Following her appointment as the managing director/chief executive of First City Monument Bank (FCMB) in May 2021, Yemisi Edun steered the bank towards increased SME lending, earning the bank international recognition for its role in facilitating credit to small businesses.
Pushing credit to small businesses is critical for the growth of the economy as well as driving employment level upwards. With benchmark interest rate soaring above 20 per cent, getting credit to small businesses that make up a large chunk of the economy without incurring huge loan losses has been critical.
Over the two and half years she has held the reins at the bank, she has helped not only the bank but also its customers to grow. At a time when most banks are shying away from lending to customers, FCMB under the leadership of Edun has taken the bold step of increasing lending.
Last year, the bank celebrated a milestone of 50,000 women-owned businesses that had received funding through its SheVentures proposition. Over 150 women-empowered businesses were offered up to N310 million in zero interest loans, while 125 women-owned businesses provided credit guarantees to secure loans without collateral.
The bank has also disbursed over 1.145 billion loans, totaling over N208 billion via its digital channels as well as over one million loans worth N47 billion with the use of artificial intelligence and automated workflows, thereby reducing paperwork and improving customer experience, credit penetration and financial inclusion.
In 2022, the bank disbursed nearly N2 billion in direct loans to renewable energy small businesses, bringing total exposure to over N6 billion across mini-grids, commercial, industrial and solar home systems (SHS).
Despite economic headwinds, the bank under Edun’s leadership delivered a profit before tax (PBT) of N27.0 billion for the year 2022, representing a 72 per cent growth compared to N15.6 billion recorded in 2021.
According to the 2023 half-year financials of the bank, loans and advances to customers grew by 37.5 per cent compared to the figure as at June 2022 and 28.85 per cent when compared to its loan book as at the end of last year.
The bank’s loan-to-deposit ratio, as of June this year, was 64.7 per cent, slightly below the Central Bank of Nigeria’s minimum benchmark of 65 per cent. This means that for every N100 deposit it gets, FCMB gives out N64 out as loan to its customers.
The first woman to hold the position of MD/CEO in the four-decade history of the bank, Edun has earned about 10 national and international awards for FCMB’s economic intervention.
A holder of a bachelor’s degree in Chemistry from the University of Ife, Ile-Ife, Edun also holds a master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.
Combining both beauty and brains, Yemisi Edun is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA Charter holder. She is also an associate member of the Chartered Institute of Stockbrokers; an associate member of the Institute of Taxation of Nigeria; a member of Information Systems Audit and Control, U.S.A, and a Certified Information Systems Auditor.
She began her career with Akintola Williams Deloitte (member firm of Deloitte Touché Tohmatsu) in 1987, with main focus on corporate finance activities. She was also involved in audit of banks and other financial institutions. She joined FCMB in year 2000 as divisional head of internal audit and control before assuming the role of chief financial officer of the bank.
