Banking
FCMB: Nigeria’s Best Bank for SMEs in Sustained Empowerment of Businesses
Small and Medium Scale Enterprises (SMEs) are globally recognized as engines of socio-economic transformation. In Nigeria, they are at the heart of a push for economic prosperity.
Together with micro-scale ventures, these businesses contribute almost half of the national Gross Domestic Product (GDP), employ 76.5 percent of the national workforce and account for 7.64 percent of export receipts, a joint survey by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) in 2017 shows.
They also make up more than 90 percent of the total businesses in Nigeria.
Micro, Small and Medium Enterprises, said to be about 41.5 million in Nigeria, can help re-distribute wealth, improve local manufacturing and diversify the economy.
As such, the policies and institutions that support their growth are important variables for Nigeria’s economic ends.
One of such institutions is First City Monument Bank (FCMB), a leading financial services provider.
The mid-tier lender last year proved its mettle in the Nigerian banking industry, emerging the best bank in customer experience for SMEs.
The bank leapt to the first position in the SMEs category from a third-place ranking in the prior year. FCMB in 2018 also emerged the third most customer-focused in retail banking.
This is according to the 2019 Nigeria Banking Industry Customer Experience Survey (NBICES) report by KPMG, one of the Big 4 global consulting firms.
According to the 2019 report, analysis of performance in the SME segment reveals dynamism in the latest ranking, with FCMB edging other Banks to emerge top.
The 2019 research was conducted via face-to-face and online survey methodology, involving SME owners across Nigeria. It was anchored on six pillars of assessment and performance, namely personification, integrity, expectations, resolution, time and effort as well as empathy.
“While the Nigerian banking landscape has constantly been faced with steep competition, the stakes have been raised even higher and performing well on customer experience is the new minimum standard,’’ said KPMG. “As the race for the customer intensifies, front-runners will be those who demonstrate an understanding of the customer’s specific circumstances to consistently deliver a personalised experience”, it added.
The latest positive affirmation received by FCMB is a demonstration that the various supports the Bank offers to boost the performance of SMEs and its overall contributions to the growth of the nation’s economy are yielding the desired results and appreciated by the market.
FCMB is known for its bespoke products and excellent service offerings cutting across retail, SMEs, transaction, commercial and corporate.
The leap in the rating of FCMB as the number one Bank in Customer Experience for SMEs is a proof that the bank is on the right path towards achieving its goal of attaining the highest levels of customer advocacy in the industry and a major contributor to economic development.
FCMB, on several occasions, has restated its commitment to consistently deliver exceptional service and offering the right propositions to help SMEs and other customer segments fulfil their individual and business aspirations.
For instance, the bank recently organized a training themed, ‘’Supporting Women Businesses to Scale Up in 2020’’, a free and comprehensive capacity building and empowerment programme for women entrepreneurs in Ogun State.
The programme aimed at enhancing the productivity and profitability of Small and Medium Scale Enterprises (SMEs) through funding, capacity building, advisory and other forms of support, held February 5, 2020, in partnership with the Office of the First Lady of the State, Mrs. Bamidele Abiodun.
The bank said it would continue to assist SMEs to overcome the challenges they usually face, especially at the take-off stage, because it wants to be part of their success story.
FCMB has built a strong base in the SME segment by consistently championing and executing several cutting-edge solutions that have tremendously impacted on businesses nationwide under the following pillars of support; access to capital, capacity building, advisory services, networking opportunity and technology. The lender is one of the top participating Banks in the various intervention funds of the Central Bank of Nigeria (CBN) and Development Finance Institutions (DFIs). FCMB has been commended by the CBN, Bank of Industry, Development Bank of Nigeria, among others, for its strong support to SMEs.
The lender also partners local and international DFIs to provide various forms of funding, guarantees, grants and capacity building programmes to entrepreneurs. Also, FCMB offers free banking transactions for three months to new to Bank SME customers. It also has in its bouquet tailored products to suit the needs of SMEs customers, such as free accounting applications, Payroll solution and so on.
FCMB has equally automated its lending process for SMEs by adopting digital banking solutions to penetrate and deepen its intervention in the segment through its Quickloans platform. Since the launch of the platform in July 2019, over N10billion unsecured loans have been disbursed to SME customers within three to twenty-four hours of application through the Quickloans platform.
For women entrepreneurs, FCMB’s SheVentures initiative, launched in March 2019 to offer enhanced support to existing and start-up women-owned SMEs through access to finance, training and mentoring, has continued to encourage entrepreneurship, while also turning around the fortunes of existing businesses. Apart from other benefits, it comes with a zero-interest rate for an initial period of three months for beneficiaries. Also, over 2000 women entrepreneurs are being mentored by the Bank through the SheVentures initiative.
