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Content Partners

FCMB reduces interest on consumer loan products, offers customers opportunity to restructure tenure for repayment

FCMB customers will now enjoy all the benefits of interest rates reduction.

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FCMB Group notifies investors on Q3 results delay, FCMB profits decline by 4.84% in 9 months, FCMB Nigeria’s evening of investment talks with Ugodre, FCMB replaces KPMG with Deloitte as its new auditor, FCMB profit up 9.2% surges to N20 billion

First City Monument Bank (FCMB) has again lived up to expectation as a customer-centric and responsive Bank. The latest in the series of actions taken by the financial institution is a reduction of interest rates on all consumer loan products.

The reduction, which took effect from August 12, 2020 applies to all Salary Plus Loans, including Premium Salary Plus, Auto Loans and Home Loans, of FCMB, whether they are newly disbursed or already running loans. The slash of interest rates means that customers will be repaying lower amounts each month and can also borrow higher amounts than previously. In addition to the benefits of interest rates reduction, customers also have the option to restructure their consumer loans by opting for reduced tenure instead of reduced repayment amount.

In a statement, FCMB explained that the decision to reduce interest rates and restructure its consumer loan products in a more flexible manner are the latest initiatives in response to the current economic realities induced by the novel COVID-19 (coronavirus) pandemic, which has impacted negatively on personal and households income and expenditure, as well as on businesses and the socio-economic environment in general.

FCMB’s bold move to cut interest rates has been applauded by customers, as it will go a long way in enhancing standard of living by helping customers free up extra income to boost purchasing power and meet other expenses in a convenient manner. The development is also expected to have a multiplier effect on the Nigerian economy in terms of stimulating growth and development.

Commenting on the interest rate reduction and restructuring of repayment tenure, the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said, “we realise the financial challenges confronting our customers due to the prevailing economic situation caused by COVID-19. As a caring and responsive Bank, we are committed to give them all the support needed to ease the situation. This year alone, we have given out more than N30 billion in retail loans to over 475,000 customers. Because we have also digitized the application process for many of our loans, customers can get some loans instantly simply by applying on their mobile phone or the ATM. With the reduction in interest rates, we expect to make positive impact in more lives by giving our customers the financial support they need, when it matters most”.

With a customer base of almost 6 million as at the end of June 2020, robust digital banking offerings cutting across mobile, internet and ATM platforms, as well as over 200 branches spread across Nigeria, FCMB offers bespoke financial solutions that align with the lifestyles of its existing and potential customers.

The Bank’s giant strides and consistent impressive performance in the retail segment of the Nigerian banking industry continues to receive positive affirmation. FCMB was conferred with the award of “Most Business-Friendly Bank” at the 2019 edition of the Business Day Banking and Finance Awards. It equally bagged the award of “Excellence in Customer Experience” at the Finnovex Award held last year. In 2018, it won the prestigious award of ‘’Excellence in Retail Banking’’ at the New Age Banking Summit & Awards.

First City Monument Bank (FCMB) 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 banking and investment management led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.

For more information, please visit www.fcmb.com.

"NM Partners" represent articles published in partnerships with Corporate Organisations, Government and Non-Governmental Institutions, and other stakeholders seeking to publish content on Nairametrics. Content includes Press Releases, Targeted content, and other forms of corporate communications targeted at our readers. Some of these content are paid for.

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    JustLiquidity; The best place for easy and decentralized Crypto

    JustLiquidity aims to be the leading top decentralized exchange on the Binance SmartChain, with revolutionary developments and product’s

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    Introduction of Julwallet feature (NFTs minting and NFTs shop)

    NFTs and NFT artists have been trending a lot in the African art space

    NFTs or NonFungibleTokens as it stands, are redefining the very outlook of various forms of creative work like art, video, music, characters in a game etc. NFTs by their very definition represents unique data on the digital ledger or blockchain. Unlike Fungible tokens on the blockchain, these tokens are not interchangeable as they represent something unique in themselves.

    Justliquidity has introduced a few products to the general public that makes creating, storing, selling and sending NFTs all on the Binance SmartChain as BEP1155 token, the Julwallet is one of its revolutionary products that has all these features in it and more in development currently.

    Our Telegram group and Twitter handles are:

    JustLiquidity
    https://t.me/justliquidity

    JustLiquidity Africa
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    https://twitter.com/JustLiquidity?s=09
    https://twitter.com/JulSwap?s=09

    https://justliquidity.medium.com/

    A few of other products JustLiquidity are:
    The most popular one is julswap.com which is our popular decentralized exchange

    Our community token JULD can also be used for bookings on Travala.com

    Our Blackhole is a fully Decentralized protocol for private transactions on the #BinanceSmartChain.

    We also have a token Bridge between the Ethereum blockchain and the Binance SmartChain .

    $Juld can also be used for payments on shopping.io

    More features coming soon including our Julpad which is which is launchpad for new projects and also a debit card feature.

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    CHI Limited celebrates its maiden Hollandia Dairy Day

    The Hollandia Dairy Day Conference is a public interest initiative created to highlight the importance of dairy in everyday nutrition and healthy living in Nigeria.

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    Nigeria’s leading dairy brand, Hollandia, is set to hold the maiden edition of its Hollandia Dairy Day. The event which will be celebrated on the 18th of May 2021 will provide a veritable platform to drive national discourse on the unrivaled health and nutrition benefits of dairy consumption to people of all ages.

    Set to be hosted as a conference, the theme of this year’s event is “Dairy Nourishment to Support Healthy Living”, and it focuses on the vital role dairy consumption plays in our everyday nourishment, its benefit to our overall health, and why dairy products should be included in our diets every day.

    This conference, which is designed as a hybrid of physical and virtual event, will feature presentations, interviews and panel discussions from health experts and nutritionists as they provide insights and share perspectives to guide informed decisions about dairy consumption as part of a daily balanced diet. The event is opened to the public through the brand’s multiple social media platforms.

    According to a report by the Food and Agriculture Organization of the United Nations, 2019, Nigeria has low dairy consumption levels per head – 15 to 20 liters’ per capita consumption. This is partly attributable to low purchasing power of the average Nigerian household, who rank milk and dairy products as non-essential luxuries and prioritize other staple foods such as rice, beans, and yam.

    By provoking the conversations and stimulating public action/intervention, Hollandia aims to drive consciousness for dairy consumption and its importance to achieving optimum health, and to get many more Nigerians drinking, using, and consuming dairy products.

    The past year has presented unprecedented shocks and disruptions, including a global COVID-19 pandemic. As communities throughout the world look for ways to minimize the risk of COVID-19, maintaining and boosting good health is top of mind for many. Dairy foods such as milk and yogurt contain essential nutrients, including Vitamins A and D, Zinc and Protein, which support immune function.

    The Hollandia Dairy Day Conference is a public interest initiative created to highlight the importance of dairy in everyday nutrition and healthy living in Nigeria.

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