FCMB Wins Awards For Impactful Lending To MSMEs

First City Monument Bank (FCMB) has won two awards at the Development Bank of Nigeria (DBN) 2024 Annual Lecture Series and Awards, which was recently held in Lagos.

The bank was named the “Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria” and the “Highest Disbursement to Sustainability Projects.”

In a statement, the bank disclosed that the awards highlight its commitment to financial inclusion and sustainability in Nigeria. “Between January and June 2024, FCMB disbursed loans worth N180 billion to over 800,000 Micro, Small, and Medium Scale Enterprises (MSMEs) across various sectors, significantly bolstering their growth and resilience. This affirms FCMB’s commitment to helping MSMEs succeed through specialised financial tools and support, ultimately boosting the nation’s economy and sustainability efforts,” the statement read.

Managing director of FCMB, 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 National Bureau of Statistics (NBS) reports that over 41 million MSMEs operate in Nigeria, contributing 48% of the country’s gross domestic product. FCMB’s strategic focus on this segment, recognizing 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 needing solar energy solutions,” the statement read.