First City Monument Bank (FCMB) has been recognized for its significant contribution to Nigeria’s economic growth. The bank received two impactful awards at the 2024 Development Bank of Nigeria (DBN) Annual Lecture Series and Awards in Lagos, namely for achieving the “Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria” and the “Highest Disbursement to Sustainability Projects.”
These accolades highlight FCMB’s strong commitment to financial inclusion and sustainability. In the first half of 2024, the bank disbursed over N180 billion in loans to more than 800,000 Micro, Small, and Medium Enterprises (MSMEs), empowering these businesses to grow and thrive in various sectors.
This effort is part of FCMB’s broader mission to support MSMEs through specialized financial services, contributing to the country’s economic growth and sustainable development goals.
FCMB’s Managing Director, Mrs. Yemisi Edun, expressed pride in the recognition, saying, “As the bank of choice for MSMEs in Nigeria, we are honoured by these awards and remain dedicated to supporting businesses nationwide. MSMEs are crucial to Nigeria’s economic development, and we are committed to providing them with the financial and non-financial tools they need to succeed. Our approach is rooted in fostering inclusive and sustainable growth, creating an ecosystem that connects people, capital, and markets across Africa.”
The National Bureau of Statistics (NBS) reports that over 41 million MSMEs operate in Nigeria, contributing about 48% of the country’s gross domestic product (GDP). FCMB’s strategic focus on this sector underscores its long-standing dedication to driving Nigeria’s economic progress.
In 2023, FCMB also secured over $280 million in funding from Development Financial Institutions (DFIs) to further boost its support for MSMEs, with a particular focus on women-led businesses and key sectors like renewable energy. The bank has been actively financing solar energy projects, aligning with global sustainability goals while meeting the energy needs of local businesses.
FCMB’s innovation in lending is bolstered by its tech-driven Quick-Loans platform, which has revolutionized access to credit for entrepreneurs. The digital platform has processed thousands of loans monthly, disbursing billions of naira between January and June 2024. This seamless approach allows faster, more efficient loan processing, removing traditional barriers for small businesses seeking funding.
The DBN Annual Lecture Series and Awards recognize financial institutions that deliver exceptional service and tangible impact within Nigeria’s MSME sector. FCMB’s continued success in this area reaffirms its leadership in sustainable and impactful growth.
As a member of FCMB Group Plc, the bank remains committed to fostering inclusive growth, connecting people, capital, and markets throughout Nigeria and Africa, and driving sustainable development across the region.
