First City Monument Bank (FCMB) is proving its mettle in Nigeria’s financial ecosystem, securing two key awards at the 2024 Development Bank of Nigeria (DBN) Annual Lecture Series and Awards in Lagos. FCMB was recognized as the “Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria” and for making the “Highest Disbursement to Sustainability Projects.”
These awards show FCMB’s growing influence in MSME lending and sustainable finance. Between January and June 2024, FCMB disbursed over N180 billion in loans to over 800,000 MSMEs across various sectors. This level of support showcases the bank’s commitment to driving economic growth through financial inclusion, providing essential financial tools that help small businesses thrive, and contributing to Nigeria’s broader sustainability agenda.
Mrs. Yemisi Edun, FCMB’s Managing Director, reflected on the bank’s continued push to support MSMEs: “We’re honoured to receive these awards and reaffirm our commitment to being the go-to bank for Nigerian MSMEs. These enterprises are central to the country’s economic future, and our role is to provide the financial and non-financial support they need to scale. Our work is grounded in creating a robust ecosystem that connects people, capital, and markets across Africa.”
With over 41 million MSMEs contributing 48% of Nigeria’s GDP, according to the National Bureau of Statistics, FCMB’s strategic focus on this sector reflects its long-term commitment to boosting Nigeria’s economic development.
FCMB’s drive for sustainability isn’t just lip service either. In 2023, the bank secured $280 million from Development Financial Institutions (DFIs) to further support MSMEs, mainly focusing on women-led businesses and critical sectors like renewable energy. The bank’s commitment to sustainable development aligns perfectly with global ESG goals, and it’s backing that up with capital.
But it’s not just about traditional banking anymore. FCMB’s tech-powered Quick-Loans platform has been a game changer, enabling rapid disbursement of loans to entrepreneurs. Thousands of digital loans are processed monthly, removing the usual hurdles small businesses face when accessing finance. Between January and June 2024 alone, billions of naira were disbursed through this fully automated platform, solidifying FCMB’s position as a tech-forward institution in Nigeria’s banking space.
The DBN Annual Lecture Series and Awards spotlight financial institutions making a tangible difference in the MSME sector. FCMB’s recognition reaffirms its leadership in impactful lending, especially in green financing and sustainability.
As part of FCMB Group Plc, the bank continues to build on its promise of fostering inclusive growth by connecting people, capital, and markets in Nigeria and across Africa.
