FCMB Wins Development Bank Awards for MSME Lending and Sustainability
First City Monument Bank (FCMB) has reinforced its standing in Nigeria’s financial landscape by winning two major awards at the 2024 Development Bank of Nigeria (DBN) Annual Lecture Series and Awards in Lagos.
The bank was recognized for its achievements 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 highlight FCMB’s growing influence in MSME lending and sustainable finance. In the first half of 2024, the bank disbursed over N180 billion in loans to over 800,000 micro, small, and medium-sized enterprises (MSMEs) across different industries. This demonstrates FCMB’s ongoing commitment to fostering economic growth through financial inclusion, helping small businesses scale, and contributing to Nigeria’s sustainability goals.
FCMB’s managing director, Mrs. Yemisi Edun, commented on the bank’s achievements:
"We’re honoured to receive these awards, and we remain committed to being the go-to bank for Nigerian MSMEs. These businesses are key to the country’s economic future, and we aim to provide financial and non-financial support to help them grow. Our efforts are centred on creating an 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 focus on this sector reflects its dedication to Nigeria’s long-term economic development.
FCMB’s commitment to sustainability is further evident in securing $280 million in funding from Development Financial Institutions (DFIs) in 2023. The funds were directed toward supporting MSMEs, especially women-led businesses and critical sectors such as renewable energy. This aligns with the bank’s ESG goals and showcases its efforts to back sustainability with real capital investment.
In addition, FCMB’s Quick-Loans platform, a tech-driven solution, has revolutionized the lending process, making it easier for entrepreneurs to access loans. Thousands of digital loans are processed each month, removing traditional barriers and helping more businesses grow. From January to June 2024, the platform disbursed billions of naira, solidifying FCMB as a forward-thinking player in Nigeria’s banking sector.
The DBN Annual Lecture Series and Awards celebrate financial institutions that have made a significant impact on Nigeria’s MSME sector. FCMB’s recognition highlights its leadership in responsible lending, particularly in green finance and sustainable development.
As part of the FCMB Group Plc, the bank fosters inclusive growth, drives capital into key markets, and connects people across Nigeria and Africa.
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Source: Legit.ng
