four weeks of training organised for borrowers before loans’ disbursement Vice-President, Professor Yemi Osinbajo, gave some hints. According to him, “government’s effort to restore growth depends very much on improved macroeconomic conditions. Accordingly, fiscal, monetary and trade policies are being aligned to stimulate the economy and support growth while preventing overheating”.He confirmed that sectoral policies were being implemented by the Federal Government of Nigeria to diversify the economy by boosting investments in agriculture, manufacturing, mining, construction and the digital economy. The Deposit Money Banks, Osinbajo noted, were vital to the implementation of the government’s Economic Recovery and Growth Plan. At the donation of a robust Home Grown School Feeding (HGSF) programme web portal developed by FCMB for deployment nationwide to the Federal Government, its Managing Director,Mr. Nuru informed the Vice President that the Bank, as one of the top lenders in Nigeria, is already providing financial and technical advisory support to several operators in various sectors. He listed these to include power sector projects, export trade, Small and Medium Scale Enterprises (SMEs), among others. ‘’We will continue to intervene and offer support as well as solutions in developmental areas that would fast-track the growth of the aspirations of individuals, businesses and the country in general’’, he added. FCMB’s Microfinance project from inception, set the pace for rural and semi-urban economic prosperity and the resultant effect, has been profound. The Microfinance Bank also developed a robust software application for online real time transaction and reporting. Establishing a centralized system of operations and loan review process, it has also commenced BVN registration for MFB clients with credit check on customers for improved loan assessment process. The Microfinance’s operation is already berthed in 53 branches covering 11 states in 5 geopolitical regions. The FCMB Group Lending and Agency Banking projects are a digitized credit and savings solution which facilitates instant account opening with debit card issuance for online real time transactions driven by point of sale (POS) and mobile devices.
Mr. Ladi Balogun, the Group Chief Executive of FCMB Group Plc is quoted to have said, “the bank’s project is driving financial inclusion in Nigeria through the deployment of agents in communities without financial service providers. The project is highly driven by technology to create a distinct offering from other existing micro lending businesses. The automation of loan processing, disbursement, and repayment via POS and/ or mobile solutions ensures an efficient and swift loan disbursement and collection process’’. In the area of agriculture, it is a concern however that as desirable as agriculture is to economic well-being, Nigeria is yet to maximize its potential. This is as a result of a combination of various factors, some of which include the relegation of agriculture to subsistence farming; non-prioritisation of agribusiness at different levels of governance; the state of infrastructure such as research and storage facilities, extension and disjointed value chains and of course, the distraction occasioned by oil fully conscious of the important role of key stakeholders in the agribusiness chain and as a strong believer in the potential of agribusiness in Nigeria, FCMB’s intervention in the sector has left a far-reaching impact on this crucial part of the economy. This has been attested to by the Chairman of Tractor Owners and Hiring Facilities Association of Nigeria (TOHFAN), Alhaji Danladi Garba, when he commended FCMB for its support to the agric sector and farmers in Lagos. FCMB had provided funding worth N300 million to TOHFAN for the acquisition of tractors that were distributed to operators and benefiting farmers throughout Nigeria.
The Bank also collaborated with Doreo Partners, an impact investing firm with a proven track record of exclusively investing in profitable, high growth, early stage businesses that improve the livelihoods of Nigerian smallholder farmers,to launch a support programme for farmers, known as BabbanGona (or ‘’great farm’’). This is an agricultural franchise model, where farmers are trained, provided end-to-end support, and offered specially packaged loans to carry out their farming activities. In line with its commitment to financial inclusion which entails bringing the underbanked and unbanked population into the financial system, a drive which the CBN has been pursuing actively, FCMB selected a region with a high degree of financial exclusion, bringing on board farmers in the Gimba, Soba and Maigana communities. The franchise has about 18000 farmers, developed by Doreo Partners and has a vision of reaching in excess of a million farmers in the near future another testimony associated with FCMB is the success of Psaltry International Farm in Ado-Awaye, Iseyin in Oyo State, whose achievements in cassava business and agric value chain management have assumed international dimension. Managed by Mrs. Yemisi Iranloye, a biochemist and agric entrepreneur, the business has a farming base of over 10,000 hectares of land with about 2,000 out-growers. It also has a factory that processes cassava to food grade starch for supplies to large corporates in the food and beverage industries.
FCMB’s facilitation of nearly N1billion for Psaltry Farm under the Central Bank of Nigeria (CBN)’s funding schemes for the sector has given the Iseyinagriccommunity the much-needed economic boost. Apart from FCMB’s relationship with Psaltry, the Bank partnered with the farm to provide basic agricultural training for its farmers to understand the technical details of growing their produce for higher yield and improved income FCMB distinguishes itself by its extraordinary people and culture, a customer-focused and performance-driven environment. Its unique retail lending capabilities enables it to offer valued services to millions of underserved Nigerians directly and indirectly, whilst supporting its portfolio diversification objectives to deliver sustainable growth. Its investment and transaction banking services further distinguish it as a bank for companies, doing business within and outside Nigeria, with customers in need of value-added solutions. The Bank’s distinctive capabilities and culture provide it with the critical elements for sustained growth and the competitiveness to fulfil its mission. With these, among other economic activities, the Federal Government of Nigeria, has called other financial institutions as well as other patriotic individuals to join FCMB to add value for national empowerment and economic development.