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.
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.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
