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 Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn