FCMB gives microloans totaling N40 billion to 300,000 unbanked Nigerians

FCMB Micro Finance Business was established as a division of First City Monument Bank (FCMB) in effort "to promote financial inclusion among the unbanked and underbanked." the bank wrote on its website. The Micro Finance Business offers banking assistance to the unbanked, underbanked, and low-income sections of the population, particularly women in rural areas of the Nigeria, as there is significant evidence that the financially excluded market is vital and must be served.

FCMB has the necessary structures in place to assist economically viable low-income earners with the potential to do daily business and earn an income to support their families via sustainable growth opportunities, as an indigenous bank established over 30 years ago and with a strong focus on sustainability and corporate responsibility.

First City Monument Bank (FCMB) said it has successfully empowered hundreds of thousands of financially disadvantaged Nigerians through its banking network, EasyAgents, and through other platforms. It guarantees that people have a brighter and more secure future by providing them with financial services.

The lender has offered microloans worth N40 billion to over 300,000 beneficiaries, including 200,000 female merchants all across country, who have received more than US$51.28 million (N28.7 billion) of the loan amount as part of its financial inclusion initiative.

“We are proud of our significant role in integrating Nigeria’s huge informal economy driven by small-scale farmers, traders, artisans, and other small and medium-sized businesses into the formal economy through affordable and sustainable access to financial services. Access to financial services enables prosperity and allows disadvantaged and vulnerable people to improve their lives, create wealth and reduce poverty. So, we will continue championing and executing initiatives that deepen access to affordable and sustainable financial services in our local communities to empower individuals and businesses”, said the Managing Director of FCMB, Yemisi Edun.

FCMB saw collaborations as important to its success in promoting financial inclusion. Last year, the Bank teamed up with the World Savings Banks Institute (WSBI) to expand agency banking and financial inclusion by launching the 'Easy Account,' an integrated savings aimed at helping two million farmers across Nigeria.           

Recipients are given funding and free trainings through agro agents operating under FCMB's agency banking proposal in the first phase of the cooperation, which covers approximately 150,000 unbanked and underbanked farmers across five states. Kaduna, Kano, Nasarawa, Ogun, and Oyo are the states involved. In addition, FCMB recently announced a partnership with Shee-Coops, an international organization dedicated to increasing women's full involvement in cooperative societies globally, providing funding to millions of women over the next five years to exploit opportunities that would improve their lives.

 FCMB has financed nearly 10,000 agency bankers who deliver financial services to millions of Nigerians. They are currently in charge of enrolling and equipping Nigerians who are unbanked or underbanked.

Individuals who were previously unbanked or underbanked are now able to open bank accounts through agency bankers. As a result, they may now make cash deposits, transfer money, withdraw money, receive loans, purchase airtime, among several other financial transactions, in a secure and convenient manner. They can also use the Bank's Agricultural value chain network (EasyClub) and microlending to improve their level of life and expand their businesses.