First City Monument Bank, FCMB, has won two prestigious awards as “Best Bank with the Highest Impact on Micro, Small and Medium Enterprises, MSMEs, Accessing Credit for the First Time in Nigeria” and the “Highest Disbursement to Sustainability Projects.”
The awards, which are recognition for FCMB as a force for good in Nigeria’s financial sector, were conferred on the bank at the Development Bank of Nigeria, DBN, 2024 Annual Lecture Series and Awards in Lagos.
The bank said in a statement on Wednesday that these awards highlight its commitment to financial inclusion and sustainability in Nigeria.
According to FCMB, between January and June 2024, it disbursed loans worth N180 billion to over 800,000 MSMEs across various sectors, significantly bolstering their growth and resilience.
It noted that the disbursement affirms its commitment to helping MSMEs succeed through specialized financial tools and support, ultimately boosting the nation’s economy and sustainability efforts.
Responding on behalf of the bank, the Managing Director of FCMB, Mrs. Yemisi Edun, said “As Nigeria’s MSMEs-friendly bank, we are honoured to win these awards and to continue leading the charge in supporting businesses across Nigeria.
“MSMEs are vital to economic development, and we are committed to providing them with the necessary financial and non-financial support to reach their full potential.
“Our efforts reflect our purpose of fostering inclusive and sustainable growth by creating a robust ecosystem that connects people, capital, and markets in Africa.”
The bank also cited a report by the National Bureau of Statistics, NBS, that over 41 million MSMEs operate in Nigeria, contributing 48 per cent of the country’s gross domestic product.
“FCMB’s strategic focus on this segment, recognising its crucial role in economic development, affirms the bank’s deep commitment to Nigeria’s economic growth and development.
“In 2023, FCMB secured over $280 million in funding from Development Financial Institutions (DFIs) to support MSMEs, including those led by women and enterprises in critical economic sectors, aligning with sustainable development goals.
“The bank has also actively financed renewable energy projects, granting credit to customers in need of solar energy solutions.
“FCMB’s innovative approach to lending is driven by the digital and automated processes of its Quick-Loans platform, which enables rapid and substantial loan disbursements to entrepreneurs.
“This digital transformation has resulted in billions of naira being disbursed between January and June 2024, with thousands of digital loans processed monthly,” the bank said.
The DBN Annual Lecture Series and Awards celebrate financial institutions that deliver exceptional service and impact within Nigeria’s MSME sector.
At the 2023 edition, FCMB was similarly recognised for its impact in DBN focus states and its commitment to green projects, reinforcing its reputation as a bank committed to sustainable and impactful growth.
The bank noted that it remains steadfast in its dedication to fostering inclusive growth within its communities, connecting people, capital, and markets across Nigeria and Africa.
