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 PROMO SEASON 4 2ND DRAW NTA ILORIN
https://www.youtube.com/watch?v=QAbwcaWji3A[/embedyt]
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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 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.
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.
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