Trade Finance: FCMB, Union Systems Renew Partnership

By Modupe Gbadeyanka

The partnership between First City Monument Bank (FCMB) Limited and Union Systems Limited (USL) designed to further strengthen Nigeria’s trade finance sector has been renewed.

Both parties decided to extend the deal because of the positive impact the collaboration has had on the financial services landscape.

FCMB contracted USL to use its innovative trade finance software, Kachasi, a fully automated, end-to-end platform providing comprehensive local and international trade finance solutions.

This aligns with FCMB’s purpose of fostering inclusive and sustainable growth by building a supportive ecosystem that connects people, capital, and markets.

Kachasi was created to meet the unique needs of financial institutions. The platform facilitates convenient, prompt, and secure trade transactions while ensuring compliance with local and international regulations.

Additionally, it enables businesses engaged in import and export trade to operate more efficiently and access opportunities in the global market.

Kachasi’s configurable architecture ensures seamless integration with existing systems while adapting to FCMB’s specific operational requirements.

The software’s robust reporting capabilities provide actionable insights, empowering the bank to make data-driven decisions that enhance trade strategies and customer offerings.

“The continued partnership between Union Systems and FCMB affirms the transformative impact of Kachasi on our trade finance operations.

“The software has become an indispensable tool for our trade finance operations by automating processes, enhancing compliance, and providing insightful analytics.

“This renewal represents more than just a software agreement; it signifies a shared commitment to innovation, excellence, and the future of trade finance in Nigeria,” the Group Head of International Trade Service at FCMB, Mr Taiwo Shekoni stated.

Also commenting, the Divisional Head of Sales at USL, Seun Adeleye, said, “At USL, the continuous success of our partners is a priority to us, and we pride ourselves in ensuring we provide the top-notch support they require to succeed. FCMB’s decision to renew its partnership with us reflects our commitment to exceptional customer service.

“Our team of experts works closely with FCMB to ensure Kachasi consistently delivers value, addressing any challenges promptly and effectively.

“This collaborative approach has strengthened our relationship with FCMB and highlighted the value we bring as a trusted technology partner.”

FCMB is committed to driving sustainable economic growth in Nigeria. Between January and June 2024, the lender facilitated over $900 million in export trade flows, supporting the government’s economic diversification efforts.