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Thursday , 13 December 2018

FCMB Consolidates As Largest Retail Lender In Nigeria

GMD/CEO of FCMB, Mr. Ladi BalogunFirst City Monument Bank (FCMB) Limited has continued to build a valuable franchise in the retail space. The lender has not only created innovative products and service offerings that resonate with the needs and lifestyles of the market, but also provide superior customer service that meets clients’ needs.

This conscious drive by the bank to carve a niche for itself in service delivery can be seen in its team of friendly, courteous and professional staff carefully positioned across the bank’s branches nationwide.

The bank’s Group Managing Director/CEO Ladi Balogun promises that the lender will remain focused on improving operating efficiency, whilst also continuing with our steady customer acquisition drive and consolidation in alternate service channels in order to provide a more consistent and convenient customer experience. “Overall, we are confident our progress will be sustained, as we continue to grow our market share, and improve our margins and efficiency ratios,’’ he said.

The bank, which has over 220 branches nationwide, is also consolidating its position as the largest retail lender in the country, granting over 240,000 loans annually.

“The telecoms, oil and gas, manufacturing, agribusiness and allied firms, among others are also constantly being financed by the bank as part of its support for the economic revival and growth of the country. In the same vein, the bank’s customer base has been on the rise; moving from 1.8 million in 2013 to 2.5 million in 2014 with a target to further grow this to four million by the end of this year, 2016,” he said.

 Continuing, the bank chief said FCMB now has 689 Automated Teller Machines (ATMs), 12,000 Point of Sale (PoS) terminals and 71 agent banking outlets (with a plan to grow to 800 agents), across the country.

“On product offering, the bank has an array of innovative products that cuts across socio-economic and demographic segments. These products (current and savings accounts), which are easy to open and affordable to operate, include naira-wise, kids account, Flexx account, (a youth product that meets the needs of this very important segment of the population) as well as the e-savings account,” he said.

FCMB’s Debit Cards for example have a competitive edge from a service delivery perspective. These cards are issued instantly at all the Bank’s branches nationwide on the MasterCard, Verve and Visa platforms. There are also, foreign currency (USD and GBP) denominated varieties.

The bank also supports Micro, Small and Medium Scale Enterprise (MSME) operators and is one of the lenders disbursing the N220 billion CBN fund for MSMEs.

On product development, “FCMB’s SME product, known as FCMB Business Account has been described as one of the best in the industry. This product comes with affordable account opening balance, with minimum opening balance of only N5,000 and there are  no limits to the frequency or number of times withdrawal can be made, apart from other very friendly features”.

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