IFC, a member of the World Bank Group, today announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.
The loan, made through IFC’s COVID-19 fast-track financing support package, reflects IFC’s commitment to Nigeria’s private sector following the severe challenges brought by the health and economic crisis. The funds will allow FCMB to support hundreds of businesses with trade financing and working capital loans.
READ MORE: Google building its own debit card
FCMB’s Chief Executive, Adam Nuru, said, “IFC’s loan facility will allow us to keep credit flowing to SMEs as well as corporate companies across all sectors of Nigeria’s economy, including in the health, pharmaceutical, food and trading industries.”
IFC’s Country Manager for Nigeria, Eme Essien Lore, said, “Supporting financial institutions like FCMB is vital to keeping smaller businesses solvent, saving jobs, and limiting economic damage in the face of a challenge as formidable as COVID-19. Although Nigeria has a strong and dynamic private sector, it needs liquidity now to ensure it remains viable during and after COVID-19.”
IFC’s $8 billion global COVID-19 fast track facility was launched in March 2020 to support existing clients through direct lending to affected companies and to financial institutions so they can continue lending to their clients and help to preserve and create jobs.
With a network of 205 branches, FCMB serves more than 4.5 million customers in Nigeria. IFC’s portfolio in the country stands at $1.3 billion in sectors including manufacturing, financial services, infrastructure and technology.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2019, we invested more than US$19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
FCMB is the retail and commercial banking arm of FCMB Group Plc, a financial services Group with operations in Nigeria and the United Kingdom. From its early origins as an investment bank, FCMB transitioned into a full-fledged commercial bank in 2012 and has since grown to become one of the top 10 banks in Nigeria by total assets. Through its network of 205 branches, FCMB serves more than 4.5 million customers across Nigeria.
Key learnings from the Fintech Rising webinar with SEC
The main benefit of being regulated has to do with investor confidence, security, and scale.
Last week, Nairametrics hosted a webinar tagged “Fintech Rising: Creating synergy between fintech players and regulators” to discuss the regulatory environment within which the wealth-tech ecosystem operates and how it is transforming the sector.
The recent announcement by the SEC about its first license for Fintechs – Digital Sub-broker license – has led to several questions being asked about what this type of registration would mean for players within the space. Tosin Osibodu of Chaka, a digital trading platform for local and foreign stocks, who was present on the panel, provided insights into what being regulated by SEC means, and the benefits to the sector.
- Being regulated does not limit your business:
He highlighted that from the start, Chaka has been extremely focused on being regulator friendly, explaining that being regulated does not mean that one’s business would be limited. Regulators are committed to ensuring development and innovation within the ecosystem but will first make sure that businesses are aligned with their goals and are beneficial to the public.
- SEC’s intention for creating this new license:
The regulators’ intention is to make sure that everyone participating is registered and structured in line with set guidelines, and it is incumbent for players to engage SEC to do that. The right approach to take is to engage regulators, show the benefits of your business to the economy as being an enabler of digital investing, making sure it is easier for people to tap into the markets, and so on; then get requisite registration.
- The importance of regulation:
Tosin further highlighted that the main benefit of being regulated has to do with investor confidence, security, and scale. When a wealth-tech company just starts out, it is exciting both for the operators and the customers, but as it grows, it is necessary to scale, and that would require business and regulatory compliance according to set guidelines that obtain within the sector. Customers would want to know that in the long-term their money is safe, which the SEC is trying to ensure. The disadvantage of not having regulation in this sector is the uncertainty for the investing public, which the SEC is guarding against.
With this new license, which Chaka is in line to receive, the SEC is ensuring that only compliant platforms would be allowed to operate so that investors will be more confident knowing that their assets are safe and stable. It would further encourage more people to invest, and encourage more players to enter the market, therefore spurring innovation.
SalesRuby to gather over 300 revenue leaders from Nigeria, Kenya, South Africa, Ghana at the Africa Revenue Summit (AFRES2021)
The event which holds at The Campbell Centre, Marina, Lagos will feature 25+ Speakers, 25+ Sessions across several distinct tracks.
The Africa Revenue Summit formerly known as Sales Leadership Conference (SLC) has evolved over the past four years as the largest convergence for revenue leaders across corporate Africa. The first, second and third editions hosted by SalesRuby held in Lagos, Nigeria in 2018, 2019 and 2020 respectively welcoming over 400 participants each year.
This year’s edition intends to gather over 500 participants from across Africa including Kenya, Ghana, Nigeria and South Africa to discuss modern strategies, processes and techniques for driving the growth of companies and organizations. This year’s event; up from just focusing on sales; would be taking a deep-dive review of themes across the entire revenue value chain which would include sales, marketing, culture, people leadership etc.
The event which holds on Friday & Saturday, June 4th & 5th, 2021 at The Campbell Centre, Marina, Lagos will feature 25+ Speakers, 25+ Sessions across several distinct tracks. The theme of the summit is “Scaling Growth, Optimizing Margins”
Some of the speakers at AFRES 2021 include:
- Motayo Latunji – Sales Director, Hayat Kimya
- Bunmi Jembola – CEO, SaleRuby
- Olutayo Latunji – Head of Sales Operation, Nestle Nigeria
- Winston Nolan – CEO, Sales Machine (South Africa)
- Sam Kariuki – Sales Trainer, Growth Partners (Kenya, East Africa)
- Mawuli Ocloo – Chief Sales Partner, Salesmark Services (Ghana)
- Yewande Akomolafe-Kalu – Head, Branding & Storytelling, Flutterwave
- Ose Osundeko – Group Head, Digital Marketing, Fidelity Bank
- Kenechi Eneh – Divisional CEO, ipNX
- Adenike Lucas – VP, Sales & General Manager – West Africa, Upstream
- Fikayo Akeredolu – Head of Growth, Stears
- Ibiyinka Dada – Digital Marketing Manager, Airtel
- and 13+ more industry leaders
What to expect at the Africa Revenue Summit:
The speakers and leaders, which were selected from across four countries in Africa and across multiple fields related to the theme, will offer invaluable insights and actionable strategies to CEOs, Executive Directors, Head of Sales, Marketing Directors and associated stakeholders on such topics as:
- Designing a modern sales process for growth
- How to shorten deal cycles
- Telling brand stories that cut through the noise
- Strategic interventions for growing key accounts
- Culture as a force for growth
- Best class content strategies for today’s buyers
- Understanding the core principles and practice of sales enablement
- Designing a winning inside sales strategy
- Go to market strategies fit for these times
- Leading a product-led growth strategy
- Recruiting, onboarding & retaining exceptional sales talents
- and many more sessions
Interested in participating in this event, visit https://afres.africa/get-ticket/
Call 09070047684, 09070048214. You can also send an email to [email protected]
Follow on LinkedIn
Follow on Instagram
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat Petroleum Development Company postpones Q1 2021 dividend payment date.
- FMDQ approves quotation of MTN’s Commercial Paper worth N73.5 billion.
- MTN Nigeria issues a 7-Year Series 1 bond worth N110 billion.
- Caverton Offshore Support Group reports profit after tax of N520 million in Q1 2021.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.