First City Monument Bank (FCMB) has been named the best small and medium-sized enterprise (SME) bank in Africa and positions the bank as the dominant financial institution in the segment.
The award was recently presented to the bank during the Asian Banker Middle East and Africa Regional Awards.
In a statement, the bank said it was in line with the bank’s performance to provide services, including financing, capacity building and other value additions, to small and medium enterprises (SMEs).
Asian banker said of the development that FCMB emerged as ‘the best SME bank in Africa’ after ‘series of online surveys across the region to gather feedback from thousands of customers per market.’ In the survey, we also asked customers to rate how well their main banks had helped them during the crisis. The results and rankings are a true reflection of the voice of the customers.
The organizers further say: “FCMB has launched various digital initiatives in the SME segment, such as digital loan products (Quickloans) and its New Mobile banking platform. In addition, the Bank has launched a platform, which was a first of its kind, to helping to grow women-owned businesses by accessing funding schemes, mentorship programs, as well as training and networking opportunities, FCMB has also helped SMEs improve capacity and thus improve their business.
operations, contact with peers and access to trusted professionals. The bank has a 25 percent market share in the SME business and in 2019 had more than 300,000 new accounts in this segment. We commend FCMB for its incredible contributions to ensuring the growth and sustainable development of SMEs in the region. “
In his remarks, the managing director, FCMB, describes mr. Adam Nuru, the award as another milestone and proof that the various strategic initiatives and solutions offered by the Bank are delivering the desired results and are appreciated in Nigeria and internationally.
Bukola Smith, Executive Director of FCMB, Mrs. Bukola Smith, also said the rise of the Bank as the number one in the highly competitive SME category speaks volumes of its journey so far and its contribution to the success of businesses, despite the ongoing challenges posed by the COVID-19 pandemic be stated.