FCMB provides 300,000 underbanked Nigerians with N40 billion micro-loans

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Lagos: June 15, 2022: First City Monument Bank (FCMB), through EasyAgents, its agent banking network and other channels, has successfully integrated and empowered one million financially excluded Nigerians, guaranteeing them a better and more sustainable future through access to financial services. services.

As part of its financial inclusion program, the Bank has provided microloans worth N40 billion to over 300,000 beneficiaries, including 200,000 women traders across the country, who have had access to over US$51.28 million (N28.7 billion) of the total loan amount.

Committing to providing affordable and sustainable financial services to unbanked and underbanked Nigerians, FCMB Managing Director, Ms. Yemisi Edun said:

“We are proud of our important role in integrating Nigeria’s huge informal economy, led by smallholder farmers, traders, artisans and other small and medium enterprises, into the formal economy through affordable and sustainable access to financial services. Access to financial services promotes prosperity and enables disadvantaged and vulnerable people to improve their lives, create wealth and reduce poverty. We will therefore continue to champion and implement initiatives that deepen access to affordable and sustainable financial services in our local communities to empower individuals and businesses.”

In fostering financial inclusion, First City Monument Bank has embraced partnerships as a critical success criteria. Last year, the Bank partnered with the World Savings Banks Institute (WSBI) to deepen banking and financial inclusion through branches by rolling out an integrated savings account – “Easy Account” – to empower two million farmers by 2023. Under the partnership’s first phase, covering more than 150,000 unbanked and underbanked farmers in five states, grantees receive funding and training support through the through agricultural agents operating under FCMB’s agency banking proposal. The states are Kaduna, Kano, Nasarawa, Ogun and Oyo. In addition, FCMB has also recently signed a partnership agreement with Shee-Coops, an international organization that encourages the active participation of women in cooperatives around the world, to provide funding to millions of women over the next five years. years to pursue opportunities that improve their livelihoods.

FCMB has invested in nearly 10,000 branch bankers who bring financial services to the streets and doorsteps of millions of Nigerians in peri-urban and rural areas. They are currently leading the integration and empowerment of unbanked and underbanked Nigerians.

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