Banking
FCMB Gives Zero-Free Loans to 15,000 Women-Owned SMEs
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).
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
