Banking
Why We Are Intensifying Support to Small Businesses—FCMB
First City Monument Bank (www.fcmb.com) has explained that its increased and consistent support to Small and Medium Scale Enterprises (SMEs) is aimed at further empowering them to take the lead in the growth and development of Nigeria’s economy.
According to the bank, this is because SMEs are one of the key drivers of the country’s push for economic prosperity due to their potential to create jobs, reduce poverty, boost production and economic activities.
Towards this end, the lender has urged business owners to keep pace with current and emerging realities in order to make their respective businesses productive and competitive, which will lead to progress for them and the nation.
FCMB made this known in a statement to commemorate this year’s International MSME Day, which holds every June 27.
The annual event provides an opportunity to raise public awareness of the contributions of such businesses towards ensuring sustainable development, poverty alleviation, empowerment and other benefits.

A recent survey conducted by the National Bureau of Statistics (NBS) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) indicates that SMEs in Nigeria accounts for about 96% of registered businesses, employ about 84% of the entire labour force and contribute 48% to the country’s Gross Domestic Product (GDP).
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 (DFIs), as well as provision of credit enhancement facilities to mitigate the credit risk and collateral gaps experienced in lending to SMEs.
Commenting on the significance of the International SMEs Day and commitment of FCMB to businesses, the Group Head, Business Banking of the Bank, Mr George Ogbonnaya, said the Day is very important to the financial institution as a major operator in the global business community.
According to him: “We recognise the role of SMEs as catalysts for sustainable development. SMEs in Nigeria have what it takes to compete at the highest level in the international market, but without the requisite exposure and support, it can be very difficult to succeed. We strongly believe that SMEs need genuine support to play a frontal role in the development of individuals, communities and the country in general, especially as the world battles to overcome the negative effects of COVID-19”.
He added that: “We are also inspired by the fact that our market-leading propositions and support to SMEs have consistently made a real impact on businesses and the economy in general. We will continue to provide the right platform and opportunities to empower our customers to take their businesses to greater heights”.

Last year, FCMB secured a $50 million loan facility from the International Corporation (IFC), a member of the World Bank Group, to help it expand lending to SMEs to ensure their sustainability following the disruptions caused by the COVID-19 pandemic.
The IFC facility, which is a demonstration of the strong confidence reposed in FCMB by global organisations and the market, has enabled it to support several businesses with trade financing and working capital loans.
So far, the bank has provided over N23 billion loan guarantee support to SMEs with inadequate collateral coverage or those in the start-up stage.
The bank has also taken the lead in digitisation by automating its lending process for SMEs through the FCMB Quick loans platform. Through this channel, the lender has so far disbursed more than N90 billion in loans to entrepreneurs. It processes over 25,000 digital loans with disbursements hitting an average of N7.5 billion in a month.
For female-owned SMEs, FCMB has in place a robust proposition known as SheVentures, which offers enhanced support through access to finance, training and mentoring with the unique benefit of zero-interest-rate for an initial period of three months.
Hundreds of female-owned SMEs have benefitted from zero-interest loans, which range between N500,000.00 and N5 million.
Overall, since 2019, almost 15,000 such businesses have benefitted from various FCMB SheVentures initiatives, in terms of funding and training.
It is also worthy to note that FCMB has been very active in the renewable energy sector through capacity building sessions, access to funding and provision of opportunities for developers and end-users to connect in meaningful, productive ways.
The bank has executed credit enhancement agreements worth N20.9 billion to support renewable and energy-efficient projects. This is meant to improve the supply of energy, enhance cost efficiency and access to clean energy.
In addition, the lender has consistently grown its loan portfolio to mini-grid developers, commercial and industrial energy efficiency providers, and solar home system distributors.
For instance, it is on track to finance projects that would deliver over 10,000 new solar-powered electricity connections to households and businesses across various communities by the end of 2021.

The bank has also developed a product for Mini-Grid developers, under the World Bank/Rural Electrification Agency (REA) of Nigeria scheme. Through this, businesses in the renewable energy sector can access loans of up to 70% of the project cost without collateral.
The financial institution set up FCMB Business Zone, an online community where SMEs can interact amongst themselves and utilize the services of various business enablers and professionals for their benefit, including various e-learning programmes.
The bank assists SMEs to leverage technology by providing them with access to Fintech solutions that can aid the growth of their business.
These giant strides, among several others by FCMB have been recognised and applauded by the market as well as other stakeholders. The Bank won the prestigious award of “Best SME Bank in Africa” at the Asian Banker Middle East and Africa Regional Awards held in November 2020.
First City Monument Bank (FCMB) 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 into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.
For more information about FCMB, please visit www.fcmb.com.
Banking
Stanbic IBTC Reinforces Role in Driving Businesses, Key Sectors in Nigeria
By Adedapo Adesanya
Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.
This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.
With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.
The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.
“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”
He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.
Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.
He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.
Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.
Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.
Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.
“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.
The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.
Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.
“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.
He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.
The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day.
“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”
She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”
Banking
Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
Banking
Easter: Ecobank Assures Customers Uninterrupted Banking Services
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
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