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FCMB Gives Zero-Free Loans to 15,000 Women-Owned SMEs

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By Dipo Olowookere

First City Monument Bank (FCMB) has continued to endear itself to players in the Small and Medium Enterprises sector in the country as a result of its support to the ecosystem.

To stakeholders in the industry, it was not a surprise to them when in November 2020 the lender was voted as the Best SME Bank in Africa at the Asian Banker Middle East and Africa Regional Awards.

This was because the financial institution has been a great support to the SMEs sector of the economy and to them, the award was in the true recognition of its great contributions to the growth of the space.

FCMB has always expressed its unequalled commitment to SMEs by offering exceptional services, including funding, capacity building and other value-added supports to the industry.

The foremost financial services provider in Nigeria has specifically taken a special interest in female entrepreneurs by making more funds available to them through its SheVentures initiative.

The SheVentures initiative offers enhanced support to women-owned SMEs and starts-ups through access to finance, training and mentoring with the unique benefit of zero-interest-rate for an initial period of three months.

More than 15,000 entrepreneurs have so far benefitted from this, in terms of funding and training, in the last 18 months.

This may have been one of the things that spurred the Asian Banker to confer the November award on FCMB.

According to the Asian Banker, FCMB emerged as the Best SME Bank in Africa following, “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 have helped them during the crisis. The results and rankings are a true reflection of the voice of the customers.”

The organisers further stated: “FCMB has introduced various digital initiatives into the SMEs segment, such as digital loan products (Quickloans) and its New Mobile banking platform.

“In addition, the Bank launched a platform, which was a first of its kind, to help women-owned businesses scale up, by leveraging access to financing schemes, mentorship programmes, as well as training and networking opportunities.

“FCMB has equally helped SMEs to enhance capacity, thereby improving their business operations, connect with peers and access to trusted service professionals.

“The Bank has a 25 per cent 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 towards ensuring the growth and sustainable development of SMEs within the region.”

Speaking while receiving the award, the Executive Director, Business Development, FCMB, Bukola Smith, said the emergence of the Bank as the number one in the highly competitive SME category speaks volumes about its journey so far and its contribution to the success of businesses, despite the ongoing challenges posed by the COVID-19 pandemic.

Smith said: “As a resilient, inclusive and responsive institution, we have continued to deploy solutions to transform the challenges posed by COVID-19 to opportunities for our customers by leveraging on our robust technology, digital transformation drive and highly professional team.

“Our SME Banking offerings have significantly changed lives through job and wealth creation, among other benefits.

“This is because we believe that the only way we can succeed is when our customers succeed.

“We are very proud to be the Best SME Bank in Africa, particularly coming after KPMG rated us as the Best SME Bank in Nigeria in the 2019 Nigeria Banking Industry Customer Experience Survey report.

“This latest award will undoubtedly inspire us to perform better.”

FCMB, as a leading financial powerhouse in Nigeria, has built a strong base and dominated the SMEs segment by consistently offering various cutting-edge solutions through its key pillars of support.

These are, access to capital, capacity building, advisory services, networking opportunity and technology.

The FCMB SME Advisory Service provides market intelligence and technical assistance support to businesses, access to intervention funds in partnership with Development Financial Institutions as well as provision of credit risk-sharing facilities to mitigate the credit risk and collateral gaps experienced in lending to SMEs.

The bank has also taken the lead by automating and digitalising its lending process for SMEs through the FCMB Quick-loans platform.

Through this platform, the Bank disburses over 5,000 digital loans monthly to SMEs.

FCMB equally realises the potential of Agriculture to transform the Nigerian economy, generate employment, revenue and diversification.

To this end, the bank has consistently increased its support to SMEs across the Agricultural value chains from input manufacturers, service providers, primary producers, traders, processors, manufacturers and exporters as well as distributors and traders of agricultural products.

FCMB is one of the few banks with the highest agribusiness portfolio in contribution terms at 9 per cent.

FCMB also recently launched its Business Zone, which is an online community where SMEs can interact amongst themselves and utilise the services of various business enablers and professionals for their benefits from various e-learning programmes.

The bank has also been active in the renewable energy space lending to SMEs under a scheme developed by the World Bank, with the hope of reducing the electricity inadequacies, especially in rural and economically viable communities.

First City Monument Bank Limited, with over 200 branches spread across Nigeria, is a member of FCMB Group Plc.

The group 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 wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services in line with its values of Execution, Professionalism, Innovation and Customer-focus (EPIC).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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UBA, NiDCOM to Unlock Diaspora Capital for Nigeria’s Growth

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UBA NiDCOM Unlock Diaspora Capital

By Modupe Gbadeyanka

A partnership aimed to unlock diaspora capital for Nigeria’s growth has been deepened by the United Bank for Africa (UBA) Plc and the Nigerians in Diaspora Commission (NiDCOM).

The chief executive of UBA, Mr Oliver Alawuba, underscored the diaspora’s critical role as a powerful economic force and a generation of builders shaping new narratives for the continent.

He also reiterated the financial institution’s readiness to leverage its global network and innovative financial solutions to support diaspora engagement, urging Nigerians abroad to tap into opportunities within Africa’s economic landscape.

“You are not limited here; you have opportunities on the continent, and we want you to make good use of them. That is where banking, and we at UBA, become the connecting point that you need to access the opportunities back home.