Beyond financial support, FCMB has trained over 10,000 SMEs, while also championing and executing several value-added capacity building programmes that have fast-tracked the growth of businesses, thereby upscaling their contributions to the development of the country. The lender organises a comprehensive programme, tagged, ‘’Business Enterprises and Sustainability Training (BEST)’’, SME Clinics and Masterclass for business owners nationwide to equip them with management skills and ensure effective networking.
FCMB has ensured the development of emerging markets, such as renewable energy, agribusiness and creative industry. The Bank hosts several workshops and exhibitions for these sectors. For instance, it organised a workshop on Climate Finance Awareness, in partnership with the International Finance Corporation (IFC), under the theme, ‘’EnergyEfficiency and Solar Energy Solutions for Your Business”. This was a follow-up to the one held in August 2018 on Sustainable Energy Finance (SEFi). There was also a seminar on tax matters, in collaboration with the Federal Inland Revenue Service, for SMEs in June.
In the same vein, FCMB in November last year hosted a workshop on Energy-Agric Nexus for Rural Economic Development, under the theme, “Stimulating the Agricultural Sector through Off-Grid Energy Development”, in Abuja. It was in partnership with the Rural Electrification Agency (REA), The European Union, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), Nigerian Energy Support Programme (NESP), Heinrich Boll Stiftung (HBS) Foundation and Power for All. The workshop provided a rare opportunity for operators in agribusiness and the power sector to engage in constructive and interactive sessions with industry experts and decision-makers on harnessing and deploying alternative, renewable, clean and affordable sources of energy, particularly off-grid ones, to stimulat agribusiness.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
Having successfully transformed into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.
By Adedapo Adesanya
The Senate has demanded detailed explanation from the Central Bank of Nigeria (CBN) over the alleged non-remittance of N1.44 trillion in operating surplus.
The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Mr Tokunbo Abiru, opened its statutory briefing with a firm call for transparency at the apex bank, noting that the Auditor-General’s query on the unremitted funds required a full, clear and documented response, insisting that public trust in monetary governance depended on strict accountability.
While acknowledging the CBN’s achievements in stabilising the foreign exchange market and reducing inflation, Mr Abiru underscored that such progress must be accompanied by institutional responsibility.
He stated the Senate expected the CBN to explain the circumstances surrounding the query, outline corrective steps taken and reveal safeguards against future lapses.
This came as the Governor of the central bank, Mr Yemi Cardoso, appeared before the senate committee and offered an extensive review of economic conditions, asserting that Nigeria was experiencing renewed macroeconomic stability across major indicators.
Mr Cardoso attributed the progress to bold monetary reforms, foreign-exchange liberalisation and disciplined liquidity management implemented since mid-2025.
According to him, headline inflation had declined for seven consecutive months, from 34.6 per cent in November 2024 to 16.05 per cent in October 2025, marking the steepest and longest disinflation trend in over a decade.
Food inflation accruing to him also slowed to 13.12 per cent, supported by improved supply conditions and exchange-rate predictability.
The CBN governor described the foreign-exchange market as fundamentally transformed, adding that speculative attacks and arbitrage opportunities had largely disappeared.
According to him, the premium between the official and parallel markets had fallen to below two per cent, compared to over 60 per cent a year earlier. As of November 26, the naira traded at N1,442.92 per dollar at the Nigerian Foreign Exchange Market, stronger than the N1,551 average recorded in the first half of 2025.
He also announced a sharp rise in external reserves to $46.7 billion, the highest in nearly seven years and sufficient to cover over ten months of imports.
Diaspora remittances, he noted, had tripled to about $600 million monthly, while foreign capital inflows reached $20.98 billion in the first ten months of 2025, 70 per cent higher than in 2024 and more than four times the 2023 figure.
Cardoso further confirmed that the CBN had fully cleared the $7 billion verified FX backlog, restoring investor confidence and strengthening Nigeria’s balance-of-payments position.
On banking-sector stability, he reported that recapitalisation efforts were progressing smoothly. Twenty-seven banks had already raised new capital, with sixteen meeting or surpassing the new regulatory thresholds ahead of the March 31, 2026 deadline, highlighting improvements in ATM cash availability, digital-payments oversight and cybersecurity compliance.
Despite the positive indicators, the Senate sought clarity on several policy decisions.
Mr Abiru pressed for explanations on the sustained 45 per cent Cash Reserve Ratio (CRR), the 75 per cent CRR applied to non-Treasury Single Account public-sector deposits, FX forward settlements, mutilated naira notes in circulation, excessive bank charges, failed electronic transactions and the compliance of CBN subsidiaries with parliamentary oversight.
He also requested an update on the activities of the Financial Services Regulatory Coordinating Committee, arguing that stronger inter-agency cooperation was necessary to maintain public confidence.
The session later moved into a closed-door meeting.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
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