“Whether you like it or not, the returns are high in Africa, and we are here to help you navigate that space,” the UBA chief said on Monday when he hosted key representatives of NiDCOM led by its chairman, Mrs Abike Dabiri, at the bank’s office in the United Kingdom.

UBA recently launched a Diaspora Banking platform to provide a seamless, integrated platform for Africans in the diaspora to bank, invest, and manage their financial obligations back home, thus connecting global Africans with investment and wealth opportunities.

The lender introduced the platform, with leading ecosystem partners representing a major step in redefining diaspora banking beyond remittances toward structured wealth creation and long-term investment.

“With UBA, you have a financial partner that is with you, that understands what you are going through, and that can support you to make sure you realise your aspirations, both here and in the country,” Mr Alawuba noted.

In her remarks, Mrs Dabiri-Erewa praised UBA for being a trusted financial partner over the years, especially with the recent launch of its diaspora platform.

“Many of you here are the real game-changers. “For years, it has been wonderful engaging Nigerians all over the world. When I started, it felt like we only heard the bad stories, not the good ones. What we have tried to do internationally is to tell and celebrate the good stories. We have Nigerians doing well all over the world, and they are in this room. We must continue to celebrate you,” she stated.

While remarking that the meeting demonstrates a significant step in aligning public and private sector efforts to deepen diaspora inclusion and accelerate Nigeria’s development agenda, she pledged closer collaboration in driving policies and initiatives that encourage Nigerians abroad to actively participate in the country’s economic growth.

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Ecobank’s Enhanced Ellevate Initiative Excites Women Entrepreneurs

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By Modupe Gbadeyanka

The launch of the Enhanced Ecobank Ellevate Proposition (Ellevate 2.0) in Lagos has been welcomed by women entrepreneurs.

Ecobank Nigeria, a subsidiary of the pan‑African financial services group Ecobank Group, unveiled the upgraded programme at an event themed Her Voice. Her Power. Her Growth. The initiative was designed to support women‑owned businesses.

The gathering featured inspiring conversations and practical insights from accomplished women in business and professional leadership.

In her keynote address titled The True Woman Power: Strength Rooted in Identity, Resilience and Purpose, the founder of Gatimo Limited and Creative Director of Ruff ‘n’ Tumble, Mrs Adenike Ogunlesi, praised Ecobank for its longstanding support for women entrepreneurs.

“When I was seeking a loan facility many years ago to grow my business, Ecobank was the institution that supported me when others turned me down,” she shared, encouraging women to embrace self-awareness, resilience, and purpose as the drivers of long‑term success.

The panel session featured the chief executive of Strata Advisory, Ms Bode Abifarin; the chief executive of Village Farms Commerce and Exchange, Ms Titilayo Adesoga; and the founder of Beaty Hut Africa, Ms Subuola Oyeleye, who each shared powerful reflections from their personal and professional journeys.

Drawing from her extensive leadership background, Ms Abifarin highlighted the need for women to own their transitions and step confidently into new seasons.

On her part, Ms Adesoga encouraged women to rise above limitations by taking ownership of their personal and business narratives, as Ms Oyeleye highlighted the importance of authenticity, innovation, and investing in quality, reinforcing that women can build globally competitive businesses from Nigeria.

In her welcome speech, the Head of Premier Banking and Wealth Management at Ecobank Nigeria, Ms Ayo Osolake, who represented the Managing Director/Regional Executive, Mr Bolaji Lawal, said, “Ellevate by Ecobank reflects our unwavering commitment to supporting women entrepreneurs, who remain key drivers of economic growth, innovation, and job creation.”

Ellevate Manager for Ecobank Nigeria, Ms Victoria Igun, said, “This enhanced proposition creates stronger pathways for women entrepreneurs and professionals to build sustainable businesses and translate ambition into lasting impact.”

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Zenith Bank Plans London Stock Exchange Listing in 2027

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Zenith Bank 2025 AGM

By Adedapo Adesanya 

Nigerian tier-1 lender, Zenith Bank Plc, plans to list on the London Stock Exchange in 2027 to broaden access to capital and strengthen client services.

“There are a lot of deals we have on the table to finance across the United Kingdom and other countries, for which we need to raise more capital,” a bank official said on Tuesday, as per Bloomberg, since Zenith didn’t disclose additional details of its plan.

The move will make Zenith Bank the second Nigerian lender to list on the United Kingdom’s major exchange, following Guaranty Trust Holding Company (GTCO) Plc.

Zenith Bank, which is Nigeria’s second-largest lender by market value, has opened a branch in Manchester today in addition to the operation it already has in London.

The Manchester branch has the capacity to create up to 30 new direct jobs, a boost for the economy of the UK’s North West region.

The chief executive of Zenith Bank, Ms Adaora Umeoji, said, “The United Kingdom remains a key global financial centre. The opening of Zenith Bank, Manchester, therefore, marks another important milestone in our international expansion strategy, enabling us to deepen relationships with our customers, support trade and investments, and connect businesses between Africa and the UK more effectively.”

Last year, the bank raised its capital above the N500 billion minimum requirement set by the Central Bank of Nigeria (CBN), and announced plans to expand in francophone West Africa.

Founded in 1990 by Mr Jim Ovia, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability.

Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT).

The bank currently operates subsidiaries in several African countries, including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres, including the United Kingdom, France, the UAE and China.

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